Online business owners all know that competition is tough. Every day more and more websites go live to capture another segment of the market. Knowing how to laser target exactly where your most profitable niche markets are located will always be your top priority. There are many new technologies every day to help you mine marketing data to determine where the market is shifting. What is the best way for online business entrepreneurs to stay ahead of their competition?
Buying the latest and greatest new business intelligence technology can put a strain on any business model. Not having any technology to track your customer base can starve your business of much needed cash to survive. Retail giants for years have used technology to tell them of market shifts before they were seen at the cash register. Your online business needs the same ability to keep you ahead of your customers demands.
Investigating in this technology and then investing in it will allow you to leverage your customer base. There are two ways that you can invest in technology. The first is to find the software that will do all the work you need done. It may cost more money that you can afford to invest at this time in your business. The second involves you investing more time than money. This will allow you to fully understand the insights of your customer base. Then when you have the financial resources to purchase state-of-the-art technology you will better understand the data that it is providing.
The things that you will want to learn about your customer list are:
· Which customers are buyers?
· Which customers upgrade on an initial purchase?
· Which customers buy your entry level product and don’t upgrade?
· Which customers are the most profitable?
· Which customers are least profitable?
· What are your best selling products?
· What products are trending down on sales?
· What products are crossover buyers buying?
· Which products bring the fast purchase decisions from the launch of a campaign?
Once you have this data the next question is to find out the “why” to each result. Business Intelligence software will always be able to tell you the numbers but it will always boil down the “why” and only human intelligence will be able to solve that. Be prepared to question every decision and process that goes into building your sales funnel.
You can also piggy back off of online retail giants like eBay and Amazon.com. Both provide what hot trends are in different markets. Look for the related products to your products and services and follow their lead. You can also see what books are trending up and use that as a source of information for creating new products. Always look for ways to leverage your business off anything that is given as public knowledge.
Small business owners must be flexible and highly responsive t developing trends. Staying informed in what is going on in your business and other businesses around you will help establish you as an industry leader in your niche market.
May I wish you great experience rather than great luck? Great experience is what determines the outcome of any luck that you may have. For more great tips and advice on how to grow your online business check out the resource box below and then join our blog.