Starting an online business can be a great way to add to your income, develop greater independence and flexibility, and learn more about commerce in general. But if you’re going down this path, you need to be prepared to face intense competition from other online sellers who have already set themselves up in the same space.
With this in mind, let’s look at a few ways that you can make your online business stand out from the competition.
Consider focusing on a smaller target market or niche
While it might be tempting to market your products to as large an audience as possible, it may be more profitable in the long term to focus on a smaller set of customers who have specific problems that need solving. Why?
First, there are probably many larger and more established online businesses already catering to massive target markets. If you try to compete with these businesses by going after the same markets, you would be facing some very tough competition. Second, focusing on a smaller target market would make it easier for you to advertise in a more specific – and thus effective – manner.
Price your products or services affordably
In addition to selling to a smaller market, be sure to set a fair or affordable price for your products and services. Given that you are solving specific or niche problems, setting a fair price can, over time, allow you to start dominating those smaller markets because customers will see you as both helpful and affordable. In the event that you realise later on that it’s necessary to slightly increase your prices, this would be easier to do since your customers already know you to be fair and trustworthy.
Make a name for yourself with a unique selling point
Having a unique selling point, or USP, can help you stand out from the competition. So, what is a USP? Simply put, a USP is a desirable trait or characteristic that makes your business preferable to others in the same space. If you can consistently offer high convenience, ease of transaction, reliability, creativity, or great customer service, then eventually, you may find that new customers begin to seek you out, instead of the other way around.
Use high-quality online tools to optimise your business
Since your business is based largely or entirely on the internet, you need to leverage the right online tools to make your business as effective and profitable as possible. The specific online tools you need might depend partly on what kind of business you are running. Still, most if not all online businesses will need tools to help with social media management, search engine optimization, handling of customer invoices or fulfilment, and fast communication with customers, suppliers, and partners.
Take the time to find the best tools possible and familiarise yourself with them – this will be an important part of making your online business stand out.
A great online tool to start with
One of the best tools you can start with is a platform that provides you with the resources to kickstart your online business. At Carousell, we offer advertising tools, expertise on marketing strategies, and other resources essential for a new entrepreneur. Contact us today, and take a step towards a new level of freedom and success.