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| Quality Product |
Quality Products/Services
Targeting the right market and having effective marketing are not sufficient to build a successful online business. Another vital component not to be neglected is the quality of the products and services that you are selling.
1) Provide exact solutions to users
A product may have great attributes and functionality. However, a product or service is only deemed to be useful if it can meet the specific requirements of its target market. In other works, the quality of a product is determined by whether the product is able to provide the exact solution that the target market is looking for.
For instance, you have this wonderful software that automates the process of marketing your products through social networking media. You believe that it will bring much value-add to your clients in generating huge traffic to their website. You write a comprehensive and persuasive sales copy that clearly explain the automation process and the end benefit that can generate say 100,000 unique visitors to your prospects’ website each month. You promote this new product in your website, expecting to generate a handsome sum of revenue from it.
Unfortunately, 1 month down the road, you noted that you have not closed a single sale yet. You study your website traffic and noted that there is always a steady stream of visitors every day. You are baffled but upon further research, you realized that your website is actually targeting viewers who are looking for online business inspiration. This audience has yet to start their own online business. They are actually looking for recommended business ideas rather than searching for solution to generate website traffic. Thus, they are not interested in your product at this point of time. This highlights the importance of matching your product attributes (advantages) to the exact needs of your target market at the time of your advertising.
You should only sell products that can genuinely provide some form of value-add to your customers. As a businessman, one needs to exercise ethical responsibility towards your customers. Never sell a bogus product just for the sole objective of earning a profit without considering the well being of your customers. Such a business attitude will cause your online business to fail.
Guideline: You should only sell products that you are willing to buy for your own consumption.
Furthermore, you also need to ensure that your product delivers its promises. When you highlight your product attributes in your sales copy, you need to make sure that your clients will be able to enjoy each and every benefit that you have highlighted. This is about generating business credibility which may make or break your online business eventually.
When you exaggerate the performance of your products, you run the risk of raising your clients’ expectation to a level beyond what your product or service can fulfill. It will increase the likelihood of your customers seeking refund for their purchase which will increase your administrative inconvenience. But more importantly, poor product performance will tarnish your reputation as a credible businessman. You risk losing your current customers, or worse losing other potential clients as well due to the bad publicity.
3) Up-to-date product
Not only do you need a quality product that meets the expectations of your customers in the past, you have to ensure that your product is suitable and relevant today and in the near future. Your product should be updated regularly to address any changes in the marketplace.
For instance, the boom of social networking media has elevated their usefulness in promoting an online business. Thus, when you are promoting a traffic generating software, you must then incorporate social network marketing in its functionality. An outdated product will lose its competitive edge and will not generate any decent revenue for your online business.
4) Competitive pricing
Other than having a quality an updated product, it is also crucial to have a competitive pricing for your products and services. A reasonable customer will look for the cheapest product with the widest range of functionality. Depending on your targeted niche market, you are likely to face competitors in the existing market. In a very competitive market, performance of your sales is generally price sensitive.
When you are planning your online business, you should identify at least 5 of your main competitors that target the exact group of consumers and scrutinize their product specifications & pricings. Identify the main functionality differences between their products & yours and to compare the difference in the pricing. Next, check and research if you are able to find a supply source that can provide you with the products at a lower price. If not, justify your higher price based on your products’ additional functionality. A justifiable pricing will help generate more sales for your online business.
Highly recommended reading on 'How to increase your website traffic':
Learn about Search Engine Optimization.
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