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PART 2: YOUR GUIDE TO START AN ONLINE BUSINESS: TURNING PASSION INTO PROFIT 5+ FACTORS

19.08.2023

INNOVATIVE PRODUCT DEVELOPMENT: FROM CONCEPT TO THE GREAT MARKET SUCCESS
PART 1

19.08.2023

A SMALL INTRO & RECAP

Just to give a bit of summary about the first part of the INNOVATIVE PRODUCT DEVELOPMENT: FROM CONCEPT TO THE GREAT MARKET SUCCESS article, we covered the crucial steps about, how to start your online business journey and discussed the moral question: Is this passion to business thing always the key? Passion can be an excellent drive to build your profitable business, however, if you cannot find the proper demand, unfortunately, you have to be realistic enough to pivot your idea or your plans. But once you have the demand and you really think, that can work, it’s time to build up your online presence and establish your brand. It doesn’t stop here though, you have to be prepared that this journey is gonna be long and consistency will be the key. BUT, we have a detailed guide here, I suggest reading this first and coming back to this article because you might get confused with lot of information that you’ll read here.

Let’s not waste more time with the recap.

SO, LET’S BEGIN, SHALL WE?

DEVELOPMENT AND ITERATION.

During this stage, you will use coding, production, and ongoing improvement to translate your clearly defined concept into a usable product. Create a minimum viable product (MVP) with the essential features via prototyping. You can find potential problems with this prototype and get user input for enhancements.

I know MVP as a term from the Lean Startup methodology. This workflow can help you build your product or service relatively fast and put it to the market. I am planning to write an intense guide about startup methodology and my honest opinion but I have to admit that the book and the explanations give great support to start your MVP building process.

Utilise agile approaches to divide the development process into more manageable, smaller tasks. This enables adaptability and rapid change management.

Feedback and Continuous Testing: Test your product frequently at various phases of development. On the basis of customer input, resolve problems, improve features, and make appropriate modifications.

The Lean Startup methodology that covers the building, the testing and measuring phase. You can implement these steps in your online business to be more effective.

Original source: The Lean Startup. The image has been downloaded from Equidam

TESTING AND QUALITY ASSURANCE

To make sure your product works as intended and offers a satisfying user experience, quality assurance is essential. Testing is part of the lean startup and gives you opportunity to test your idea as fast as it is possible. 

Functional testing: Carefully evaluate each feature and functionality of your product. Find and correct defects, mistakes, and inconsistencies.

Use user acceptance testing (UAT) to confirm the usability and efficacy of the product by enlisting a group of users that closely resemble your target market. After getting their input, make any necessary revisions.

PREPARATION FOR THE LAUNCH

Focus on developing a solid launch strategy as your product approaches completion and raising anticipation among your target market. Hubspot has an excellent checklist to make sure your launch is as smooth as it can be, it is definitely worth the time to read.

Marketing and branding: Create a persuasive marketing plan that incorporates messaging, branding, and advertising collateral. To create anticipation, launch teaser campaigns.

Sales Channels: Choose the avenues by which your product will be disseminated or sold. This may include your website, platforms run by third parties, physical stores, or a combination of these.

ACTIVITIES DURING AND AFTER THE LAUNCH

The crucial time has come. Execute your launch strategy and pay close attention to how clients react at first. 

People tend to forget that the hardest part is not the product launch, it is the journey that comes after

Execution of the Launch: Introduce your product to the marketplace through a planned launch event or campaign. Aim to maintain consistency in your messaging across all platforms.

Customer support: Offer thorough customer service to handle any questions or issues that surface after launch. Address any problems right away and get more input. If you take one piece of advice from this article, it has to be this one.

Start building your customer support as soon as it is possible

Iterative Improvement: Follow up on comments and usage trends from users. Utilize this information to prepare for the next feature upgrades and make small incremental enhancements.

The creation of a good or service necessitates commitment, teamwork, and flexibility. By carefully following these sections, you may confidently move through each step of development and produce a product that not only satisfies client wants but also stands out in the marketplace. Remember that the development process is a journey, and that accepting obstacles as chances for development can help your product succeed in the long run.

MAKE SUCCESSFUL MARKETING AND PROMOTION STRATEGIES

A well-executed marketing strategy can enhance customer involvement, brand awareness, and eventually sales. The fundamental components of developing effective marketing and promotion strategies that connect with your target audience are covered in this chapter.

KNOWING WHO YOUR TARGET AUDIENCE IS

Understanding your target audience in great detail is essential before launching into marketing strategies. Identify their preferences, behaviors, pain areas, and objectives by conducting thorough market research. Create thorough buyer personas that include demographic, psychographic, and purchasing information. Your marketing communications and promotional efforts will be more specialized as a result of this information. If you are more advanced and you also have the capacity, I suggest creating a persona as well that precisely describes or at least tries to describe the ideal customer of your business. Watch the video to know more details. (If the video doesn’t work, open it through the link.)

