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When you decide to start an internet business, it can be incredibly intimidating to learn how to market your company effectively. With so many changing trends and advice on the market, it can get somewhat confusing to know which steps to take first. So, here we are, offering you 7 actionable steps to succeed in your internet business that you can do that will lead to tremendous results. from ensuring your product fits the market, to transitioning for growth, to how to scale your business for substantial growth. Download the full E-Book with all 79 actionable steps for free below.
Product Market Fit Hacks
Before you can get started making money with your Internet Business, you need to make sure that your business idea is a valid one and that you’re selling something your customer wants. This first section will show you some proven methods for quickly and cheaply ensuring that what you’re planning on selling is something that your customers actually want. Once you have proof that your product will fit the market, then you can move on to the steps you need to take to acquire customers and grow your business.
Validate Your Idea in Less Than an Hour
It can be incredibly easy to imagine that your latest idea will become an overnight success, but without validation, you could end up wasting your time and money. You can use tools like Unbounce.com or LeadPages to quickly set up a landing page so you can fuss less about the technical aspects of setting up a landing page and focus more on validating your idea.
The process is simple, all you need to do is select a template, add your images and content, and then forward your business site to your newly created unique landing page and start sending traffic to the new landing page. Make sure that you measure the click-through rates and conversion rates from each traffic source.
Create a Metrics Dashboard That Keeps You On Top of Your KPIs
You can’t manage what you don’t measure, but measuring is only half the battle. You also need relevance. These days, data is incredibly fashionable, and like most things stylish, data quickly becomes a real head-turner for businesses and marketers. This is because there are mounds of data available online for free.
To make the most of this open data, prioritize the three or four KPIs that are most important to your company. Rather than getting intimidated by attempting to track dozens of metrics, all you need to do is focus on the most important ones for your business and follow them obsessively. You can create a customized KPI dashboard using Cyfe and keep your the entire team is on the same page
Benchmark Your Cost Per Acquisition Target
If you’ve ever spent time raising venture capital financing or studying SaaS marketing, then you’ve probably already heard of Cost Per Acquisition, CPA, which is the amount of money that you spend to acquire a new customer. You can quickly learn how to calculate your target CPA and never again pay $50 to obtain a customer who’s only worth $20.
For businesses that are looking to grow, the CPA is the lifeblood of your company because you should always be aiming to acquire new customers in the most efficient way possible. When you track your CPA, you can ensure that your company is focusing on the marketing channels that will generate profitable customers.
Ensure Your Product Solves Real Customer Problems
You don’t want to spend your time and money developing a product that no one wants, which is why you need to take the time to make sure that your product solves a real customer problem. To help ensure that your product or service is addressing a genuine customer need, you can use Alex Osterwalder’s Value Proposition Canvas tool to map out your company’s business model and test it against other alternative models.
Determine Your Optimal Product Pricing with Psychology
Our minds can easily be tricked into choosing options that might not necessarily be in our best interests. Sometimes these choices may even be damaging to maximizing utility for us as consumers. For example, the concept of value is a relative term and, logically, it has no absolute worth. It’s a proven fact that a “fair” price can differ for the same service or product depending on the context and circumstances. As a business owner, you need to use this psychological loophole to maximize the perceived value of your products. You can use what is called the decoy effect. When done right it can increase sales.
Conduct Simple A/B Tests on Your Landing Page
If you want enormous results for your internet business, then you have to conduct A/B testing because it has the potential to uncover valuable customer feedback. Performing just one A/B test a week will result in around 50 tests in a year, which could provide you with 12-15 significant improvements for your business. As a non-technical marketer, you’re probably thrilled that you were able to get one website launched, let alone test multiple versions.
Defining an experiment by identifying a website variable and creating multiple versions of your website to test that variable will give you insight into which one will perform better. Splitting your traffic between the two versions, allows you to gauge the response and switch to the version that performs better.
These were the seven of the 79 actionable steps that you can take to succeed in your internet business from our Internet Marketer’s Handbook. And as a reward for reading the entire article, we would like to give away this ebook to you for free! Just click on the button below to get your copy!