More and more people in the country are shopping online. E-commerce sites, online marketplaces, and peer-to-peer transactions via social media provide hundreds of thousands of products at your disposal, plus a myriad of payment options that offer absolute convenience.
If you’re planning on starting a business, having a strong online presence is the wisest decision you can make today. But how do you start an online business? What do you sell? What online platform should you use? And how do you market your products or services?
In this brief guide, I will share with you useful tips and walk you through the steps to starting an online business that works.
1. Find a problem
Most people begin with a product, but that’s not the best way to start a business. Entrepreneurs are not just mere business-starters, but they’re actually innovators and problem solvers. Entrepreneurs find solutions to problems or think of ways of improving things, and these can come in the form of a product or service. Of course, it is also important that your business idea is inspired by something that you’re passionate about.
Take the success story of Georgianna Carlos, CEO of Fetch! Naturals. It all started when her dog kept getting hot spot infections from chemical-based pet care products while natural products available in the market just weren’t effective enough. Because of the problem she had at hand, she researched and eventually came up with a product of her own that would solve it. Her experience led her to start a business that would help her fellow pet-owners avoid the same problem.
2. Research your target market
Take the time to study your target market. Who are they? How old are they? What time and how long are they on the internet? What is their buying capacity and how much are they willing to pay for the product that you’re offering? Study not just their demographics but their psychographics as well. This allows you to determine the best way to reach and sell your products or services to them.
3. Study the competition
Search online for similar online stores that offer the very same products and services you plan to offer. Look at their pricing, their target markets, their marketing and sales strategies, and their overall brand identity. You must create your online business that fills a gap within your competitors. Offer something that these shops don’t have – maybe it could be lower prices, faster shipping, freebies, or a better selection. Find a gap and fill that need.
4. Choose your online platform
Data revealed on www.statista.com show that there are 76.2 million social media users in the Philippines, and 92.7% of that is found on Facebook. If you want to tap into this market, then you may want to have an online shop on Facebook.
If you want to pay for a sponsored ad, the top online platforms are Facebook and YouTube, where they have a widespread reach. If you want to tap millennials and Generation Z customers, Instagram and TikTok are the best options for you. And if you want to target women, then Pinterest is the best platform for this market.
If you want to use the benefits of an online marketplace, statistics published by Inquirer Business showed the top platforms in the Philippines are Lazada, with 59% of the total market share at 34 million visitors each month; Shopee at 33% with 19 million visitors; and followed by Zalora, with 2 million visitors.
For those who need total control and freedom, setting up your own eCommerce website is your best bet. Popular platforms include Shopify and WordPress + WooCommerce.
5. Build your brand identity
Create your name, logo, and overall aesthetic of your online shop. Your logo must have the very same colors, fonts, images, and aesthetics of all of your online posts, presence, packaging, and content. You have to build an identifiable and memorable brand that truly represents your shop.
6. Launch your online business
Once you have your products, market, and brand identity, then you can begin to launch your site. You can start by using social media platforms to promote your product since they are easier to setup. Of course, it wouldn’t hurt to have your own website since it gives your business more credibility. While it’s entirely possible to DIY a simple website with the help of tutorials online, it’s best that you seek help from a web developer so that your website is well-maintained, easy to navigate, looks professional, and secure – especially if you intend to run a shop and accept payments through your own website.
7. Build brand awareness
Brand awareness online is your marketing strategy. Tap influencers, celebrities, and create content for other websites and online platforms to build brand awareness.
When you launch your business, people won’t know about it at first, so you need to make it known that you’re offering certain products and services. By having a presence on multiple social media platforms and mentions by influencers and celebrities who have thousands or millions of reach, brand awareness for your company will start to develop.
8. Create community engagement
It’s not enough that you post your products, price, and how great your shop is. You have to engage your audience. You can do this by offering promotions and special discounts, games, raffles, and consistent content. You must post on your social media platform at least 5 times per week to engage your customers and make your presence known.
Ask them questions or get some feedback on your product or service. The best thing about marketing in the age of social media is that you actually get to listen to your audience to figure out what can keep them engaged, interested, and satisfied.
9. Measure your online success
Social media sites offer metrics that allow you to study your online business performance. Which posts had the most likes? Which pictures had the most comments? What hashtag was used than others? Reach, clicks, engagement, and hashtag performance are shown in these metrics and they’re a great way for you to analyze which strategies work and which don’t.
If you’re starting a business, having an online shop is not just a choice, but it’s a need. Taking advantage of social media is a crucial step as well. Customers today check your online presence before they even begin to take a look at your products and services. By starting an online shop, you are able to leverage the reach of social media and online marketplaces to drive your business to success.
