Just like the typical businesses, online ventures begin with meeting a need and building credibility with the target audience. But other factors play a significant role in making smashing success in online ventures. Sadly, only a few make money online despite the huge potential that online ventures avail. A great many entrepreneurs assume that because their products and services are available online, there’s no need to make any effort to manage them.
On the contrary, online ventures require twice as must effort as running any conventional business. While the hurdles for setting up are pretty few, a majority of people who venture into online businesses fail due to mistakes they deem obvious. Errors like overestimating profits or are common to new businesses, but there are many other mishaps that business owners’ experience.
Waiting For a Long Period to Launch a Product
Many online businesses spend months or years creating eye-catching content for their target audience without offering their product/service for sale. It is often associated with:
- Targeting a large audience size say, 1,000 subscribers or 10,000 visitors, which precludes launching your product or service
- Not finding the time to make videos, blog or podcast while building the product at the same time
- Your first launch didn’t pay off
Whatever your reason, it’s important to practice building and launching products even if your first launch wasn’t as good. The sooner you put your product out there, the closer you are to earning sustainable revenue.
Lack of Social Proof or Forcing Social Proof
With all the fuss around social media platforms, most businesses are compelled to not only create the platforms but also attract a significant following. For most new merchants, it’s not lack of the social proof, but the implementation is forced or outright wrong.
The common assumption is that adding reviews to an online store attract new conversations. However, if you are just starting out, you may want to consider holding off on including a product review section until you have sold it to a few customers who can provide the reviews. It mainly applies to businesses that have an extensive catalog of goods. You don’t want to include a reviews app on your page just yet because a visitor at your online store that has a reviews app but no reviews may have concerns.
Featuring Social Accounts with no Followers
Just like reviews, many online customers use social media as a trust indicator when buying from a store for the first time. If you are on all social media platforms with no followers and engagement, you may be doing more harm than good. Instead of displaying all the social media platforms, begin with one and work on building a decent following. It also allows you to focus on one channel while exploring its benefits.
Lack of a Good About or Contact Page
Plenty of online entrepreneurs still underestimate the sales potential of their About Page. Even investors who use online trading tools such as CMC Markets acquaint themselves with the target business by looking at the ‘About Us’ pages. While analytics show it’s the second most visited page, online merchants tend to skimp on it.
Here are some of the common mistakes business people make on their ‘About Us’ and ‘Contact’ pages:
- Not including a story that explains who you are, your products and how you came into existence. It doesn’t have to be a long story, write a few paragraphs that visitors can relate to.
- Not including your location details. Just because you are an online store doesn’t mean visitors won’t come looking for an address. Customers still enjoy visiting the physical location of a business.
- Most companies don’t spend the time to set up a good domain name and email address. Thus, they include a generic email address, which is a huge turn off to potential clients and visitors.
Assuming a blog is a business
A blog is a platform for sharing ideas and growing an audience. It also applies to YouTube Videos, Podcasts or other platforms where you share content for free. Giving away content does not bring business because a blog is just a tool for connecting with potential clients and building influence. Online businesses have to create a better plan for earning income if they hope to create a blog that pays off.