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Starting Small Online Business Successfully.

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There is a proven sequence of steps you can follow to guarantee your success when you’re starting a small business online. I’ve seen thousands of people start and grow successful businesses by doing the following:

  1. Find a need and fill it.
  2. Write copy that sells.
  3. Design and build an easy-to-use website.
  4. Use search engines to drive traffic to your site.
  5. Establish an expert reputation for yourself.
  6. Follow up with your customers and subscribers with email.
  7. Increase your income through back-end sales and upselling.

Anyone, from newbie to seasoned online entrepreneur, can benefit from this process in learning how to start a business online.

Step 1: Start a business that fills a need.

Most people who are just starting out make the mistake of looking for a product first, and a market second.

To boost your chances of success, start with a market. The trick is to find a group of people who are searching for a solution to a problem, but not finding many results. The internet makes this kind of market research easy:

  • Visit online forums to see what questions people ask and what problems they’re trying to solve.
  • Do keyword research to find keywords that a lot of people are searching, but don’t have a ton of competition with other sites.
  • Check out your potential competitors by visiting their sites and taking note of what they’re doing to fill the demand. Then you can use what you’ve learned and create a product for a market that already exists — and do it better than the competition.

Step 2: Write copy that sells.

There’s a proven sales copy formula that takes visitors through the selling process from the moment they arrive to the moment they make a purchase:

  1. Arouse interest with a compelling headline.
  2. Describe the problem your product solves.
  3. Establish your credibility as a solver of this problem.
  4. Add testimonials from people who have used your product.
  5. Talk about the product and how it benefits the user.
  6. Make an offer.
  7. Make a strong guarantee.
  8. Create urgency.
  9. Ask for the sale.

Throughout your copy, you need to focus on how your product or service is uniquely able to solve people’s problems or make their lives better. Think like a customer and ask “What’s in it for me?”

Step 3: Design and build your website.

Once you’ve got your market and product, and you’ve nailed down your selling process, now you’re ready for your small-business web design. Remember to keep it simple. You have fewer than five seconds to grab someone’s attention — otherwise, they’re gone, never to be seen again. Some important tips to keep in mind:

  • Choose one or two plain fonts on a white background.
  • Make your navigation clear and simple, and the same on every page.
  • Only use graphics, audio or video if they enhance your message.
  • Include an opt-in offer so you can collect e-mail addresses.
  • Make it easy to buy — no more than two clicks between potential customer and checkout.
  • Your website is your online storefront, so make it customer-friendly.

Step 4: Use search engines to drive targeted buyers to your site.

Pay-per-click advertising is the easiest way to get traffic to a brand-new site. It has two advantages over waiting for the traffic to come to you organically. First, PPC ads show up on the search pages immediately, and second, PPC ads allow you to test different keywords, as well as headlines, prices and selling approaches. Not only do you get immediate traffic, but you can also use PPC ads to discover your best, highest-converting keywords. Then you can distribute the keywords throughout your site in your copy and code, which will help your rankings in the organic search results.

Step 5: Establish an expert reputation for yourself.

People use the internet to find information. Provide that information for free to other sites, and you’ll see more traffic and better search engine rankings. The secret is to always include a link to your site with each tidbit of information.

  • Give away free, expert content. Create articles, videos or any other content that people will find useful. Distribute that content through online article directories or social media sites.
  • Include “send to a friend” links on valuable content on your website.
  • Become an active expert in industry forums and social networking sites where your target market hangs out.

Step 6: Use the power of email marketing to turn visitors into buyers.

When you build an opt-in list, you’re creating one of the most valuable assets of your online business. Your customers and subscribers have given you permission to send them an email. That means:

  • You’re giving them something they’ve asked for.
  • You’re developing lifetime relationships with them.
  • The response is 100 percent measurable.
  • Email marketing is cheaper and more effective than print, TV or radio because it’s highly targeted.

Anyone who visits your site and opts into your list is a very hot lead. And there’s no better tool than email for following up with those leads.

Step 7: Increase your income through back-end sales and upselling.

