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Ecommerce Blog - Fortune3

4 Qualities of Successful Online Entrepreneurs

fortune3-successful-online-entrepreneur-image.jpgIsn’t what sells the whole online business thing the fact that it’s supposedly so easy? I mean, how hard can it be, right? You switch on your computer, and boom, you’re off to the races and going.

It may be easy to start an e-commerce business. But, those of you who have been at it for any length of time can agree it’s no walk in the park.

It’s just like starting a physical business. It’s hard, tough work. Long hours sometimes. Stressful. Overwhelming. Lots of dead ends and obstacles to overcome.

It’s anything but instant success. Of course, the nice part is you get to do it all from the comfort of your own home.

For as many success stories as  you hear, there’s plenty of failures too. Except, you rarely hear about those because almost no one posts about their most recent failure on their blog.

To get through all the difficulties, what helps you succeed? The following traits:

1. Persistence

No matter what kind of entrepreneurship you engage in, you need to have persistence. Some days, everything that could go wrong does. Other days are boring and unfulfilling. You need the ability to take things one day at a time and steadily step forward, regardless of the difficulties that happen in the meantime.

2. Fast-Learning

Since you’ll come to so many dead ends, you’ll have to be a fast learner from your mistakes. You can’t get psyched out by the fact things didn’t work out yet again. Of course, some feelings of failure and doubt are normal.

But, you can’t hold onto them for too long or let them define you. You must be able to look at the situation objectively and learn what you can do better next time.

3. Patience

Generally, online businesses don’t grow fast. They certainly can. But, you shouldn’t get into them for instantaneous results, and especially so if it’s your first online business.

It may take months or years before you finally experience the fruits of your labor.

4. Being Comfortable Promoting Yourself

Yes, the online world is less about sales and more about relationships. But, you still have to promote yourself to make more sales. And you can’t be obnoxious about it.

Most online business owners are afraid to do any self-promotion at all. All you really need to do is to educate others on the value of what you do and why you’re different. You don’t need annoying “I’m the best” marketing hype.

In 2016 and beyond, those qualities will help you succeed in online entrepreneurship. If you don’t have one, don’t worry. You can always learn the skill.

Posted in Ecommerce Essentials & Tips

Nearly Every Social Network Decreases Organic Reach – What to Do?

fortune3-restricted-facebook-ads-image.jpgHave you been on Facebook for any length of time?

If you have, you know they’re making it more and more likely that your audience won’t see your posts. That is, of course, unless you pay them some money.

Guess that’s why Facebook is worth $350 billion (plus) right now, isn’t it?

And many other social networks have followed through on that too. Twitter’s been doing it. LinkedIn has paid advertising options.

They’re not as aggressive at forcing you to use those. But, it’s there.

So with organic reach falling on social media sites, what can you do? How do you reach your audience without having to fork over a small fortune for it?

Here’s some ideas:

1. Spend More Time Actively Promoting

With organic reach becoming less of an option, you can spend more time promoting your content on social media and building partnerships. For example, you could reach out to other Facebook page owners and offer to share their content if they share yours.

You can also like and comment on other pages, contributing value.

2. Spend More Time Creating Content

Several years ago, you could create almost any kind of content and get some attention for it. Now, you don’t get nearly as much attention if you do the same level of work.

So, you can get around that by creating more useful content. Find out what’s in your niche, and top it. Then, promote like crazy.

3. Work on Building Your List

Your email list gives you a lot of control you don’t get other places online. You can’t control Google’s algorithm and how it ranks you. You can’t control what Facebook does. But, you can control what you do once you have people on your email list.

You have their undivided attention.

4. Look at Less Costly Options

Reddit, Pinterest, Product Hunt, and many other similar websites offer low-cost advertising. Remember, the biggest name will always cost the most and have the most competition.

If you know what you’re doing on Facebook, that’s fine. But if you don’t, try somewhere else less costly first.

5. Podcasting

If you like to talk with others and network, a podcast could be a great idea for marketing. After years of existence, podcasts are finally gaining widespread use.

Remember, Facebook’s only going to do what’s possible to continue growing their revenue. So, if you don’t like their costs, you’ll have to get creative and find ways to keep your audience’s attention.

Posted in Ecommerce Essentials & Tips, How To, Online Marketing Strategies, Social Media For eCommerce

How to Build a Brand Your Customers Adore

fortune3-branding-imageEver wonder how Coca-Cola, Pepsi, and Nike do it? Why are they some of the top brands, while others like Fila, Faygo, and Dr. Pepper try to keep up?

