With so much competition online in an increasingly digital world, it’s important to give yourself the best possible shot at success, by using a combination of solid business planning strategy and reliable online tools and components.
Build a marketing plan and strategic positioning statement
Although the basic business plan format and marketing strategies haven’t changed significantly in the past thirty years, the channels and paths for implementation are changing faster than ever.
First, start with the basic questions that will drive your marketing strategy and competitive advantage, as described below.
How large is the target market for your product or service?
It’s important to verify that there is in fact a market, unless you plan to create one yourself … which is possible, but a lot more difficult. A great way to assess the size of any market is to use the Google Keyword Tool to look up how many times a given term is searched on Google, and in what areas of the world, adjusted for seasonality.
The Google Keyword Tool is a truly excellent resource when you consider what type of business is in demand, and to understand the consumers who are looking for that product or service. The possibilities are endless!
Who is the target customer for this product?
Not only is it important to understand how large the potential market may be, but it’s also important to understand the type of consumer you are targeting. Who are your customers, and what emotions trigger their buying decisions?
Which attributes of your product or service are important and unimportant to them? What channels do they use to communicate about products and services like yours?
What are the key benefits of using your product?
Is it price? Reliability? Convenience and time savings? Whatever the attributes are that you seek to excel in, keep them firmly in mind when it comes time to build out the product and services, as well as select the underlying vendors and services you will use.
For instance, if reliability is key to your product or service, then you’ll want to make sure you utilize the highest security available and most reliable web hosting in your price range. There are certain companies who provide high-security, high-reliability web hosting and feature a reasonable cost.
Lastly, you’ll want to consider your competition, and search for your product as any other consumer would. Who is your competition, and what does your product or service seek to do better than they do? Are they doing anything you can imitate or outperform, as far as strategy?
If you answer these questions accurately, and select great services for web hosting and security, you’ll have an excellent chance at success in your online business.
Originally posted on August 9, 2013 @ 9:11 am