How Your Online Business World Works

The New Business World

If you own a small business or run a service of some kind and haven’t entered the online business world you’re not alone. The most popular reason given by most people is that they just don’t understand how it works.

People don’t naturally enter into challenging or complicated arenas when they know they lack the knowledge and experience to succeed.

The evidence is now overwhelming that unless you take your business into the online business world quickly you’ll soon be out of the competition.

The Basics

Every business needs:
1. Clients or customers
2. A valuable product or service
3. More clients or customers

In truth there is a lot more that a business needs but without the flow of people who want and purchase what you offer the rest of it is superfluous.

Why Do It Online?

The volume of clients and customers available continues to grow and the most successful new business ventures in the last decade are all web based.

Automation eliminates most of the tedious minutia (in some cases all of it) that otherwise saps our time and energy.

Clients and customers who’ve experienced the value you offer have many ways to share you and your business with others.

Nuts and Bolts

There are a few requirements your online business world cannot do without:
1. You need a presence (web sites, blogs, profiles, information)
2. You need a way to be discovered (ads, articles, videos, forums)
3. You and your business need a unique identity (a brand)

In addition you need a means of tracking what’s working, who’s visiting and who’s buying.

How Your World Works

Online you have an opportunity to establish gigantic worlds where everyone can find something they need or want. This is what larger companies are busy doing almost to the point where they’re in direct competition with their own brick and mortar retail stores.

You also have an opportunity to create tiny business worlds that speak to a specific niche and offer them exactly what they’re looking for.

Your world can be modified as often as you like to speak to current trends, or duplicated to speak to other niches. How well you communicate to your audience will determine how well your online business works.

The Retailing Strategy of the Business World

The business world is such a complicated place for those who are not aware with its basic principles. Although it is one of the most obvious professions of the world, only few people understand and appreciate its importance to the economy. Business is not just about buying and at the same time selling goods to consumers. It often connotes the idea of providing the needs of your customers in exchange for a specific amount. Moreover it is the legal and appropriate way of using your money.

Almost all humans are considered as prospect buyers or customers, however not all individuals are capable to establish his or her own business company. If you are planning to create your own company you need to consider several things first before setting up your mind. You should not forget that the future of you company depends on your determination and faith in your work.

One of the most important tools in creating your own business is your interest. According to psychologists it is an inborn skill or talent to excel in business. It also proves that not all people are capable of entering the business world. It is the concrete reason why several individuals became successful in life even though they were not able to graduate and earn a business degree. Psychologists often believe that the spirit of being an entrepreneur is innate can be developed through the interaction of the environment.

Determination is also part of the necessary attitudes that must possess if you really want to become successful. You must learn remain strong in time of crisis and trails. It doesn’t matter also if you begin your business in small basis first such as home base business, rather it will greatly depend on how good you are in enhancing your business.

Business strategies are also very important if you really want to experience improvement. It suggests that you need to use different methods to attract and entice your prospect customers. It could be in form or product commercials or packaging of your products. Meanwhile there is a very relevant method used by small scaled businessmen which is already proven to be effective when it comes to marketing.

Retailing is one of the oldest and finest types of business strategy. This type of method is often used to influence their customers with the idea that they can now already purchase expensive goods in lower rates because it can be bought in small amounts. Consumers are then convinced with the idea that they can save and control their budget when they buy in retailing stores because it is much lower compared to its regular amount.

Although the quantity of the item is compromised once it is sold by retailers, consumers are still eager to buy goods because they believe that it is the best way for them to save their money. However consumers are not aware of the idea that they are paying more once they entertain the idea of retailing. In this type of method, retailers are the individuals who can gain much benefit.

How To Apply The ‘Marketing Mix’ In The Online Business World

Marketing Mix History

In 1960 (the year I was born) Jerome McCarthy broke down Neil Borden’s famous phrase into what later became known as the four P’s of marketing:
1. Product
2. Price
3. Place
4. Promotion

At that time it might have taken semesters of study to fully grasp the fundamentals of several different business operations responsible for the ultimate outcome of producing and selling.

History also shows how specialized each business operation has become and how a single operation now contains scores of specialized career fields.

The Four P’s In The New World

Fast forward 50 years and we find entrepreneurs with unique business ideas who are able to outline an entire online marketing funnel during a single consulting session with an internet marketer.

Whether the product is a physical commodity, an idea or a service every aspect of the marketing mix is contained within the ‘Online Business World.’

The product can be comparably priced with similar items found on the internet. It is most certainly promoted and sold online either via E-commerce or contracted service.

Applying The Marketing Mix Online

The breakdown is also quick and easy after a few specific questions are answered regarding the product.
• How popular is the product within a well defined niche? Is the competition doing a good job or have they left enough room to leverage the benefits you intend to highlight?
• Is there any clear representation of what the price point should be? Is there disparity between low cost and high quality?
• Since we’re focused on selling online, is anything similar available offline? Other than convenience, why is the online option more enticing?
• Can this product benefit best from visual, audio, social, viral, casual, comparative or descriptive promotion?

Let’s face it, DRTV (direct response television) is more effective online than on certain allotted time slots on obscure cable channels.
Every imaginable medium ever invented for promotion is part of the online business world and available to anyone with a cell phone.

Where Does Your Business Fit In The Mix?

If you run a local business, a home business or you’re ready to start a business there are many ways to educate yourself and research exactly how to apply the marketing mix to the online business world.

More fortune 50 companies are expanding their businesses by entering the virtual world completely amazed at how fast everything can be implemented. They have the advantage of hiring someone who knows enough about web design or internet marketing to take advantage of the business structure currently in place.

It’s like hiring a tour guide to show you how your business can grow on the internet.