How to Scale Your Online Business
Online business owners are constantly looking for ways to take their businesses to the next level. Scaling an online business is much easier than trying to scale a brick-and-mortar store as it doesn’t require extra physical space.
To put it simply, scaling your business involves increasing your revenue without a correlating increase in costs. To successfully scale your business, you will have to make certain investments to see growth, but the goal is to get back more than you put in. Here are some ways to scale an online business.
Increase your prices
The simplest way to scale your business is to increase your prices. Many business owners worry that if they increase their prices, sales will go down. In fact, you may have fewer sales, but you will make up for this in increased income.
To break it down, if you have 100 people paying you $10 monthly, you make $1000. If you have 50 people a month paying you $25, you make $1,250.
Automate manual processes
There is no sense in spending time doing menial tasks that can be automated. For instance, every type of business can use email automation. Constant Contact and MailChimp are well-known names in this area. The services are beginner-friendly as they are quick and easy to set up.
Email automation allows you to promote, nurture and convert sales even while you sleep. If you have an eCommerce store, you can create segmented lists and send special offers to email subscribers based on previous purchase habits. If you have an information product, you can automatically market to prospects and send them discounts and special offers.
Expand your global options
When you first start out, most of your efforts are probably focused on one geographic region to make things simple but selling to a global platform is not difficult if you make use of e-commerce platforms. It is possible to integrate your online store with PayPal or other payment gateways.
You can use a drop shipping fulfillment service that circumvents the traditional retail supply chain and means you don’t have to stock and ship products.
Track conversion metrics
You need to know exactly how much it costs to generate leads and sales. For instance, if you can generate email leads for less than using phone calls but they convert at the same rate, it would be wise to put effort into producing more email leads.
You need to know what landing pages are converting best and where your top leads are being generated. Constant monitoring of statistics and optimizing is essential if you want to grow.
Be consistent with social media branding
Social media exposure is important to highlight your expertise if you want to scale. You should cross-promote your social media accounts to make sure you connect with your audience where they are most active. Tools like Hootsuite automate a large portion of your social media management.
Create an affiliate program
Basically, affiliates are those who market your products for you and take a percentage of the sale price for each sale they make. Sales you make via affiliates are probably those you wouldn’t have made otherwise. If you have a dedicated team of affiliates, the growth of your business isn’t just in your hands and you have many others selling for you.
Engage in a joint venture
Team up with somebody else in your field for a joint venture. You may decide to host a webinar and people have to sign up with their email addresses. It may take some time to set up, but it will increase your audience. The key here is to keep that list of potential new customers warm and generate sales.
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