One of the most important internet marketing strategies is to develop every customer’s lifetime value. At least 36 percent of people who have purchased from you once will buy from you again if you follow up with them. Closing that first sale is by far the most difficult part — not to mention the most expensive. So use back-end selling and upselling to get them to buy again:

  • Offer products that complement their original purchase.
  • Send out electronic loyalty coupons they can redeem on their next visit.
  • Offer related products on your “Thank You” page after they purchase.

Reward your customers for their loyalty and they’ll become even more loyal.

do a quick review and see if there’s a step you’re neglecting, or never got around to doing in the first place. You can’t go wrong with the basics.

Why Mobile Apps are Important for your Business?

Every business aims to increase their audience base, brand popularity, sales, and revenue generation. A mobile application is capable of doing all these and helps businesses find multiple growth opportunities and generate hefty revenues.

Today, Smartphone users are growing by leaps and bounds. It is believed that approximately 80% of the population of late uses mobile phones. And they use their mobile devices to accomplish their day to day needs, be it a taxi booking, shopping, online ticket purchasing, or anything.

So, businesses find mobile applications as the best option to discover their potential customers. A Mobile Apps Company builds mobile apps on both iOS and Android and thus helps businesses target customers across the world.

Let’s discuss here what are some other benefits that business can expect from a mobile application. Take a look.

Reasons Why Mobile Applications are Important for your Business

Marketing Tool

Mobile apps work as a great marketing tool and help your business get ahead of competitors. It prevents entrepreneurs from using the traditional mediums of marketing through pamphlets, brochures, and the same option.

Be it providing information about new launches, offers, discounts, booking, newsfeed or the related thing, a mobile app is capable of doing all these quite efficiently. More and more, push notification is the most sought-after feature that increased the popularity of the mobile app as a great marketing tool.

Push notification enables entrepreneurs to send messages to users in an alert form about any coupons, discounts, offers, etc. Doing this helps them improve their product sales and revenue generation.

Increase Brand Presence

According to research, an individual spends generally 2 to 3 hours per day on his/her mobile phone. During these, they explore various available apps and use them as per their needs. So, while using apps, they frequently notice the brand logo, images, etc. that apps include.

If they see the same image or logo every time they access the app, they easily recognize the brand. So, if users install your app and visualize your brand logo consistently, they can easily remember your brand name. Therefore, it improves your brand presence.

Customer Loyalty

The most interesting fact about a mobile application is that it lets entrepreneurs directly interact with their customers. This is highly important for cultivating customer loyalty.

Apart from this, features like in-app purchases, notification, and ads make a great impact on customers when compared to social media advertisements, email marketing, and some other traditional marketing methods like a roadside banner. A good interaction with customers is required for improving brand loyalty.

Improve Accessibility

Earlier businesses used to face difficulty when it comes to reaching the target audience on different platforms at the same. Thanks to a mobile application that makes it possible. Mobile apps can provide great exposure on multiple platforms at the same time.

As mentioned above, entrepreneurs can also send various promotional offers through a push notification from any location. It prompts customers to access the app to get more information regarding new offers and they purchase the products if they find a deal is suitable for them.

Improve Customer Service

An expeditious customer service determines the success of any business. No matter how good your products and services are, you will not be able to increase sales without having a world-class customer service.

A mobile app can also improve your customer service, apart from increasing your product sales and business visibility. An app ensures the same presentation of products and services every time users access it. Customers can go through the same interface, no matter which page they access.

Gather Customers’ Details

An

mobile app development company integrates the right data analytics tools into mobile apps. It helps entrepreneurs explore the customer’s activities during their interaction with the mobile application.

Accessing details about customer’s activities during interaction with the app also helps entrepreneurs gather vital details about customer preferences, behavior, etc. It helps them in making a goal-driven business strategy. Based on data, they can create more effective online marketing campaigns to boost the sales of their products and services to earn hefty revenue.

Conclusion

A mobile application of late has become necessary for every business be it a startup, enterprise, or an established market player. Well, after going through the above points, you are now expected to have a clear understanding of the importance and benefits of mobile apps for any business.

mobile app development company

So, if you are yet to plan to develop a mobile app for your business, you are far behind your competitors. It’s necessary to plan it now to beat the competition and stay ahead of your competitors. All you need to do is to get an innovative idea for mobile app development and get in touch with a reputed mobile app development services provider.

