Misc

Three Tips for Building Your Online Business Strategy

Abbey Warne
Author
Abbey Warne
Published
19th October 2021
Length
3 minute read

When building a brand online, rather than diving straight into it, you’ll need to do some in-depth research. This might seem time-consuming, but, it will allow your business to grow and will mean that it’s more likely to succeed, as you’ll have taken the time to identify your audience, competitors, long-term goals and various other factors.

 

For instance, once you have pinpointed a particular audience, it will give you the opportunity to research and understand the content that will interest them. Similarly, identifying competitors will allow you to take some inspiration from what similar brands are doing. It will also enable you to focus on areas they haven’t yet covered, that you think would be likely to succeed.

Obviously, building and developing a brand involves a fair bit of trial and error, but having a clear strategy will make it much easier for you in the long run.

Here’s a few tips to help you build your online business strategy.

 

Conduct a SWOT Analysis

Before building your online business strategy, engage in a SWOT analysis of your companies website and social platforms. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Making a list of these will give you a clear solution as to how you can overcome particular challenges, and, therefore, how your business can grow. Here’s a rundown of what these should include.

 

Strengths: What areas does your company succeed in?

Weaknesses: What areas could your company improve on?

Opportunities: What opportunities are there for your business?

Threats: What could harm your business?

 
 

Gain Customer Feedback

It’s important to stay up to date with what your customers want to see from your business, which will help to build trust and avoid a decrease in sales. This feedback can involve creating Instagram polls or even encouraging your followers to answer a short survey. This can easily be created through platforms such as Survey Monkey. Questions can cover multiple areas, for example, your website layout, how easy it is for your customers to contact your business, and what age group your audience comes under.
 

Set Company Goals

Following the feedback, make a list of a few goals for your company to stick to. For instance, if you’ve identified a new audience through a poll that asked about the age of your followers, your business goal could be to reach more of this specific customer base.

In order to meet your goals, you’ll need to think about the tasks you can do to reach these. These are known as Key Performance Indicators (KPI’s), which should be achievable and represent a particular time period. For instance, if you own a bakery and have noticed that a large proportion of your social media followers are aged 18-24, you could introduce student-friendly deals by having a ‘student hour’ on a Wednesday, where they can come in to receive discounts on biscuits, cakes, pastries and drinks.

 

The Takeaway

We hope you have taken on board our top tips on how to improve your online business strategy, which will help to grow your audience. You might also find it useful to check out our advice on why it’s important to include social feeds on your website.

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