This term is mainly used to describe the process of operating and managing business activities related to products & services on the internet through building an electronic website to market those products or items. However, the main question remains "how can business owners benefit using the internet? And is it possible to profit by just displaying commodities randomly?
Of course not, as to get this profit, there should be a marketing plan in the first place. This plan is made up of three main components; which can be called --The Success Triangle -- as well. The success of each of these components is entirely dependent on each other. In other words, a failure of any of the components would minimize the chances of succeeding in online marketing…
Those Three components are:
1. Developing a competitive product or service
There is no doubt that developing a high quality product is a hard task, however, this statement is not completely true as the most popular products are the ones that you create yourself. And since every individual is unique and has different skills; these skills can be used to create a unique product.
And remember -- the more unique & distinguished product you have; the lesser competition there would be in the market. Consequently, the more chances of marketing it on the internet and more audience you will have thus the more your business will grow & flourish.
It is also good to understand that you have a great opportunity to expose your business to the whole world through the World Wide Web, therefore try to consider all the different languages and cultures and do not limit your product to a certain category or niche market if you can offer you product or service to a wider audience.
Before you begin though, you should know your competitors. Make a strategy to evaluate the different aspects of the competition and specify the estimated value of your product. In addition, your product should surpass customers' expectations; and this is an important step to ensure that the customer will spread the positive -- word of mouth - consequently, helping you in promoting your business.
2. Constructing a good promotional website
The second step involves building a website to market your products. This website should be designed in a way to encourage its visitors to make a purchase. Your word selection could be the main marketing tool for you. Choosing the right words turns your website visitors to loyal customers or else they would go to your competitors and never return.
Selecting the right words and your ability to persuade your website visitors to buy determine the success of your online business. This depends on the product image that you draw in their minds and the simplicity of your website.
In your website, make sure that you talk directly to the visitor. Specify the problem and explain it then offer your product as the best solution to the problem. Describe the product in details and let your words talk about the quality of the product, its uncountable benefits and how it's far much better than other similar products. You should be clear and conscience and do not exaggerate so that every thing sounds true and believable.
3. Following a well-studied marketing strategy
The marketing strategy here constitutes of short & long term policies:-
A. Short Term Policies
The main purpose of the short term policies is increasing website traffic and building up its popularity and these are important goals after launching any website. Nevertheless, things shouldn't stop here to ensure a consistent traffic flow to the website on the long term. That is why you should start advertising your website using other websites or mediums such as forums, search engines and web directories to get the maximum exposure.
B. Long Term Policies
These policies would bring in consistent flow of visitors who are interested in your product. These policies are very important if you want to achieve real sales.
This can be achieved by regular website update, providing some free bonuses for your site visitors and preparing a mailing list to send periodic newsletters to them.
To sum up, the marketing strategy should include a mixture of short & long term policies to ensure a non-stop and increasing number of visitors who are interested in your product which makes it easy to turn them into regular customers.