An online business strategy can boost your chances of digital success, helping you to define clear goals and focus your online activity. In this lesson, we will explore:
- how an online business can benefit from a business strategy
- best practices when creating a business strategy
- examples of common goals and popular strategies to achieve them.
developing a business strategy is important, have a think about your online presence and what it is you want to accomplish. Answer the following questions to help identify your goals, mission statement and USP.
1. Goals - What do you want to achieve by being online? (i.e. more sales or greater brand recognition)
2. Mission Statement - Which values are important to the business? (i.e. fair trade or protecting the environment)
3. USP - What makes you stand out against your competitors? (i.e. customer service, price point or quality) Next time you are surfing the web or social media, take a look at other businesses and note what makes them stand out. Try listing brands that resonate with you and see what you can learn from them.
So you want to know more about online business strategy, or perhaps improve your current strategy?
In this lesson, we’ll explore how creating an online business strategy can have a positive impact, what a good strategy looks like, and common things you can implement to achieve your business goals.
An online business strategy helps get all the ideas out of your head and into a usable format. This can help define objectives to work towards, and increase your clarity and focus.
Imagine you’ve set a new fitness goal to become more flexible. Now, going for a 10 mile run may be great for your cardio, but it won’t help you achieve that bendy yoga position you’ve got your eye on.
In order to do that, you’ll base your workout around key areas that will help you achieve your goal, in this case becoming more flexible. Running may be a part of it, but stretching is more likely to help you succeed. Likewise, identifying actions tailored to your goals will provide you with a better understanding of how to meet your business needs.
So where do you start?
The first step is to clearly define your goals. Perhaps you’d like to increase sales by 20%, or identify 100 potential customers? Setting goals will provide you with direction and a clear path to follow.
Next up is articulating what your business stands for. This can be represented by a simple sentence, generally referred to as a mission statement. For example, this might be “to inspire healthier communities” or “to provide fun spaces for everyday fitness”.
You also need to identify your Unique Selling Point (or USP) – this is what makes you stand out from your competition online. Find out what makes you different by looking at businesses doing similar things, and work out what sets you apart. For example, if customer service is what sets you apart from your competition, this is your Unique Selling Point.
Understanding what you want to achieve can help you make the right decisions at the right time. Here are some typical goals and the strategies that can be used to address them:
Increase sales: If your goal is to improve online sales, driving more traffic to your website can help.
There are many many ways to achieve this, from paid advertising to content marketing.
Next up: Increase awareness of the business or brand
Social media is a popular way to increase brand awareness to both new and existing customers. It provides a platform to express your values, personality, and engage with your audience.
Finally: Grow your email marketing list To encourage customers to sign up to email marketing, try clearly communicating what your audience can expect to receive, whether it’s exclusive content or member-only updates.
So how do these benefits stack up in real life? Let’s take a look at Rachel’s Kitchen, who used a strategy to maximise their impact online.
If this lesson has got you thinking about your own online business strategy, be sure to explore the additional resources at the end of this topic to learn more.