COVID-19 vs FinTech industry?

 

The financial services industry could look very different a few years from now, thanks to COVID-19 accelerating several emerging trends in FinTech.

Since the start of COVID-19, there have been many success stories of financial technology companies (FinTechs) meeting consumer demands as a result of lockdowns, such as buy now pay later business models like Afterpay. Afterpay’s underlying sales increased by 112 per cent from A$5.2 billion to A$11.1 billion.

At the same time, the number of active global customers – that’s across Australia and New Zealand, the US and UK – grew by 116 per cent to 9.9 million, according to its full-year results to 30 June 2020.

However, not all FinTechs have witnessed similar results, with some struggling to survive in the current economic climate.

“Only those businesses that are amalgamated with existing digital payment infrastructure are better able to offset the adverse economic effects of COVID-19,” said Associate Professor Kingsley Fong, former deputy head of the School of Banking & Finance.

A/Prof. Fong initiated the Financial Technology courses and programs at UNSW Business School, including Australia’s first undergraduate specialisations in Financial Technology, postgraduate specialisation in Master of Commerce and Master of Finance, as well as a fully online Master of Financial Technology, in recognition of high industry demand for FinTech expertise.

With digital adoption accelerating, the ability for businesses to adapt well to digital channels will be crucial to their success in the future. So, what areas of the industry are seeing the most growth as a result of increased digital adoption?

Digital payment services 

COVID-19 has accelerated demand for digital channels for payment, credit, business and general cybersecurity, said A/Prof. Fong. And the rise of FinTech lending and credit analytics especially will be a crucial driver of change in the future, given the demand for credit during the pandemic is overwhelming traditional banks. For example, one study shows the demand for credit in the US in March was 50 times the normal average.

The sheer volume of credit that is needed, combined with social distancing, also means better technology is required to grant a large number of loans and monitor the financial health of many individuals and SMEs, said A/Prof. Fong.

Another critical factor is that FinTech firms complement loan writing to customers that banks cannot reach – they increase financial inclusion, especially in developing economies, explained A/Prof. Fong. For example, the US$659 billion (A$898 billion) US Paycheck Protection Plan enlists FinTechs to write loans, and they fill some of the gap left by the banks.

Closer to home, neobank lenders have also met with success. For example, SME-focused neobank Judo Bank secured a A$500 million investment from the government to help provide loans to small businesses.

According to reports, bank lending to small business shrunk more than 2 per cent during COVID-19. In comparison, neobank Judo’s lending grew 40 per cent to a loan book of A$2.5 billion. As the broader economy shifts from ‘response’ to ‘recovery’ post-COVID-19, it is likely to create even more opportunities for Australia’s neobank lending sector.

Meanwhile, digital payments services (across the payments ecosystem) have also grown since COVID-19, as the drive towards cashless payments has accelerated rapidly, explained A/Prof. Fong. “Digital and contactless payment is becoming a priority as consumers (and businesses) go digital as a new way of life (and survival),” he said.

Technological adoption during the crisis

As a result of COVID-19, many consumers and businesses are adapting to digital “as a new way of life”, which means the “technology laggers need to catch up” if they are to survive in the post-COVID-19 environment, said A/Prof. Fong.

For example, a recent study of finance app downloads (mostly banking and payment apps) around the world shows the spread of COVID-19 and related government lockdowns led to a 33.1-36.6 per cent increase in daily downloads during the peak of the pandemic. Traditional incumbents exhibited large gains relative to “BigTech” companies and newer FinTech providers during this crisis period. However, the authors state there was also a smaller share of investment, lending, and government apps, which saw significantly higher relative rates of growth.

Such changes in the market will necessitate the development of “robust systems with well thought out business models… data analytics to improve and speed up credit decisions and monitoring” and finally “digital identification to support financial inclusion, payment and credit”, said A/Prof. Fong.

Governments are also likely to increase system integration and promote schemes to accelerate the rise of FinTech post-COVID-19 as a result, he said.

These trends are also likely to be supported by increased government system integration and government schemes to accelerate the rise of FinTech, with more FinTech regulation and regulatory technology development needed to ensure financial stability, effectiveness and efficiency in a post-COVID-19 world, said A/Prof. Fong.

 

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