Connect with us

Startups

3 Reasons Why You Don’t Understand The ONLINE OPPORTUNITY

Published

on

The Internet is 25 years old and is still really nothing more than a young adult. If you look at any other technology – for example, cars – you would see that it takes decades before the real innovation and opportunity starts to exist. As is the case with the Internet, we are only just getting started and there are crazy amounts of money to be made online if you have the right intentions.

Recently I heard a story of a guy who had a blog and sold his 45-page eBook for $20 each. Over the last two years he has sold 15,000 copies. That might sound like a lot but if you do the maths he has made $300,000 – the eBook took him two days to write!

If you have dreamed of owning some of the finer things in life then maybe you should jump into the online space see if you can create something that people love, by using your passion for a niche.

Let’s analyse this further below and find out the 3 reasons why most of you still don’t understand the opportunity that exists online.

1. Piracy is at an all time low

If you had told me that eBooks and audio would be profitable for any person to sell online I would have thought you were crazy. I am starting to see that this opportunity is becoming more and more real because piracy is becoming less and less. The average person wants to be seen to be doing the right thing, so they happily buy things from iTunes or a website if they feel there is value in it.

A few years back, even if there was value in a product, it was all about trying to get it for free and thanks to torrents this was very easy to achieve. More and more Google is blocking search results from torrent sites and the main torrent providers are being closed down. This means that the ultra savvy IT guys can still find the content you are after, but normal people are finding it harder and harder.

Where am I going with al of this? If you have something to educate people on then the time is now to offer that advice in a media form that works for your niche. Go out there and create a podcast, eBook, blog, piece of software, video or photo collection and don’t be afraid to charge a small fee for it.

The key to this is to be providing some sort of value for free first. Gary Vaynerchuk’s method of JAB, JAB, JAB, RIGHT HOOK is a great strategy to employ. This means in simple terms that you will provide advice 3 times for free and then on the fourth time you will ask for a small purchase. When you have provided someone with something they value they almost feel obligated to make a purchase with you at some point.

2. Scale, through social media, is beyond belief

You hear this in so many articles and you are going to keep hearing it on A2S, social media will help you scale your startup better than any other means. There are so many social platforms now and whilst you think the market might be getting crowded, it’s actually allowing you to be much more targeted and explore other avenues that are not Facebook or Twitter. Below are some examples of things that have happened to me that further prove this point.

  • The other day I was searching for cool office layouts and I came across a few on Pinterest. I don’t typically use the platform at all, but I found it a great way to find lots of designs all in one place. I then found one I liked and when I click the picture it took me straight to the builder so I could get a quote. My experience started off as social, but it later turned into a sales process.
  • If I look at some other things I have brought recently then the social journey seems to start without me even realising it. I started following “The Sugar Film” on Facebook because I am a bit of a health buff, and for the last 3 months I have been reading their content on how to be healthy and being consumed by their very provocative pictures. After 3 months of viewing their content, I finally went and watched their movie. My intention at the start of following them on Facebook had nothing to do with purchasing anything, yet I still ended up doing business with them.
  • The same thing happened again on Instagram where one of the success sites I follow regularly posted up cool content that I really loved. Then one day, out of the blue, they said that one of their staff had written a book on success and I should check it out. I ended up buying the book because I found them relevant and trusted their opinion, so when I was looking for a book to read, their opinion was valued in my eyes.
  • Then again, I had another experience a few weeks ago. One of the entrepreneurial events I have been following for the last 18 months had another free event. I went along to meet some cool people like I normally do, except this time around there were some products that they were selling. Having been to their events and liking what their whole vision was, I ended purchasing a few things and introduced a couple of my contacts to their brand, who later ended up purchasing as well.

My radar for being sucked into purchasing things online is higher than most and I generally am not a shopaholic, but when I see value in something its only human nature to want to know more. The key to these stories is that the sale happened much later than the first interaction. If you can hold people’s attention long enough then eventually they will be led to a sale if you make it easy and valuable for them. In each of these interactions, the businesses were authentic, real and had my best intentions at heart.

They also all had amazing customer support to back it up (in other words they could answer an email). It is no wonder that more and more millionaires are being born thanks to the online opportunities that now exist, which are being amplified by social.

3. Authenticity online doesn’t really exist

Back to my earlier point, a lot of online businesses are still not authentic. The moment you go to their social media or their website it is very obvious that they just want you to buy. The ones that do it well are the ones that spend their time educating you in authentic way. It’s easy as an entrepreneur to create a product or service, and then to put it out into the marketplace, and assume that everyone understands it and knows how to use it.

I have made this mistake many times before and what I now know is that you have to educate in a simple way if you want anyone to ever do business with you – your business is essentially an online education provider. Most of the online businesses I have seen don’t this or when they do, they educate you in a way that’s not authentic and makes you feel like you are going through a sales process.