Think of each brand individually. Which one do you feel most positive about? I don’t know about you, but I get better feelings when I think about Coke, Pepsi, and Nike versus Fila, Faygo, and Dr. Pepper.

Of course, not everyone will agree with me on that. However, by and large, more people will than won’t.

It’s due in large part because of branding. Coke, Pepsi, and Nike have spent hundreds of millions, and maybe billions, on making sure their brands get seen in a more positive light than any other.

What do they focus on that makes them so much more powerful than any other company in their market?

Here’s some lessons to learn:

1. They Reflect What Their Target Market Likes Best about Themselves

Think about Nike especially: “Just Do It.” Athletes like to think of themselves as tenacious and competitive. That slogan definitely reflects that attitude. Plus, all the commercials you see feature athletes competing intensely or working out hard.

Coke sells happiness. Who can argue with that? Pepsi has a sweeter flavor and focuses on the younger crowd that likes to think of itself as cool.

When you think of the advertising all these brands do, they perfectly reflect what their markets like best about themselves.

How can your company do that?

2. They Focus on Feelings

We talked about Coke. They sell happiness. When you see a red can, you feel happy and positive. Puts you in a buying mood, doesn’t it?

Pepsi consumers feel young, energetic, and cool. Nike customers feel tough, confident, determined, and unstoppable.

What feelings do your customers want? If you sell furniture, do they like to feel frugal, like they got a good deal? Or, do they like to feel luxurious? Comfortable? Warm and happy with family?

Find out what feelings your customers want and show them how your products and services make them feel that way.

3. Consistently Reinforce Your Brand Everywhere

Your website, your banner ads, your employees, and even you personally, need to emphasize the core values of your brand at all times. Nothing works better in marketing and branding than consistency. When your customers consistently hear what they want to hear, they slowly begin to believe it over time. And that’s what keeps them coming back to you again and again.

If you follow these core principles of branding, you will succeed over the long-term. You’ll have a business that survives, thrives, and dominates the competition.

 

Posted in Branding, Online Marketing Strategies

How to Instantly Create Magnetic Content That Attracts Customers

magnetic-content-that-attracts-customers-imageSay you start a brand new e-commerce business. You’re about to write your first blog post.

Can you make it one of those “smash hit” type posts that attracts crazy amounts of customers?

Absolutely!

I’m not going to promise you those results. Some luck is involved when content succeeds. For example, your post gets shared by a key influencer, and then a few other influencers happen to notice your content and share it themselves too.

But, you can absolutely create a stellar blog post that attracts many more customers on your first try.

The key lies in knowing what elements make content persuasive.

Here’s a few:

1. Targeting Your Customer’s Pain Points

Nothing sells better than a solution to your customer’s primary pain. That’s what your business is all about, isn’t it? Your customers have a problem. And so they’re coming to you for a solution to it. If you have, in their eyes, the best solution, they’ll buy from you.

So, your content must fill a need.

2. Your Content Should Give Your Customers a Reason to Change What They’re Doing Now

What solution do your customers currently have for their pain? Do they slap together their own hand-rigged solution? Do they rely on another competitor of yours that really only offers a cheap solution?

Your content must build the case as to why what they do now isn’t the best solution.

3. Focus on Feelings and Experiences, Not Your Product or Services

When all’s said and done, nearly every person buys because of the feelings and experiences they get from using your products and services. Let’s say you’re selling a wall mount for a flat-panel TV.

What’s the pain there? It’s going to take time. The TV could get broken by kids or pets if it stays where it is now. The instructions could be complex. And what if the wall mount isn’t strong enough to hold the TV?

So, your content could focus on how easy and simple it is to install the TV mount. Or, how it could even be fun. That’s selling the experience. And then you can talk about the feelings of safety and security your customers get because they know their expensive flat-panel TV won’t get broken. It’s nice and safe and secure on the wall up there.

4. Make it New and Different From What’s Already Available

You know how you can easily find like 10-15 content pieces on any content topic. Some refer to that as “content saturation.” So, it’s important to know what your competitors do and say on the same topic. Then, yours must be new and different.

I can practically guarantee you a healthy amount of attention online if you follow those steps with your content. Make sure you follow them if you want to get serious about earning customers from content marketing.

Posted in Blogging for Ecommerce, Ecommerce Essentials & Tips, Online Marketing Strategies

Should You Use a Chatbot?

Fortune3-chat-bots-and-personal-marketing-imageHave you heard of, or do you use “chatbots?” Have you ever interacted with one?

It’s another way of automating interactions with customers. A simple messenger app responds to users and questions, taking care of them so you don’t have to.

