For any small business with a significant (or even minor) online presence, there is a vast potential for growth within the digital space.
Aspects such as a company’s website and even social media can provide value to a business and help to increase revenue as well as visibility in competitive markets, both on and offline.
However, there are four core principles which many online businesses can utilize to get more from their digital brand.
1. Make an Ongoing Investment in E-Commerce
Despite the countless, complicated strategies that many online retailers have developed and implemented in regard to their e-commerce businesses and platforms; it is actually much less complex than one might initially assume.
At end of the day, if you spend less money bringing people to your site than you make per visitor – you will run a successful e-commerce business.
It seems simple, but this basic principle is often lost as you become entrenched in operations. If your e-commerce strategy begins to suffer from diminished results, refer to this basic equation:
Success: Cost to Acquire a Customer < Lifetime Value per Customer
2. Grow Your Online Business Organically
There is also value to growing your business in a viral, organic way.
With a variety of tools at your disposal which are specifically designed to drive traffic and customers to retailers, it is vital to understand and utilize social networks, search engines and targeted media outlets to enhance brand awareness organically.
3. Stay True to Your Brand
For many entrepreneurs this is easier said than done, but it is important to stay true to your brand. With so many e-commerce sites out there, it is easy to get lost in the shuffle.
Originality is a cornerstone of long-term success and attempting to replicate another brand’s business model, ideas and principles is rarely beneficial. Once you’ve developed your brand, stay true to it and do everything through the lens of your brand.
4. Balance Cost, Quality and a Competitive Edge
Retailers should offer quality products at competitive prices with bottom line in mind. Although styling, catchy slogans and unique marketing campaigns are a great start, a lack of great products at a competitive price point competitive price will make it difficult to gain market share.
By taking the time, effort and money to invest in your own brand and creating a stronger digital presence, your business can expect to experience increases in both revenue and recognition for the foreseeable future.
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Photo: Massimo Dutti
Sam Sisakhti is an entrepreneur and founder of UsTrendy, an online clothing retailer formed in 2008 which aims to help independent fashion designers sell their products, obtain funding, and gain other assistance to launch and grow their indie clothing lines.
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