The only reason you would ever not be authentic online is if you are not trying to provide value or don’t believe that what you have to say is important. Even if your business message has been said before, it may not have been said in the way that you communicate it, and therein lies the value you bring. If what your business does is important and shaking things up then you will naturally be authentic without even trying to be. Allow the mistakes of your business to shine through. Share things that went wrong with your business or product.

“Pull out your smartphone as much as possible and share videos and photos with your audience”

A recent interview I did with Grammarly really highlighted this for me. Their whole marketing revolves around making funny jokes about Grammar and sharing them with the world. Their hope is that you will read a few of their jokes and then ask yourself “who is this company Grammarly that post up all of these jokes?” When I first saw their product I didn’t believe in it and never ended up purchasing it. When I started to research some content on grammar, their brand popped up everywhere and they gradually started to build trust with me. After a while, I tried their product and it actually ended up being what I was looking for.

This is the power of being authentic online and building credibility with an audience!

If you know of some other cool online stories please share them with me below in the comments section or message me on LinkedIn.

Aussie Blogger with 500M+ views — Writer for CNBC & Business Insider. Inspiring the world through Personal Development and Entrepreneurship You can connect with Tim through his website www.timdenning.com

Advertisement
13 Comments

13 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Startups

5 Strategic Power Moves to Successfully Build Your Empire

Transitioning from idea to empire is a journey of strategic planning, execution, and constant evolution

Published

on

how to build your empire

The journey from a fledgling idea to a thriving empire is both exhilarating and daunting. The Startup Launchpad is not just a process but also a strategic framework that enables visionary entrepreneurs to become market leaders. This framework comprises five power moves, each a critical steppingstone in building a successful business.

These moves—Ideation, Business Plan, Online Presence, Strategic Marketing, and Launch and Growth—are the blueprint for turning aspirations into achievements. (more…)

Continue Reading

Startups

How to Avoid Startup Clichés and Buzzwords When Pitching Investors

Using jargon can make you sound like you’re trying to fill space instead of providing meaningful data

Published

on

How to pitch investors better

Entrepreneurs frequently seek startup funding through a variety of channels. Yet, none seem as challenging as successfully pitching to experienced investors. After all, investors are pressed for time and eager for opportunities. These characteristics make it challenging to motivate them, especially if you’re bombarding them with a pitch full of jargon. (more…)

Continue Reading

Startups

From Idea to Empire: 5 Power Moves for Your Startup to Thrive in Today’s Market

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial

Published

on

How to thrive in the startup market in 2024

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial.

A few months into the startup, I was quick to gauge why it is necessary to go beyond the nuances of operational efficiency and the art of sustaining a business amid growing competition.

Collaboration is key.

The HR and the recruiting teams work with departments to foster a culture of collaboration, but what’s indispensable to business performance is the sync between the marketing and sales teams. What we’d consider as entrepreneurs is the need to ensure seamless collaboration to predict and achieve business goals together. In turn, this will help secure long-term recurring revenue for the business.

Besides, entrepreneurs need to focus on revenue as they gear up to take their startup from $0 to $1 million. The journey is filled with critical decisions, from identifying your target customer base to choosing the right funding strategy.

So, what next?

Read on… because here are five practical, results-driven strategies that you as a founder can implement to make a mark in their industry.

#1. Embrace the Lean Methodology

What is lean methodology?

It is all about pivoting resources to create more value for customers with fewer resources. 

This principle encourages you to be more agile and allow rapid iteration based on customer feedback rather than spending years perfecting a product before it hits the market.

Want to implement it?

Here’s what you can do.

Build “Measure-Learn” Loop: What I did was develop a minimum viable product (MVP), a simple version of the product. You can do the same since it allows you to start the learning process as quickly as possible. After launching MVP, measure how customers use it and learn from their behaviors and feedback.

Here’s what I can recommend here:

  • Identify the core features that solve your customers’ primary needs and focus solely on those to develop your MVP.
  • Know the feedback channels where early users can communicate their experiences, suggestions, and complaints.
  • Analyze user behavior and feedback to make informed product development and iteration decisions.

#2. Focus on Customer Development

Let’s talk about taking our startup to the next level. 

It’s not just about getting customers – it’s about really getting to know them. We need to dive into their world, understand their struggles, and see how our product or service can make a difference in their lives. 

It’s like we’re detectives, piecing together the puzzle of our business hypothesis by actually chatting with our customers

What would you ideally do here?

Understand Customer Segments: I’d say, start dividing your target market into segments and develop a deep understanding of each segment’s demographics, behaviors, needs, and pain points. The idea is to get into their shoes and really feel what they feel.

