Top 4 Reasons Why Online Businesses Fail
Reason 1: Not Understanding the Needs of The Target Audience
According a survey conducted by Design hill, it was found that 42% of startups fail due to the online business owner not doing enough research to find out what their market wants. One of the best ways to understand what your market wants is to go on a search engine and read some articles pertaining to what your market wants. For example, if you are selling weight loss products, you should go on a search engine and look up the "Pains" of your market and the keywords that will trigger them to buy your product. People are constantly trying to find ways to get rid of problems, so if you can promote your product in such a way that identifies with your market then you are in a good position to make sales.
Reason 2: Not Having A Website That Is User Friendly
The heartbeat of an online business is an effective website. A huge portion of potential clients will pass through your website. Do your best to make a good first impression on your visitors because people do not like confusion. Make sure the color you choose for your website is pleasant and the font size is easy to read. In addition, your website should hold all of the data that potential customers want. I also recommend having an "About Us" page that outlines what your company does and what you as a person is all about. Always keep this in mind, people do join people not online businesses.
Reason 3: Not Having A Presence on Social Media
In the world we live in currently, consumers use social channels to get information. Some examples of social media channels are Twitter, Facebook, Instagram and You-tube. I recommend that you set up a social media business page dedicated to what you have to offer. By setting up a page on a platform like Facebook, you will have the ability to funnel some traffic to your business.
Reason 4: Not Managing Cash Flow
According to a survey conducted by Design hill, 29% of startups struggle to maintain their finances. This issue must be addressed because there is no hope for success with poor money management. Everyone's finances is different, so I recommend that you grab a paper and pen to plan what make sense for you as far as what you are willing to spend on your online business every month.
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