Right now the Queensland Government is just opened up Round 4 of its Small Business Digital Grant...
Building a Better Online Business
Creating and managing your online business requires you to follow the same basic principals of any business - relying on sound Business Strategies. There are however, a few practices that differ or that just are unique to an online business. Here we share our views and experience with you to help you develop a more effective and profitable online business.
The most significant aspect about selling and marketing your business online is that you can measure everything (well just about…). Traditional marketing initiatives provided some latitude but were largely inaccurate.
I am continually amazed by business owners who tell me that they are happy with their web site performance because they are getting good sales or plenty of visitors!
Let me give you an analogy (because I just love doing that). I imagine you are a shop owner with your shop in the basement. You sit down there every day down to desk and never venture out. You have a steady stream of customers who visit your shop of which a percentage buy your goods. You make enough sales to be happy and say so. Are you really doing well? How relevant is your performance measure, if you have no idea of the number of people walking by on the street above?
It is not how many people who come into your shop that is so important. It is knowing how many that didn’t you should be focusing on!
If you only capture 1% of the passers-by then you have an opportunity to grow your business by 100 times! You just need to know how to tap into the 99% of your market that walks past you.
In using Google Adwords and Google Analytics or any other analytics package, you can better strategise how to grow your business. These tools won’t tell you whether you have 1% or 10% of the market visiting you sure, but with some careful market research you can get some idea. For instance, Google keywords will give you an approximate number of people searching for a particular term in Australia. You can see with Analytics how many visitors you get to your site based on that term.
Similarly Google Adwords will show that your Ad showed up so many times a day for people searching for your product and how many of those people clicked on your ad to visit your store.
If you can understand the market you're not capturing and how your competitors perform then you can quite readily develop strategies to increase sales several fold. After all - aren’t you in business to grow your customer base so as to increase sales?