Ensure your Product Clicks: When starting up, think of what you offer and consider whether it clicks with what our customers need. My thought was “Does my product solve their problems? Does it make their day better?” Put yourself through a tough grilling session to show customers the value proposition and ensure that the product’s promise matches what our customers are looking for.

I’d recommend the following actions here:

  • Talk to them – through surveys, interviews, or even casual chats. The goal? To gather real, raw insights about what they need and expect.
  • Use the collected data to create detailed profiles for each type of customer. This way, everyone on our team really understood we were serving. I think this should help your startup as well.
  • Try out different versions of our product with a few customer groups. It’s all about feedback here – understanding if you’re hitting the mark or if we need to pivot.

#3. Foster a Data-Driven Culture

The digital world is highly data driven since it fuels key decisions in a startup. 

I believe it’s essential for us to build a data-driven culture. This means, you’ll move from making decisions based on hunches or assumptions. Instead, the focus should be on data analytics and insights to guide our strategies and improve our outcomes.

What can you do?

Use Data Analytics Tools: You should be using these tools to gather, analyze, and interpret data related to customer behavior, market trends, and our business operations. Here, consider the adoption of pipeline forecasting that leverages AI to find patterns in marketing data. 

In turn, you’ll get areas for improvement since it can analyze historical data and predict the outcome for you to plan your.

Action Items:

  • Pinpoint key performance indicators (KPIs) that align with your business objectives and ensure they are measurable and actionable.
  • Next, you can consider training your team to understand and use data analytics tools. This might involve workshops or bringing in experts to build a data-savvy workforce.
  • Once everything is in place, regularly review data reports and dashboards. This gives us a clear picture of a startup’s health and helps adjust your strategies and predict future trends.

#4. Strengthen Your Financial Acumen

A good grip on financial skills is important to steer your business towards growth and making sure it stays on track. For this, you’ll have to understand the money side of things, which helps you manage your cash flow. Think of figuring out smart investment moves and sizing up any risks that come your way.

Here’s a tip on how you can get savvy with your finances.

Maintain Rigorous Financial Discipline: I’m really focused on cultivating a strong company culture, one that truly resonates with our mission. So, I’d suggest fostering open communication and encouraging a sense of ownership and collaboration among everyone in the team.

Action Items:

  • Get to know your financial statements inside out – I’m talking about the income statement, balance sheet, and cash flow statement. These are like the vital signs for your business’s financial health
  • Use financial forecasting that helps predict your future money moves. With this, you will have a heads-up on upcoming revenues, expenses, and how much cash you’ll need. Also, research on the available financial forecasting tools that can make predictions spot-on.
  • Don’t go at it alone. Regularly touch base with financial advisors or mentors. With them by your side, you’ll have a fresh perspective on your financial strategies to ensure you’re on the right path to hit your business goals.

5. Prioritize Team Building and Leadership Development

It is crucial to focus on building a solid team and developing strong leaders. This means putting our resources into the people who are going to propel our company forward. 

What you’ll aim for here?

Creating a culture where everyone collaborates and every team member has the chance to emerge as a leader.

What I would do:

Cultivate a Strong Company Culture: This culture should mirror our mission and foster open communication. It’s important that it encourages everyone to feel a sense of ownership and work together.

Invest in Leadership and Team Development: As founders, we’ll have to make way for opportunities for teams to enhance their skills, face new challenges, and grow in their careers.

Some concrete steps that you should consider taking:

  • Begin with clearly communicating your startup’s vision, mission, and values so that every team member is on the same page.
  • Conduct regular team-building activities and workshops to boost skills and strengthen a sense of unity and collaboration.
  • How about starting a mentorship program within our organization? The more experienced team members could guide and support the growth of newer or less experienced folks.
  • Alas… encourage feedback at all levels. We should keep striving to create an environment where open, honest communication is the norm and everyone feels safe to speak up.

I know it’s one thing to get your head around these ideas and quite another to actually make them a part of your everyday business life. But that’s where the real magic happens, right? It’s all in the doing. 

As a startup founder, this means more than just being a big dreamer. How about rolling up your sleeves to be the planner who pays attention to the smallest details. Ultimately, these tips and more tactics around it will help carve a leader in you who listens and cares and the learner who’s always ready to adapt

So, as you’re either starting out or moving forward on this entrepreneurial adventure, keep these practical tips right there.

May these be your guiding lights, helping you steer through the wild and exciting world of building a startup that’s not just a dream, but a thriving reality.

Continue Reading

Startups

12 Things I Learned in 12 Months of Working on My Startup

Published

on

Image Credit: Unsplash

A few weeks ago I launched my startup. It took exactly 12 months from the initial idea until the moment I saw my app in the App Store. And these were some of the most challenging, fun and exciting 12 months of my whole life. (more…)

Continue Reading

Trending