In 2017, as many as 53,285 online businesses were registered with the Companies Commission of Malaysia.
By now, this number should be even higher as more people especially the youths are recognising the potential of venturing into online businesses.
However, whether we like it or not, competition is everywhere, be it on the Internet or on your local street.
If you’re an online entrepreneur, here are some tips on what you can do to stay ahead of the game.
Know the competition
Researching your competition is important as it gives you an idea of who you’re up against. Find out who your competitors are, what their products or services are and what their unique selling point is.
If your competitors are offering similar products or services, create your own selling point to differentiate yours from theirs.
Find a new target market
If you discover that your online business isn’t performing well with your current customer base, you might want to consider expanding or shifting it.
With the help of the Internet, you can redefine your target market by identifying what their preferences are.
Set new marketing strategies
In the age of rapid technological innovations, there are many ways to do online marketing which are both user- and environment-friendly.
A simple social media campaign to market your product online is one of the best and simple ways to keep reminding your customers about your business.
You also need to keep up with the latest trends to offer to your customers, and invest in new technology that can help elevate your business.
Rebrand your image
A simple step such as rebranding your image can bring a lot of changes to your business.
For online entrepreneurs, this might include updating your website to make it look more user-friendly and having constant social media presence to stay connected with your customers.
Take care of your existing customers
Online entrepreneurs will always be looking to increase their customer base but sometimes they may forget about their existing ones.
For this, you should offer a better service or be more responsive to their needs. That way, you can keep your existing customers away from your competitors as you continue to find a new target market.
This is a weekly column by SarawakYES! – an initiative driven by Faradale Media-M Sdn Bhd and supported by Angkatan Zaman Mansang (AZAM) Sarawak – to provide advice and stories on the topics of education and careers to support Sarawakians seeking to achieve their dreams. Join us on Facebook, Twitter, Instagram and YouTube.
This article first appeared on The Borneo Post, published in the print version on Saturday, January 12, 2019.