Learning how to grow an online business is key to reaching that sweet spot where sales and social media reach come effortlessly. With that said, it takes consistent hard work to get there, but absolutely anyone can do it. Here’s everything you need to know.
What’s an Online Business?
An online business operates primarily online and therefore relies on the Internet to generate sales. This includes various business models, such as promoting other people’s products through affiliate marketing, selling your own products or services, and creating content.
Most people who make money online own an online business. Content creators, freelancers, and lifestyle coaches are prime examples.
How To Grow an Online Business
Growing an online business requires strategic planning, a strong desire to learn about the ever-changing online world, and hard work. I wish I could tell you it’s a matter of buying a few software subscriptions and checking things off a to-do list, but it’s more than that.
Let’s take a closer look at the basics of growing an online business.
1. Know Your Audience
Before posting online, you need to know exactly who you’re trying to reach. According to an Evergage study, 99% of marketers say personalization helps improve customer relationships, while 78% of them say it has an extremely strong impact.
With that in mind, let’s say you want to sell pots and planters with gothic vibes to gothic people. You can’t, and you don’t want to advertise your products to the average gardener who just wants an average-looking pot or planter.
Your target audience is gothic people who love gardening and will find value in your unique pots and planters, so you should spend some time trying to understand them. And by that, I mean learning insights like their preferences, their online activity, the apps and platforms they use most, and their lingo.
Once you understand your target audience, you can create a buyer’s persona, a content marketing strategy, and a brand development strategy.
2. Develop a Brand
Strong branding gives you the upper hand and sets you apart from the competition. This is listed as #2 because you can’t develop a brand if you don’t know your audience.
You can, however, create a value proposition and a mission statement, but the lack of information will still hold you back from doing your best. With a clear definition and enough information about your target audience, it’s easier to come up with a brand name, logo, and design elements that resonate with your target audience.
If you didn’t know, 68% of people read about the brands they like. Translation: customers like to consume content from the brands they support.
Any business with a strong branding strategy is more likely to have an engaged following and a steady flow of sales.
For example, imagine your business idea is to sell orthopedic shoes to women over 50. Your brand name, logo, colors, and design elements must be in harmony with the tastes and preferences of that demographic.
3. Make Content Marketing a Priority
The thing about owning or running an online business is that you have to put yourself out there to get customers. Unlike marketplaces, your products won’t be exposed to millions if you don’t create and share content. And just so you know, 51% of content consumption comes from organic search, making content marketing vital for your online growth.
As a reminder, content marketing is a form of marketing that focuses on creating online material, such as social media posts, podcasts, videos, articles, and webinars.
Take Wirecuter and Canva as examples.
Wirecutter is a digital publication known for its helpful product reviews (affiliate marketing is part of its profit-making plan). The content they write is the result of a thriving content marketing strategy that uses both SEO and social media tactics to drive traffic and generate revenue.
Canva is a graphic design platform that provides reliable and easy-to-use design solutions for everyone. A quick Google search will show you the effort the company puts into content marketing, including its free academy and strong online presence.
4. Create a Content Marketing Strategy
A content marketing strategy helps you manage the continuous cycle of content creation. Its role is to help you create content that doesn’t stray from your original content goals, serving as a map to guide all efforts to a fruitful place.
This becomes very clear as your brand gains traction and you capture the attention of different audiences. A successful content marketing strategy helps you stay rooted in your why and motivates you to keep creating data-driven content until you reach your goals.
You can think of content marketing strategies as manuals with all the information you need to create the content that best benefits your brand. Keep in mind that strategies need to be revised from time to time, as goals and customer behavior change over time.
5. Focus on One or Two Platforms First
If you’ve been on the Internet for a minute, you know that every once in a while, a new platform pops up and becomes the “it” thing. And while most of them enjoy short-lived fame, some stick around for the long haul and become yet another platform to see and be seen.
This is great news for marketers, as it represents new territory perfect for promoting products and services. However, a brand new platform may not be what a new business needs right now.
Why?
Because growing an online presence is a lengthy process. No matter how well-prepared you are, it takes time to find your footing on a platform.
So, instead of trying to grow on multiple platforms at once, find out which ones your target audience uses more, pick the two most active, and build a following there. Once you’ve grown on the platform, consider expanding.
6. Use Video Marketing
Everyone loves video content, and TikTok’s one billion monthly active users are proof of that. No matter what kind of products or services you sell, video marketing will always be your ally on this journey.
In fact, according to Wyzol, 82% of people have been convinced to buy a product or service by watching a video, and 89% of consumers want to see more videos from brands.
The good news is that video marketing is as flexible and adaptable as you make it. You’re the one in charge, so it’s up to you to decide things like format and duration.
Don’t want to show your face? No problem, there’s a market for that. Don’t like short-format videos? Make longer ones. As you can see, it’s all about choosing the right platform and posting what feels right for you.
7. Build an Email List
With 64% of small businesses using email marketing to reach customers, building an email list from day one is key. It’s the most personal way to reach your audience, so use it wisely.
When someone signs up for your newsletter, it means it means that person trusts you and find value in your brand.
Email lists work like electronic mailboxes. Customers don’t have to be active on social media or visit your website frequently to keep up with you because you’re keeping them informed through emails.
In essence, email marketing is one of the most effective ways to reach your audience.
8. Learn SEO
Search Engine Optimization (SEO) is the practice of optimizing your entire website to increase your online visibility. This is critical for online businesses because algorithms only select optimized websites to rank. To give you an idea, Google alone uses over 200 metrics in its algorithms to select rank-worthy posts.
To put things in perspective, suppose you run an online used bookstore in Seattle. Ideally, you want people from all over the country to buy from you, but the majority of your customers are Seattleites. So you put a lot of effort into learning SEO and optimizing your entire website. Now, every time someone in Seattle searches for used books in their area, you have a higher chance of being discovered by them.
Note that SEO is also important on social media platforms, so knowing your keywords and using them correctly will always work in your favor.
9. Make Data-Based Decisions
Making decisions based on your experience alone can be tempting, but using data and best practices to back up every move you make is infinitely better.
That’s because you don’t want to waste your resources on something that might not work, especially if you’re working on a budget or with a small team. In most cases, following the general rules of digital marketing will never lead you astray.
For example, it’s normal for websites to take off after they have at least 50 posts. If you don’t have that many posts and you’re not making data-based decisions, you might think that posting optimized content isn’t as beneficial as people make it out to be and stop doing it altogether.
10. Consider Paid Advertising
Paid advertising is a great way to let the world know about your business. You don’t need a big budget to run a campaign. Google Ads, Instagram Ads, and Facebook Ads are some of the most used and trusted options.
They offer a lot of customization, which makes targeting specific keywords and demographics easier. Some of these companies also offer free ad credits to new users. Just make sure your ads are enticing and target the right audience.
A Word on How To Grow an Online Business
Owning an online business can be quite gratifying. No matter the niche you pick or the products you sell, there will always be people ready to buy from you or consume your content. They just need to know that you’re out there.