While convenient for your business, should you use them or not?

Take a look at some of the considerations:

1. One of Your Key Competitive Advantages Versus Big Online Retailers Is…

Your ability to deliver personal customer service. All kinds of machines exist these days. Call your cable TV or satellite company, and you get a computer voice.

Call a company that doesn’t rely on personalized service, and you’ll get a voicemail.

What if you could call and talk to someone who can make a yes-or-no judgment on your question right then and there. You don’t have to wait 15-20 minutes to get through to the right person.

You don’t have to talk to a computer who misunderstands.

This is the first reason I don’t think chat bots are a good idea for small e-commerce companies.

2. Limited Understanding

I don’t know the exact comprehension level of chat bots. But I do know this: they can’t understand what a human does.

Your customers aren’t going to like being dropped or kicked by the wayside because a computer can’t get what they’re saying.

A human can ask clarifying questions and get understanding without causing much inconvenience.

3. Chat Bots Don’t Answer Personal Questions

Let’s say you have a big customer that really wants to get to know you. Instead of you talking, it’s your chat bot.

They ask your chat bot a personal question. They get a bizarre answer, or none at all.

Opportunity wasted!

One of the primary benefits of internet marketing is to deliver a personalized experience. Chat bots suck the life out of that.

I’m not sure it’s a good idea to use anything that makes your customers feel less like people and more like…just customers.

4. Where Chat Bots Might Work Well…

All this said, I don’t think chat bots are completely useless. The one area where they might work well is during off-peak hours where you can’t be available.

For example, during the night at 3 AM.

You could hire your own US-based reps to cover that time. It’s also an area where foreign labor, like hiring people with good English from the Philippines could be an option.

It’s more your judgment call here.

So…that’s my opinion on chat bots. What impact do you think they would make on your business?

Posted in Ecommerce Essentials & Tips, Fortune3 News & Releases, Online Marketing Strategies

How Can You Make More Sales Without a Unique Product?

fortune3-boring-product-that-needs-marketing-imageYou have what you know is a quality product. However, you also have a big business problem. It’s not really new, unique, or different than many other products in any way.

In fact, it’s exactly like about half a dozen other products.

So, that basically leaves you only with the option of lowering your prices. At least, if you want to get more sales anyway.

…Or is that your only option?

No. It’s not. If you don’t have an original product idea, or the money or skills to create an original product, or if inventing and innovation isn’t your strong suit, don’t worry.

You can absolutely make great sales on an existing product. And that includes one many of your competitors already offer.

The Embarrassing Truth about Marketing…And Especially at the Small E-Commerce Business Level

Much, and perhaps most, marketing doesn’t persuade consumers to buy. And this effect gets even more magnified at small e-commerce businesses.

Why?

Because many of the owners believe their products are so great they’ll just sell themselves. That may be true.

But it only comes into play when your consumers actually have your product in hand. Wouldn’t it be great if you could get more of them to want it in the first place?

Here’s what to do (and not do) to make that happen:

1. Remember, Marketing Simply Works Like This…

Marketing is not where you brag and boast about how great your product is. Consumers see right through that. And they won’t buy. In fact, you’re likely to lose business using that approach over time.

Marketing only involves making your product as attractive as possible to your targeted consumer. That means telling them what they’ll get when they use your product (usually some kind of good feelings).

Most marketing, including manufacturer descriptions, focuses on facts (aka “features”) about the product.

That bores consumers. They want their lives to be easier, more exciting, happier, or more peaceful after using your product. So you have to communicate how your product does that for them.

2. Tell the Truth

Many business owners think marketing involves lying about the benefits of using their product.

There’s no doubt some small businesses do their marketing that way.

But as an honest business owner, you don’t want to deceive consumers into buying. Not only will you feel a dreadful amount of shame and guilt, but it’s bad for your business too.

They’ll find out your product doesn’t work as advertised. They get angry. You get complaints. You have to offer refunds. You don’t get referral sales. Eventually, you may have to close your business.

Don’t worry about that stuff. Because, telling the truth works in marketing. Giving your customers realistic expectations about what they can get with your product is effective.

In fact, your customers will respect you even more for doing so because it’s so rare.

So yes, you absolutely can market your business to success in a completely honest way that makes you feel good and your customers happy.

Consider using that approach if you have a product that appears the same as many others.

 

Posted in Ecommerce Essentials & Tips, How To

How to Use Outsourcing to Make Your Business Life Less Stressful

fortune3-outsourcing-image.jpgWorking 50, 60 hours per week, or even more?

