New businesses pop up online everyday – but how many of them actually succeed?
In a recent webinar with Steve Olsher, “America’s Reinvention Expert,” he provides several strategies that promote profitable online businesses.
Steve is the author of Internet Prophets: The World’s Leading Experts Reveal How to Profit Online. He’s also the chairman and founder of liquor.com and has appeared on ABC, FOX, CNBC and 300 radio shows across the country.
The following points outline Steve’s five tactics for driving traffic, converting prospects into customers and becoming successful online:
Identifying what “your soul is compelled to do” is number one of the list. Building a company that represents something that you are passionate about is a necessity. This is the only way to build a business without an expiration date.
You have to have an answer to “what is your what?” Establishing a sustainable business online involves creating it around something that absolutely love.
After you’ve decided on a direction, a question that needs to be examined is how you will stop competing on price? This comes down to creating an opportunity rather chasing after opportunities that are already present in the market.
If the only thing that differentiates you from your competitor is price then it will be difficult to build a truly profitable business.
Although you can create a business that caters to a wide range of people, this can be a mistake. If you serve different markets then you should set up separate websites to reach them.
If you really want to succeed online then going deep is better than going wide.
Owning a space and declaring yourself an expert in your chosen niche is essential. For example, Steve’s reputation as “America’s Reinvention Expert” was developed because that’s what he promoted himself to be.
Establishing your niche should involve establishing your expertise in that space.
According to Steve, the single fastest to grow your business is by making connections with influencers.
These are “the big boys and girls” in your space and they also have the ability to transform your business. Figure out who is dominating your particular niche and find a way to get on their radar.