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10 Fundamentals to Know About Managing an Online Business (Part 1)

managing an online business is like balancing on a bike with no hands “Life is like riding a bicycle,” wrote Albert Einstein in a letter to his son, “to keep your balance, you must keep moving.”

Indeed, this wisdom can also apply to managing an online business. Notably that the key to establishing stability in all aspects of your business is to keep the momentum going. Here are some suggestions to help you do just that.

#1 Having a customer-centric marketing plan creates brand

At this point, you should already know who your target market is. If not, make it a point to do the research to find out. In the long run, you’ll be glad you did.

Here’s a great place to start: How to Define Your Target Market

A customer-centric marketing plan gives you the power to build and secure relationships with your target market. And, by extension, you can create a highly competitive brand.

#2 Politely responding to negative reviews is always a win-win

Put yourself in the customer’s place. They are obviously feeling frustrated about something and want to VENT.

Are you going to SHOUT BACK . . . or politely listen and respond to their concerns?

In other words, always act professional and never take criticism personally. Then do what you can to rectify the situation.

And you might find these same customers changing their negative reviews to positive ones!

#3 Smartly managing your budget is crucial to business success

man and woman managing an online businessAs a business owner, you should know how budgeting works. But it doesn’t have to be rocket science.

SBA blogger Caron Beesley points out how in its simplest form a budget is a detailed plan of future receipts and expenditures. “Think of a budget as a tool for providing control,” she explains.

Indeed, vital advice for anyone contemplating starting or already managing an online business.

Related Reading: The Ultimate Guide to Starting an Online Store

#4 Establishing yourself as an expert increases conversion rates

Do you have helpful knowledge or useful tips to share? If so, you could engage your audience directly with an informative email campaign or content marketing strategy.

As a result, you’ll be seen as an expert in your field which can lead to increased sales.

#5 Creating a customer retention plan keeps you competitive

Anyone managing an online business should have a customer retention plan.

This type of plan demonstrates your understanding of your customers’ tastes, behavior, needs, and expectations. Moreover, it fuels their passion.

And so, if you get it right, you’ll gain loyal customers who may even tell friends and family about your business. And what better way to stay competitive?

Here’s Part 2 of this article.

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