Are you enjoying it?

Do you ever wonder what it would be like to work a more balanced workweek? Like, say maybe 40 hours per week or so?

Or, what if you could be like one of those dream stories you hear and put in a 15-20 hour week, while still making an income that more than exceeds your lifestyle’s needs?

It’s up to you as to how much work to put in on your e-commerce business. Some owners like the high demands of 70+ hour work weeks.

But others don’t see it that way.

If you want to work less hours, consider using outsourcing like this:

1. Only Do What You’re Really the Best At

Do you know your business skills? Have you ever made a list of everything you do in a day, and compared that to what you’re really the best at?

Do all of those tasks require you to be there? Could someone else, with just a little bit of training, do them just as well as you, or nearly so?

If you haven’t prioritized the tasks you need to take on, consider doing that. You’ll often find opportunities where you could hand simple or menial tasks off to someone else.

2. Don’t Outsource What Really Differentiates Your Business

Is customer service one of the top reasons people come to  your company, and not others? While helpful, outsourced services and vendors are never as committed to your company and your philosophy as you are.

If customer service is your major point of differentiation, for example, do it yourself or hire employees.

3. Outsource Services Where You Need the Expertise

What do you know about website design and conversion rate optimization? If you’re already an expert, great. No need to outsource that.

But let’s say your expertise is traffic generation. Don’t spend your time trying to design your website. Instead, find a company that charges fairly high prices for that service and leave it to them.

You can also learn their expertise, but that takes years of trial and error.

4. Outsource Your Marketing, If You’re Not a Natural Marketer

Marketing has two major aspects:

1) Positioning/branding (how your customers think of your company, compared to others)

2) Visibility to your market (most often represented as “SEO”)

For one thing, SEO’s getting too time-consuming to do on your own. And for another, most e-commerce companies don’t focus on branding or positioning (which also eat up a lot of time). But, when you find the right position in your market, sales come so much easier.

It’s really something that gets overlooked often. And it’s one area where it makes sense to use someone else’s outside expertise.

That’s the gist of outsourcing here in 2016 and beyond. Think of outsourcing at your business as a puzzle. You have to identify the pieces and assemble them in a way that makes sense for your business.

Posted in Ecommerce Essentials & Tips, How To, Online Marketing Strategies, SEO for eCommerce

How to Sell Your E-Commerce Business for a Great ROI

fortune3-buying-and-selling-ecommerce-imageReady to sell your e-commerce business?

Is that what you got into it for?

Some e-commerce entrepreneurs live by buying and selling e-commerce businesses.

Regardless of why you’re thinking about selling, the simple fact is you do want to sell.

How do you make sure you get the most money for yours?

Some tips to follow:

1. First, Know the Average Sale Price

According to eCommerce Platforms, the typical ecommerce businesses sells for 2-3 times its net profit. And the average total sale price is between $20,000 and $2 million.

So, unless your business is absolutely tanking in a dying market, you should be able to pull a price around there at a minimum.

2. What Factors Affect Your Sales Price?

Every buyer wants a good ROI within a few years. No one wants to wait an extended period of time. Everyone wants to make money.

Here’s a few of the factors you need to have:

• A solid age of at least 2-3 years

• Consistent profit growth

• Diversified traffic sources

• High amounts of repeat business

• Large, engaged mailing list

• Repeatable growth strategies in place

• Demonstrated ability to grab market share

• Experienced team in place

• In a hot and growing market

• Experienced employees and leadership

• No legal threats

Basically, the more predictable a good ROI seems, the better.

3. Why Don’t Buyers Buy?

Let’s say you start talking with a buyer or two, and then they suddenly drop off the face of the earth. It’s rare in business that you get a straight and direct answer as to why this happens.

But when you lose touch with someone, it means something caught their interest that told them not to buy. That could be:

• You’re overly optimistic about your business and want too much money

• The funding the buyer thought they had lined up is no longer available

• The buyer was involved in multiple deals and spotted a better opportunity

• Something about your data doesn’t quite make sense to  your buyer

• Your business or niche, upon closer inspection, doesn’t appeal to your buyer

4. Get Multiple Offers

If there’s one tactic you should follow, it’s this one. This helps you negotiate either better terms or a higher price.

Make sure you can show your buyer email offers from other buyers so they have convincing proof you’re telling the truth.

If you’re not getting multiple offers, then work on your business until it is in prime position for getting them. The leverage you get from multiple offers is that powerful and is worth your time.

Good luck selling your e-commerce business. Make sure you do your due diligence so you guarantee yourself the best possible deal!

