Let’s be honest, no one was ready for the unprecedented effect the pandemic would have on businesses around the globe. We went from a thriving economy to businesses shutting down left and right. Unfortunately, many small businesses were the ones impacted the most when COVID hit. However, during numerous brick-and-mortar locations shutting down across the country, there was a surge in online businesses. Many business owners had to pivot quickly to a new realm of operations that they weren’t ready for. So, how does one operate successfully in the online world?
Below we will look at a few key components to help your business create a solid foundation to start operating like a rock star in the digital space such as –
Step 1. Revisit your Current Business Strategy
If your business was among the many that have been impacted by COVID, then there is no time like the present to look at your current business strategy. Look at your current products and service offerings and pinpoint how they can be moved over to the online space. Maybe your current brick-and-mortar location is a retail store with heavy foot traffic, but little social media presence. Taking your products to social media platforms is a great Segway into social selling.
Over the years, many retailers and MLM’s have used social media platforms to get their products out into the world. They did this by hosting live pop-up events, Facebook group parties, and Instagram lives as these are some of the many ways to drive traffic and increase sales. If you have a product and it fits within the standards of selling online, then consider hiring a social media manager to increase your social media presence.
Step 2. Create your Online Presence
We briefly talked about ways to increase your engagement on social media, however, another factor to consider is your website. Is your website currently set up properly for your customers to shop from? If not, you can look at websites like Square Space, Wix, Showit, or Shopify to update your site to make it more user-friendly. You can also consider hiring a web developer to help create your website if you aren’t comfortable with the other platforms.
Make sure that your merchant account is integrated with your website to streamline your checkout process. You can contact your merchant processor to help with the integration if needed.
Step 3. Are your Prices Competitive?
Everyone loves a good deal, however, that does not mean that you must underprice your current product offerings. Now that you are going heavy in the world of e-commerce, it would be a great time to do some market research and see what your competitors are pricing their products at and how they are marketing to their online audience. One thing you need to remember is that a little friendly competition never hurts anyone.
The Pandemic has prematurely pushed businesses into this space that weren’t quite prepared, however, it also gave those businesses an a box approach to growing a wider audience. We know the thought of pivoting your business online can be a little scary, however increasing your brand awareness nationwide or globally will have many great benefits.
5 Star Processing can help with the process of transitioning your business online when it comes to merchant accounts. Give one of our friendly team of experts a call today at 888-253-9692 or email at [email protected].