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Almost every internet business model, including ecommerce, can be boiled down to just three essential elements: product or service, offer, and traffic. These core pillars complement each other and when properly thought out, provide the foundation to building the best internet business possible.
Here are some definitions in the context of an ecommerce business.
Product or Service: This is where it all begins. You’ll need to find a high demand product with an established market where you can compete, something interesting (you’ll be spending a lot of time promoting this particular product or service so it better be something you enjoy), and something that can be easily fulfilled (can be shipped or distributed at a low cost).
Offer: This is how you’re actually selling the product or service. Do you have an effective sales funnel that can convince your customers to open their wallets and make a purchase? If you’re selling physical goods online, you want your ecommerce site layout to look really sharp and to be as intuitive as possible. Getting web traffic can be hard to do, and the last thing you want is your hard earned visitors having second thoughts because of poor website design. When you make a sale you want your offer structured in a way where you can optimize the profit on each transaction. Do you offer accessories? Can you capture an email address for future promotions? These are just some of the ways that a good offer can increase your bottom line.
Traffic: This is where the rubber meets the road. You might have found a killer product with an irresistible offer, but you’re not going to make a single sale without people actually visiting your site. This can be accomplished either through organic search or by paying for traffic (Adwords), but your strategy should be consistent and well thought out. If you’re looking to have your site ranked in Google, you will need to optimize your website for targeted keywords related to your product or service.
I cannot stress this enough – picking the wrong set of keywords is the quickest route to failure. You’ll want to make sure that your targeted terms have a sufficient volume of daily searches and you’ll also need to understand the competition levels for the same.
In the next few upcoming posts I’m going to detail how to go about optimizing your product, offer, and traffic for an ecommerce site, so you can be confident that you’re building the best internet business for the long haul.