Many aspiring entrepreneurs are gripped with the fear of starting an online business in the present crowded digital marketplace. You probably want to make a mark in the online marketplace just like Pierre Omidyar who started a digital auction site. But, how can you rise above your fear of being swallowed up in the crowded digital world?
The tips provided in this post are based on insights gathered directly from renowned and successful entrepreneurs in different niches. Here are the responses and tips given by these leaders based on their experiences;
Tip #1: Focus on the Best Possible Quality
“Make your product exceptional”, said most of the entrepreneurs interviewed. No doubts, PR, customer attraction skills and savvy marketing can be good ways to generate and scale interest in quick manner. However, the best calling card that an entrepreneur has is his product. In essence, the quality of your product and/or service will determine the longevity and ultimately the success of your business.
So, rather than relying on your soft marketing skills, you should focus first on nailing your product by prioritizing quality. Thereafter, your customer attraction skills will become invaluable. Most successful entrepreneurs today first worked on making their products unique and different from the pack. And those who value such authentic and hard-to-replicate products are ready to pay higher price to acquire them.
Tip #2: Personalize Your Offer
Also, majority of the successful business leaders agreed that personalizing a product is a great technique for start-ups to gain a segment of a market occupied by big brands.
Here’s a secret for start-ups: Typically, operating at industrial scale is what the big brands are known for. As a result, they are not quite concerned about adapting their offers to the taste of each individual customer. Start-ups can take advantage of this lapse on the part of the big brands and use product personalization to attract a sizeable portion of the market segment. Of course, it’s easier for start-ups to do so since they are operating at a smaller scale in the meantime. A perfect example is Alala – this company focused on female customers’ sports wears customization. As a result they are able to compete closely against big brands like Adidas.
Tip #3: Improve Customers’ Experience
One of the entrepreneurs has this to say; “improving customers’ experience is one of the best strategies to penetrate a crowded market”. The secret of engaging enhanced customer experience effectively is to find out the niche or industry’s average customer experience. Consequently, you should work smarter to beat the average. This is one of the secret weapons that most successful brands today have employed.
Finally, to gain a share of the digital marketplace and earn a spotlight, you must embrace technological innovation in marketing your business online.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
1 thought on “THINKING OF STARTING AN ONLINE BUSINESS BUT WORRIED ABOUT THE CROWDED DIGITAL MARKETPLACE?”
Hi Daven! Thanks for sharing your insights .