Are you new to the e-tail game? Just started selling products and services over the web? Well, avoid the mistakes made by countless entrepreneurs before you. Heed this advice from Russell Blackmore, co-founder of photography e-tailer Sonic Editions.
1. Don't try to fit in
Good companies disrupt the current market. Made.com and Dollar Shave Club are both magnificent examples of this. Don’t try to fit in with what else is out there – create a new experience and you’ll carve yourself a niche in a crowded market.
2. Don't do it all yourself
Utilise the power of others. Partnerships help to build traffic and brand equity. If credible brands are working with you, chances are others will too.
3. Keep an eye on stock management
Our prints are made to order, which means we don’t get caught with a lot of excess stock that we need to store and pay for its upkeep. If you have to pay to keep stock that you’re not using, it’s a waste of money.
4. Be mindful of over-selling
Connect with your audience regularly but do not over sell. Use social media to reach out to your audience, rather than pushing a hard sell. You need just enough exposure but not to the point of overkill.
5. You are your product or service
Brands should be reflective of their products. If you’re selling something with a premium price point, your customer experience must reflect that. The service is just as important as the product. Do your research and know what experience you want to create – then live and breathe it in everything that you do.
6. Always answer consumer enquiries
Ignore a consumer enquiry at your peril. Some of the best leads come through social media, so make sure you check who is getting in touch and what they’re saying. Responsive customer service will mean repeat business.
7. Start small, think big
Offer your product in a variety of key currencies. Only when you’ve built up the sales base in a different country should you consider translating into a different language. Don’t try to be everything to everyone. Not at the start, at least.
8. Poor delivery is a no-no
Find a trusted and reliable delivery partner. Poor service will come back and reflect badly on you. Remember the video of the USP deliveryman throwing the monitor over the wall? There’s no point in your company being let down at the end of the line.
9. Hone your IT skills
Update your website every day. You will have to understand basic simple rules. For example, lots of traffic will crash your site. This is something that you’ll need in all aspects for your role. You cannot simply depend on smart interns to keep your tech side running.
10. Banks are not your friend
Don’t over rely on the bank. Make sure you know where your finances are coming from!
Want to increase growth and avoid more losses? Want to out compete your competitors? Want to bring new products and services to market faster? Want to be more agile? Contact Innovation and Growth Speaker Jim Woods. Jim works confidentially with start ups, governments as well as profit and for profit enterprises.
Visit our website:www.innothinkgroup.com Executive and Business Coaching: http://ow.ly/anBpK
Jim Woods is president and founder of InnoThink Group. A global management consulting firms specialized solely in helping organizations of all sizes in all industries catalyzing top line growth through strategic innovation and hypercompetition. Jim has over 25 years consulting experience in working with small, mid size and Fortune 1000 companies. He is a former U.S. Navy Seabee and grandfather of five. To arrange for Jim to speak at your next event or devise an effective growth strategy email or call us at 719-649-4118 for availability.james@innothinkgroup.com
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