Creating, Marketing, and Maintaining an Online Business

in the Digital Age

What the Numbers Say

• “Amid a global financial crisis, US online retail (excluding auto, travel, and prescription drugs) managed to grow 11% in 2009 to reach $155.2 billion. With a 10% compound annual growth rate (CAGR), US online retail sales are forecast to reach $248.7 billion by 2014. Growth in online retail sales will also continue to outpace growth in offline retail sales, as low prices, convenience, and selection drive more shoppers to the Web.” – Forrester Report

Small Business Statistics• 72% report having a website as their online

presence• 65% reported a desire to look credible as the

reason for website creation• 60% stated that a website is critical to success• 82% recommended creating a website• Only 21% of global business have a mobile

version• 83% of consumers research products online

before purchasing

https://www.verisigninc.com/assets/Research-small-business-september2013.pdf

The Two Types of Online Businesses

Entirely online• Ebay • Amazon

Brick and mortar with online section• Apple• Wal-Mart

Why Have an Online Business?• More viewership• Company image• Better customer support• Easily accessible information

• No building costs• The store never closes• Low start up costs• Internet is a part of culture

Why Have an Online Business?

• You can be anywhere in the world• Allows further globalization• Unique and affordable marketing

opportunities• Easier for customers

Why Have an Online Business?

Things to Consider Before Starting

• Do you have an accurate business plan?• Do you have a target market?• Are you prepared for possible success and

growth?

Creating a Website

Branding an Online Business

Online Branding

• Branding: the strategy of how, where, when, and to whom the business is going to communicate with and deliver messages.

• Creates awareness as to what the company stands for.

• Give consumers an idea to latch on to.

Branding Through Website

• Build a website that has an unique and relevant design.– Adidas– Patagonia

• Create an appropriate logo.– Helps consumers recognize your brand

Effective Branding Examples

Brand Likability and Linkability

• One of the most essential pages on your website

• This page helps to connect with your consumers

• Have staff write their own bios• Get connected using social media • Establish your brand as a credible source

How to Market Your Business

Search Engine Optimization

• keyword volume

• keyword relevance

• keyword competition

• keyword focus

Pay Per Click Advertising

Pay Per Click Cont.

• PPC ads are sold in auction

• GoogleAd Words

• Great way to get traffic quickly

What is the difference between SEO and PPC?

Social Media Integration

Importance of Social MediaAccording to Edelman’s

Consumer Marketing Study, 90% of global online consumers want brands to share their content online.

Content Plus reported 70% of consumers would rather get to know a company via content

marketing, such as sponsored articles; however, brands spend

money on ads.

PR Daily reported almost 90% of consumers skip

TV commercials, yet brands spend $19.8 billion

last year on TV sports.

Of the 2014 Super Bowl ads, only 30% translated

into actual consumer purchases as reported by

Bleacher Report.

Developing a Social Media Strategy• Determine which social

media platforms are appropriate for the brand

• Which metrics to track and how to track them

• Target market• Create a sense of brand

consistency across all media platforms

The 3 C’s

• Clarity- quality of being clear and concise

• Consistency- Having a sense of conformity

• Constancy- quality of being dependable

Anticipating Online Growth

Growing the Business

• Think big• Great service drives

growth• Forecast growth• Plan expenses first• Fixed and variable

costs

Potential Mistakes

• Lack of clarity towards target market• Do not grow just for the sake of growth• Being satisfied with the status quo

What to Expect from Future Consumers

• Complete embrace of digital technology: By 2020 retailers will have fully embraced the use of digital technology, including mining consumer data to better understand purchase behavior, fully employing social media, and leveraging two-way communication channels with the workforce, whether in-field, in-store, or during travel.

• Heightened influence of social media: Social media will influence a larger proportion of sales, driven both by consumers and emerging technologies like augmented reality, which enables consumers to "try on" products and share it with social networks for feedback. The next-generation department store: In 2020, the conventional department store will have evolved into an operation fronted by a small number of strategically-placed destination showrooms, which will showcase only the best-in-class items, but will also be able to arrange extremely swift and efficient delivery through online channels at the customer's preference.

• PricewaterhouseCooper Survey

App Development

App Development

• Successful online businesses should consider developing smartphone apps

• Similarly to website development, simple app development can be easy to learn, but difficult to use effectively

• Two major types– iOS apps– Android Apps

Android Apps• Android apps are written in the Java

programming language• Developed through Android SDK• Apps can be uploaded to App markets

immediately

iOS Apps• iOS apps are written in Objective C• Developed through iOS SDK, which can only run on OS

X systems• Releasing iOS apps requires enrollment in the iPhone

Developer Program– Costs $99 per year– Requires Apple’s approval

App Development

• Barriers to entry are higher with iOS app development

• Many people use either Android or iOS devices

• Effective apps are difficult to program• Serious online businesses need apps for

all systems

Overview

• Designing and creating a company website• Branding an online business• Marketing and promotion of online business • Integration of social media • Anticipating growth and app development

www.onlineentreprenuers.com/loginKeyword: COM301Online