2020 has been a tumultuous, yet interesting year all round. For most industries, it has been incredibly disruptive on business, while others, like the eCommerce industry, have thrived. If you had a successful online business, which has continued through COVID-19, or whether you have undertaken a new digital business during this time, you might be looking for some pointers.
Thanks to the wide availability of the internet and unrestricted access to information, many people have the privilege to start their own business working from home. Whether it be eCommerce, creating websites, or offering other types of services online, now is a fantastic time to put your skills to good use.
Have you ever done something because you saw other people doing it? You probably have, and you don’t even know it. That is a psychological phenomenon called social proof. Social proof is a concept wherein people follow the actions of the masses. It is based on the idea of normative social influence. People are more likely to do something if they see somebody else doing the same thing, or they want to be similar to or liked by certain people. We believe something is correct behavior if a lot of other people do it.
Before you set aside some money for your marketing budget and customer acquisition, you should think about how much you’re spending on new customers and how much on the old ones. A successful business will always put their existing customers first and do everything to boost customer experience.
The advent of the World Wide Web brought about a massive wave of change in the world at a period where things like Google didn’t exist. Technological advancements have transitioned how we do things, whether on a personal level or a corporate scale.
Getting a business off the ground and growing it is a difficult venture. More than 50% of small businesses fail in their first year, so it’s your job as a business owner to focus on strategies that will maximize your growth and ensure your company stays profitable.