How To Grow Your Online Business

First, congratulations if you have an online business at all! Getting that far means that you’ve successfully found ways to bring traffic to your site and you’ve succeeded in finding services or products that interest visitors to your site. But if you’re like many businesses, getting into business isn’t the same as growing your business. Sometimes, it’s difficult to take your business to the next level.

There are only three basic scenarios for growth. Sell new things to the same visitors, sell the same things to new visitors, or do both. In the long run, the most important strategy is to sell new things to the same people. This is because most of your marketing costs are sunk into finding and securing a new buyer. If your strategy for growth is focused on finding new visitors – it will be comparatively expensive and over time, will become moreso. On the other hand, keeping and cultivating your existing visitors and buyers will always be less expensive and will become the most important part of growing your online business.

The key to customer cultivation is data. First you have to capture and maintain a “house list” of existing visitors and buyers. Based on that list, you have to know everything about them – how many times they’ve purchased, what they purchased, when they purchased, and all their pertinent demographics. With this data you can then determine what type of new products or services you can sell them and how often you will solicit them. In effect, this is what customer relationship management (CRM) is all about.

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