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Tips for Facing Competition in the Online Business World

Written on October 13, 2018   By   in Solution

The growing digital world makes people able to do anything easily, including doing business. That’s why now online businesses are increasingly mushrooming both small and large scale. Large market share, relatively little capital, easy access to information and substantial profits are usually the reasons. But keep in mind that competition in online businesses is also not playing games. For that you need a separate strategy to overcome them.

Many mistakenly set the first step so that the business cannot develop. There are also those who have started and are running, but due to a lack of exploration and innovation finally the business that was pioneered was abandoned. Therefore, even though an online business offers a lot of conveniences, you still have to have a long-term preparation and plan that is mature in order to remain stable. The following journal summarizes several things that must be done as a first step and what should be done in the future to face online business competition.

Do Research & Determine Target Markets

Online businesses that do not last long are usually caused by inadequate planning at the beginning so the owner is confused about determining the next step for his business. The first step that can be done before doing an online business is to do research and determine the target market. This can be done by conducting research on consumers and competitors. Consumer research is important because it can help find out how consumers behave, whether the business you build is needed and how many consumers.

For beginner business people, simple research can be done through interviews, discussions or most easily with online surveys. You can simultaneously offer products to consumers and ask for their responses. In addition to conducting consumer research, also do research on competitors. With this you can find challenges in the field of online business that is run. Take advantage of data available on the internet to get information about competitors.

Both of these researches will provide an understanding of market conditions and the growth potential of your online business going forward. So you can also know who your business will be aimed at and strategies to compete.

Show Product Uniqueness

The way to deal with other online business competition is to make products and services that are different from others. Pay attention to what competitors don’t offer. Make the products and services that are not available as commodities in your online business. If what you offer is found in the market, try to have other advantages that can be highlighted. Examples are in terms of stronger materials, newer designs or cheaper prices.

Do Branding

Brand is one of the many factors that can determine future business growth, especially in the digital world. By doing your branding is making consumers familiar with the business that is being run. The more familiar the consumer is, the more often your online business is targeted as an option when they need something. This will also foster confidence in the products and services provided. You can do branding through social media, adwords, bazaars and SEO.

Interesting Website

Online businesses rely heavily on the digital world for all their activities, from promotions, sales to customer follow-up in the future. For that, give an attractive appearance on your online website so that consumers are interested in visiting. Apply elegant designs and display interesting product photos. Besides that, build a user-friendly website that is easy for consumers to use.

Product Innovation

Maximum research and branding, if it is not balanced with quality products, the risk of consumers switching to competitors will still remain high. Therefore, the unique and attractive products offered must also be given an increase with various innovations. Always explore your own products and services from the smallest to the largest to improve their quality. Also complete your catalog with more choices so that consumers can find the desired item easily.

Maintaining Consumer Loyalty

In business, business owners do not just pay attention to brand quality and product quality. Business owners must also pay attention to facilities and services to consumers. Because this business is done online, then take advantage of the digital world as much as possible to maintain good relations with consumers. Frequently interact with them. Reply to consumer messages as quickly as possible and answer their questions about your product well. Be friendly, speak politely and patiently is the key to making the buyer king. Follow up on old customers by providing the latest information about your products and services. The impression that consumers get from sellers is also one that makes them want to stay with one product provider.

Giving Discounts, Promotions, Vouchers and Bonuses

Providing discounts, promos, vouchers and bonuses will not make a loss for the business you are running. The benefits obtained will probably be a little in the period of administration. But you also have to see the current and long-term effects that can be produced. Consumers will be more interested in products that are given a discount. Consumers will go to shopping when they have a promo or they have vouchers in certain online stores. In addition, don’t hesitate to give gifts and bonuses to loyal customers to increase their loyalty.

Collaborating with Competitors or Seeking Business Partners

Competitors in business are not just rivals. Competitors can also be one way for businesses to continue to grow. one of them is to establish cooperation or collaboration. Creative and mutually beneficial collaboration with each of your advantages can be a solution to penetrate new market segments. There will be fresh ideas that emerge if you want to open yourself to risk being friends with competitors.

Using Digital Marketing Services

Many business people today use digital marketing services to deal with online marketing problems. With this service, advertising and promotion of your online business can be more optimal because it is helped by increasing visitor traffic. You can use social media, Facebook ads, SEO or Google adwords. the funds spent may be quite large, but this method is usually quite effective.

Honest

No doubt, in the virtual world where producers and consumers do not meet each other, honesty and trust are crucial points. In an online business, consumers will usually pay first before getting the desired goods and services. This is where honesty from business owners is needed to build consumer trust. In addition, you also have to be brave to be responsible if something happens. Sometimes there are things that are a little defective, late delivery, damaged packaging and other problems. You should immediately follow up on this problem or better by providing compensation. Consumers will really appreciate this, can even put high trust in your business.

Those are some things you can do to face competition in online businesses. Competitors are quite a lot, but don’t make it an excuse not to develop. In addition to applying the above, you can also learn from business activists who have succeeded. Because the experiences they have gone through before are a better and more valuable learning.

After the online business runs, proceed with managing finances. For this management it is indeed not difficult but it is also not easy. Moreover, you who do not have basic accounting. But there is no need to worry, because now Journal is present as a solution for managing your business finance. Journal provides user-friendly accounting software with complete features.

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