IDENTIFYING YOUR USP (UNIQUE SELLING PROPOSITION)

Having a unique selling proposition (USP) is essential for differentiating in a crowded market. What distinguishes your good or service from those of your rivals should be made crystal apparent in your USP. Your USP serves as the cornerstone of your marketing communications, whether it be extraordinary quality, unsurpassed ease, or unrivaled customer service. 

Get pen and paper and write down, why is your offer really unique, compared to the compatitors

EDUCATION AND ENGAGEMENT IN CONTENT MARKETING

In order to draw in and keep the attention of your target audience, content marketing is a potent tactic that entails producing and disseminating worthwhile, pertinent material. This content can be presented in a variety of ways, including podcasts, videos, infographics, and blog articles. You establish credibility as an industry authority and gain trust by speaking to the problems your audience is experiencing and offering answers. 

Content creation is crucial and trust me, you might won’t see any results in 1 month, 2 months, or even 6 months but consistency and a well-executed content strategy will create authority and a strong reputation. SEM Rush created a guide to know more about content creation, I can recommend it to you, I learn a lot from this as well.

MARKETING ON SOCIAL MEDIA

Platforms for social media provide an unrivaled opportunity to communicate directly with your audience. Make a continuous presence on platforms that appeal to your target audience. To increase your reach, share interesting material, engage with followers, and make use of targeted advertising. Use visual components like pictures and videos to draw viewers in and successfully communicate your brand message.

Marketing via email:

You might think, Email marketing is dead, why should the young generation use for example emails? Well, you might be right but statistics don’t validate this opinion. In 2021 64% of small businesses use email marketing to reach customers. (Reached from Hubspot but the original statistic is from CampaignMonitor)

Email marketing is still a powerful tool for nurturing leads and keeping up with clients. Create segmented, personalized email campaigns that add value for recipients. Share updates, enticing offers, and educational stuff to keep subscribers interested. A strong email marketing plan can boost recommendations and repeat business.

Original source is: Oberlo, but the Image was found on: Optins , Statistics have been provided by Statista

SEO (SEARCH ENGINE OPTIMISATION) LEVERAGE

SEO for me is still a mysterious factor but we have to admit, it is essential for your website, especially when you put work into content marketing.  

It has 3 different categories in SEO: On-Page, Off-Page, and Technical SEO. Without going into the details because this article is already too long again, these elements cover the whole online presence in the background. Your users mostly won’t even realize if it is an SEO-optimized website, but trust me, Google and indirectly (through the decisions of your users) visitors will. 

Utilize both on-page and off-page SEO strategies to raise the visibility of your website on search engines. Find relevant keywords, then naturally weave them into your article. High-quality, educational content enhances your authority in your industry and draws organic traffic. As you can see on the visual, SEO is a really complex but crucial part of your business that basically provide pillars to a strong online presence. 

MOZ pyramid about SEO.https://moz.com/beginners-guide-to-seo

The whole visual comes from MOZ (source)

MEASUREMENT AND ADJUSTMENT

Successful marketing and promotion strategies are built on a foundation of continuous improvement. Utilise analytics software to monitor the effectiveness of your campaigns. Be sure to keep an eye on statistics like website traffic, conversion rates, social media engagement, and email open rates. Utilize this information to hone your tactics and provide funds to the most efficient distribution methods. Measure What Matters from John Doerr will give you an excellent overview of why measuring everything is so important and will give you leverage in the long run.

Measure and adjust based on the results frequently. Don’t sleep on this! Measure everything you can and be disciplined with this process.

CONCLUSION: FUELING THE FLAME OF PASSION (PART 1 & 2)

The process of turning your passion into money is more than just a road map; it’s a monument to your steadfast commitment, fortitude, and inventiveness. Keep in mind that each move you take reflects your passion as you navigate the undiscovered waters of entrepreneurship. Every obstacle presents a chance to grow, develop, and learn.

Although profitability is the end goal, the journey itself has essential meaning. Accept the periods of uncertainty and the thrill of success. The north star that will lead you through the darkest nights and the brightest days is your passion. It will be the catalyst for your development, the heart of your brand, and the imprint you leave on the world. 

In closing, keep in mind that converting a passion into a living is a continuous process of development, adaptability, and fulfillment. Keep the passion that sparked this amazing trip alive at all times, treasure the triumphant moments, and learn from setbacks. Let the thrill of chasing what lights your soul on fire improve your pursuit of profit.

Until the next article, peace!

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Get to know our purpose and project better. Our goal is to give you guidance and stories that will encourage you to start your own business. Or if you are more advanced and you already own a company, we also try to give you additional support, of course matching your level of expertise and needs.

Follow Us
Follow Us

LEARN MORE ABOUT US

Get to know our purpose and project better. Our goal is to give you guidance and stories that will encourage you to start your own business. Or if you are more advanced and you already own a company, we also try to give you additional support, of course matching your level of expertise and needs.

Follow Us