Statistics confirm that they are approximately 24 million online startup businesses globally with the number increasing by the minute. It becomes overwhelming and increasingly intimidating for an online startup business owner to find the right strategies and tools for success. Many of these concerns are related to finding the ideal industry to build their best online startups, what might be the online marketing cost for startups and much more.
Here is a summary on successful strategies and tips for budding and new online startups!
Importance of an Online Startup Business
According to research by the Queensland Government, online startup businesses opens many opportunities for entrepreneurs as well as consumers globally. This is possible because online startups offer a great opportunity to aspiring entrepreneurs to reach out to a global pool of customers with their creative ideas executed into online startups. One name would be the popular American online fashion startup, FashionNova, advertised on celebrities popular influencers as well as ranking #1 in Google’s Top Searches in 2018.
One of the biggest important factor of online startup businesses is that you are in control of your location, your priorities. You do not need to have a particular skill set to start your own online startup but any areas that hold your core competencies such as if you are an entertainer, a programmer, a baker or simply an individual who is interested in being your own boss, you can use your area of expertise and grow from there onwards.
Many online startup businesses have started with nothing less than a computer, a domain name and a website hosting service to house their website and establish a good customer base. Such businesses with the use of essential marketing tools will help you reach out to a greater audience in comparison to a traditional brick-and-mortar store. Online businesses tend to be less expensive as there are no labour costs, stock holding and fixed costs involved with the decision. Digital content is also relatively inexpensive to create and most of the software’s and tools are available to learning online for free or for a small fee in comparison to print media content.
Limitless Freedom for Online Startups
Many entrepreneurs are attracted to venture into online startup businesses because of the ease and flexibility the web-based startups have to offer. Increasing use of laptops, internet and mobile-based technology offers remote working from any location globally. The freedom of not being tied to a desk can be the empowering factor for startup entrepreneurs, who are willing to step out of their comfort zones, explore niche customer markets, take on the first-hand experience as a motivation for their new startup ideas.
However, having limitless freedom does not always guarantee an online startup businesses’ success. There still may be various factors causing your online startup to fail. According to statistics, 90% of startups end up failing because 42% of them misunderstood the market needs and requirements. They end up creating a product or service that already exists or that is not required. Therefore, it is vital for you to understand and identify your target audience and segment them before creating a product or service for them.
According to statistics, 79% of new online startups with a business website expect to grow at least 25% in the next three to five years rather than those that do not create an online presence for their startups. The freedom entrepreneurs have with a website in hand is impeccable, the ability to be able to constantly evolve in the ever-changing business environment and be able to reach out to overseas audiences without geographical boundaries gives immense benefit to online startup businesses. Next time, you walk into a Starbucks or any local coffee shop with Wi-Fi access, look around and notice how many customers will be working with their laptops on their online startup businesses while sipping their coffees.
Build A Social Media Presence
Social media is a powerful tool that online startup businesses can use to increase their brand awareness and visibility. Online platforms like Facebook and Instagram have provided specialised platforms and features such as Facebook Marketplace, Facebook for Business and Instagram Shop where online startup businesses can reach out to their target audiences. Online marketing for startups can be successfully achieved through making the most of social media platforms and its resources.
Nearly 3.96 billion people are now recognised as active social media users. This opens up the global business network immensely for an online startup business to explore and reach out to potential customers as the percentage of those with access to and using social media is increasing by the second.
Consultants such as TapInfluence provide a connection between startup entrepreneurs with social media influencers to expand, network and increase your online startup business’s visibility. Creating a successful online presence for startup will take a challenging course but following the correct steps: choosing the appropriate platform for your online startup business, identifying your target audience, building a strong brand image and reputation through producing creative content.
Create A Referral Program
Referral program and marketing techniques are vital for online business startups to create a huge customer following rapidly. This is a very easy-to-explain strategy where you get your customers to promote your product and service for you. This will include methods like positive word-of-mouth campaigns. This strategy is especially important for new online startups because once they have established a customer base, using this strategy will give them ‘free marketing’. Referral marketing techniques are not only restricted to online startup businesses but also towards B2B just to have that “seal of approval” from another party who has previously experienced.
92% of potential customers believe in the reviews and recommendations they receive from other customers who have ‘tried and tested’ the products and services. It is also proven through research statistics, that when given a positive referral, consumers are 4x times more likely to make that purchase in comparison to an online or print advertisement. Once they have a positive experience, they are more likely to spread the word for your business to colleagues, peers and family.
There are multiple up-to-date software and tools to aid online startup businesses such as Advocately and FriendBuy that generate customer reviews in the most effective ways possible to drive up sales for your business. They have easy, user-friendly templates that startup businesses can use to kickstart their referral program.
The Final Note
On a parting note, the beautiful thing about online startup businesses in 2020 is the ease of availability and accessibility of business tools and aids to successfully achieve your startup goals. Do not be demotivated with all the statistics that are out there regarding failure for online startup businesses as everyone has their own vision, mission, pace and priorities as to where they want to take their business.
You have access to the entire global market at your fingertip. Your own online startup will allow you to unleash your full potential and creativity and execute it into a business. With a well-thought-out business plan, paid media strategies and optimum search-engine optimisation, an online startup business will not only thrive but be successful!