1. A clear vision and goal 2. Patience and a long-term view 3. Taking calculated risks 4. A commitment to “Kaizen” or continuous improvement 5. Successful sites employ good advisors 6. They make decisions quickly and change their mind slowly 7. The consumer is King 8. Successful sites embrace technology and change 9. Be fair and honest with customers and suppliers 10. There is no such thing as “easy money”
They know exactly what they want to achieve. This “laser like focus” helps form an unshakeable conviction and dedication to building a successful online business.
They constantly measure if they are gradually getting there. And they can live with the paradoxes in online retail. For example the Internet changes quickly but organic SEO is a relatively slow process. Every day, every week, every month gives feedback measured in many ways against targets.
Taking necessary risk and being prepared to invest is key. Investment is the fuel of a business so choosing where to spend money is critical. Successful websites invest money in activities that generate growth or make them more efficient – ideally both at the same time.
Winners know this and delight in every little enhancement they make. Whole redesigns are common every 6 – 12 months. The search engines love it. These websites never rest on their laurels because within a few weeks someone could come along and take some of their business. Which is not part of the plan.
No one can be expert at everything and having specialist advisors you can trust and follow (and measure results from) is essential. ECommerce does not get simpler as time goes by. Winners pay for the best advice when it comes to strategy, tactics and growing the business.
In the world of web retailing three months is a long time. Too long for inaction. In general, winners make decisions quickly then measure results and adjust accordingly. All improvements are based on measured results against documented targets – even if the targets are frequently revised.
Changes and improvements should benefit the consumer and in doing so convert more consumers into customers and existing customers into bigger and more frequent spenders. Elegant design might be satisfying but frequent and multiple site enhancements whose effectiveness shows on the bottom line is even more gratifying.
There’s a million teenagers out there who want to steal your business. If they had the funding they’d be doing it now. Keeping abreast of developments online is key in online marketing, news, shifts in online culture and understanding how to read basic web analytics. Being clueless to these things will eventually leave you for dead.
Building a well-loved and respected business is key. The real money is made over the long term through repeat sales and referrals. So by offering great customer service and being fair in all business dealings, long-term relationships can flourish with both customers and suppliers. Customers may take a long time to get but can be lost in an instant through poor customer service. Don’t be afraid to give people their money back. Even smarter sometimes is to offer it very willingly and then chat through other options.
There’s an army of wannabees online wanting to make a million for little or no work and hoping that it is possible to make money for doing next to nothing. Successful retail website owners know that this is a myth and the Internet is like any other business. It is focus, hard work, constant improvement and – if you.re targeting and measuring right – great fun!
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