4 Questions & 4 Keys To A Successful Online Business
0I remember back when to make a sale online you had to go out of your way to convince people that you were ‘legit' and that you were going to deliver what you were promising…
It was hard and most people were too afraid to give you their credit card details.
At the risk of sounding like an old fart – my how times have changed.
It's still a little like that in some ways… when you're selling information products you need to me good at marketing and have all the bells and whistles, but try and sell physical products and it seems that more and more people will just willingly hand over their hard earned cash all day long.
Personally I don't get it because I'm normally a chronic researcher. I will look online for reviews, for better options and better deals before I make a buying decision… mostly.
Sometimes I'll just buy something on impulse. Small packages are always landing on my desk from some impulse buy or other.
What's the difference?
I think it just comes down to price… and desire.
Typically anything under $100.. as long as I really want it… or they convince me that I want it, I will impulse buy.
Over $100 and my need to research kicks in.
Now this figure may be different for everyone but it's fairly safe to say that the $100 mark is reasonably common.
For years, the $97 price point reigned supreme. It was the main price digital products were sold for… It's still pretty common.
Then there was the $47 pricepoint that was also fairly ubiquitous.
These are buying thresholds that many people respond to. They fall just under the threshold where people start to think carefully about their purchase.
The idea is that they will not fully consider whether they actually want the thing… whatever it is… only that they want it and they can have it at that price without too much pain.
In many ways, this goes to prove the old marketing idea that people buy with emotion and only later justify the purchase with their logical minds.
…and when the purchase is below that pain threshold, they may not even get to the point where they need to justify their buying decision.
When you are looking to start an online business, or price a new product, or you are finding a new product for an e-commerce store consider that a price point under the pain threshold can capture many more sales.
I have been recently exploring e-commerce as a way of making sales online – not something that I'd ever really looked at before…
… and that impulse buy strategy is just as strong as in the digital product market… perhaps even more.
I even asked the question of an expert I know in the e-commerce space “how can I compete with the people on eBay who are selling for less that I can buy an item for wholesale?”
His answer?
“Don't compete – you're not selling on eBay and where you will be advertising is going to attract impulse buyers – your price point is going to attract impulse buyers… you don;t need to compete at all… just make your sales process streamlined and concentrate on making sales.”
Oh…
Sometimes when you're always looking at other businesses and models and ways to beat the competition you forget that there is so much business out there that sometimes you just don't need to compete at all…
His words: “Just make your sales process streamlined” was important here too…
>How can you shorten your sales process in your business?
>How can you make it easier for them to buy?
>How can you make it easier for them to find you again?
>And how can you make sure they know about the other things you have to offer?
Customer service online comes down to these simple ideas…
1-Good products
2-Simple sales process
3-Good communication
4-Good followup
All of which can be (mostly) automated and made hands free…
Even if you are using an e-commerce model by using drop shipping.
If you've already got a business then run these questions over your systems… if you're just starting out then plan these factors into your business plan and make it easier on yourself and your customers right from the word go.
