Written by With todays article, “5 online business misconceptions” I would like to point out a few of the more popular mistakes I see people make or think when working from home or building an online business.
These are certainly not the only ones I have come across people making but certainly understanding the following 5 misconceptions will help you to grow your business a lot quicker and a lot more profitably whether you are just starting out or already on this path.
5 Online Business Misconceptions
1) Low cost = Higher sales. You would think this to be true every time and certainly in some cases it is but generally you will find that a customer will perceive something of low cost as something that is of low quality. But here is an interesting note. If you stick a higher ticket price on the same product that was lower priced the customer will now see it as one of higher quality.
So in fact putting the price up on your merchandise or services is a great way to increase your sales. But always bear in mind that you must always be giving value to you customer no matter what price you are charging. Giving value is your number 1 priority and believe me when I say ” Your bank account is always reflective of the amount of value you give out”
2) Gurus offer the best sales advice. While there are many professionals out there who offer a very good service indeed and can really help you increase your sales, the best people by far for helping you improve your income are your customers.
Asking your current customers what they think will give you way more insight into how best you might serve them in the future. After all these are the people who will be spending money with you so knowing exactly what they want is vital. Asking questions such as, “how can we serve you better” or “what product or service is difficult for you to find” will really help you target your customers with exactly what they want.
3) A product has to have the most gadgets to sell. Of course the product they are going to buy has to meet certain requirements, it needs to do a certain level of tasks but at the end of the day a person will buy something based on their emotions.
They will ultimately decide to buy something based on how it will make them feel. So with this in mind your advertising should focus more heavily on what pay off they will get emotionally from the purchase rather than focusing on the features.
4) New blood is your lifeline. While every business needs to keep finding new customers it is a lot easier to sell to your existing customer base than to a brand new enquirer. It normally takes half a dozen times for you to convert a prospect into a customer.
That is they may need to see your ad or website etc 5 or 6 times before they make a decision but your existing customer base has already gone through this process and assuming you gave them value the first time round then they will be willing to buy more.
5) Marketing is not Sales. When you are marketing you are creating an awareness, you are branding yourself or your business or both. You are making people aware that you are about and that they should consider you when the time is right for them purchase or use whatever products or services you are offering. The sales part is the next bit where you turn this person into a customer.
So there you have it, 5 online business misconceptions that I often come across particularly when people are just starting out building an online income and business. Incorporating these ideas will certainly help you understand your business and market better but it should also give you and your customers a better experience too which will make everyone happier.
Don’t forget if you want any help in making a living online either setting up a new online business or help with your exisiting one then let me know, either by clicking this coaching course link or the contact me link .
If you found this article any good then would you mind sharing it by simply hitting one of the share options just below Many thanks, Nick Squires.
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