If you have decided to promote a new business online or you already own a business which you are promoting but haven't yet got success then surely you have to plan things properly. Before you plan for your online business may it be your product promotion or affiliate product promotion keep in mind marketing online is complicated and the more complicated you make it the more will be chances of your failure. Following are some steps you should consider while planning your online business.
1. Create a promotion strategy
When you plan your online business think about how your customers can and should find you. Ask yourself “what you are good at” to get those customers to you. What percentage of people will be ready to pay for your product and why.
2. Market Analysis
This generally involves learning about market you want to promote your product. This can be studied by conducting close analysis over your competition, Google search, yahoo financial search or by hiring an expert to do it for you. The more you know about your market, the more chance you have to succeed in your online marketing venture.
3. Analyze customer's mentality before promotion
This is one of the important step that many never bother to think about. What's in mind of your customer before purchasing a product and what you should put in his/her mind so that he/she should purchase your product. Next you should also analyze what will be the age group of people who are willing to buy your product.
4. Focusing correct market to promote your product
That's true when you have too much and diverse competition its hard to promote your product. For example a weight loss market would not sell a muscle building product. Body building and weight loss both are really very close markets but you can't sell both product in opposite markets without research.
5. Product Positioning
This means creating a reputation in mind of your customer when he/she hears name of your company. This is important from naming your product to build its reputation and provide respectable support.
6. Setting up right price
When you are new to market it is essential for you to provide your product or service at possible competitive prices and with compelling offers. Some times you may have to reduce prices. Because you are new to market you have to suffer some loss over profit earned over each product sold, this usually happens to every new person trying to build profit online for first time . While cutting prices and providing special offer make sure they should not become loss with time.
7. Product Distribution And Delivery
If you are offering a physical product then this may include providing quick home delivery. If your product is digital like software, ebook or online service then providing instant access. This practically involves quality of service you would provide for your product or service.
8. Selling Product Online
This is how you would sell product online. There are several methods which includes asking affiliates to sell your product, SEO for your website, article marketing, press release, pay per click advertising, purchasing advertising space from relevant websites, driving viral traffic, providing free reports etc. I hope this information will help you build your product promotion plan.