Posted in Ecommerce Essentials & Tips, How To

How to Write a Magnetic Blog Post that Visitors Read Over and Over

fortune3-magnetic-blog-readers-imageHave you ever looked at the average on-page time for your blog posts? Does it leave something to be desired?

Simply go to “Behavior à Site Content à All Pages” in Google analytics. You should get at least 1 – 2 minutes in your blog posts. If you don’t get that, you’re not doing enough to be useful or original.

That means you lose out on more sales.

It’s getting harder to write blog posts that stand out. As you know, the internet’s getting bloated with information. And much of it is the same old thing.

So what do you do to write a blog post that stands out, gets read and shared, and generates you all kinds of back links?

Here’s what:

1. Focus on “New and Different”

“New and different” gets attention. It works in every facet of business for every kind of customer.

It’s tough to write “new and different” information. You may have to create dozens of blog posts that end up being the same as everything else out there first.

That’s okay. It’s part of the process of getting to a successful place.

And to make that happen, you have to do the actions in #2…

2. Research What Works

With content, you have to know your surroundings. You have to learn what your competitors are up to.

Fortunately, Buzzsumo makes that easy. With their free search, you can see the top 10 most shared content types on the keyword you enter. And that ranges anywhere from the past 24 hours to the past year.

See what those posts talk about. Take an original slant on what they say. Or, expand on something they mention.

3. Put A Good Half Hour Into Your Headline

You should write multiple variations of your headline until you get one that really blows readers’ minds.

Fortunately, there are two tools that make this process easier so you know the headline you come up with will be effective:

• CoSchedule’s Headline Analyzer

• The Advanced Marketing Institute’s Emotional Marketing Value Analyzer

I aim for a score of 70+ with CoSchedule because they’ve based their tool on research of digital headlines that work. For the EMV analyzer, I want a score of 50% ideally, but I’ll leave with 35% or more if I have a 70 or greater with CoSchedule.

There’s no such thing as a “perfect” blog post. Basically, all you do is make something “new and different,” and then make your post far more useful than any other like it. Do that, and you’ll be fine.

Posted in How To, Online Marketing Strategies, SEO for eCommerce

6 Types of Posts Your E-Commerce Blog Must Have to Succeed

fortune3-popular-blog-image-2fortune3-popular-blog-image-2Considering different blog post types?

Awesome for you! You’re starting to advance in content marketing sophistication much more than any of your competitors.

Very few, if any e-commerce SMBs, consider writing different types of blog posts. They just want to get as much information out there as possible. Or, at least that’s the way most people think when they start content marketing.

What are the different types of posts you should have? Here’s an overview:

1. Oldies but Goodies: How-To

“How-to” type content was the go-to even before content marketing erupted on the internet. Magazines and newspapers would use this type of content and rock it with results.

Your blog today is the same: it should have how-to posts to succeed.

2. Thought Leadership

Personally, I hate this term. That’s because there’s no research shows “expert content” results in more sales. However, I do use this term because that’s how most businesses refer to it.

“Thought leadership” content is okay. But I advocate for a different definition of what it is: new and different info that can’t be found anywhere else. That’s because anything “new and different” attracts more customers. It’s just the way business and marketing works.

3. List Posts

Another standard for any content marketer’s repertoire, list posts get shared a lot. For added value, do a towering list post of 50-100 tips or resources. That’ll shoot your shares up even further.

4. Challengers

This one I’ve made up. The basic point is to take some form of conventional or accepted thinking out there, and then challenge it with your own opinion.

That’s going to attract attention because again, it taps into the idea of “new and different.”

Don’t challenge just for the sake of it. Only do it when you really believe you have a better way of thinking or doing things. Your audience will easily be able to tell the difference between these approaches.

5. Expert Roundup

You’ve seen these before: they collect the opinions of 100+ experts on a simple question. They’re huge because they build a lot of connections for you. Plus, they attract a ton of traffic. Naturally, you get lots of links and social shares too. Plus, your audience loves them.

A lot of work. But oh so many benefits!

6. Company Updates

Yes, you can talk about your company on your blog. Just make sure you do it on 10% of your posts or less. Get as personal as you can. Do an employee spotlight, or a department spotlight.

People want to get to know you personally online. It’s a huge way to build strong relationships with your customers.

Those are six types of blog posts to have on your blog! Get ‘em on there to keep things fresh and interesting…and watch the interest and sales roll in.

Posted in Blogging for Ecommerce, Ecommerce Essentials & Tips, Online Marketing Strategies, SEO for eCommerce