If you feel behind the digital curve here time is not on your side and it’s time to go, invest to make that digital move before deciding exactly how you’re going to sell online. The starting point has to be to assess the nature of your business. Your assets in the business, your source of differentiation, if you’re in a position where you don’t have a brand, you don’t expect to be spending marketing dollars to drive people to be aware of you. But you have a great product that you know has demand in other channels like marketplaces. Well, the recommendation is going to be to start by selling on marketplaces.
You don’t need to build a website for yourself if you do have a business that has legitimate brand aspirations and you can drive direct demand. It’S a truly unique product that doesn’t have demand in a marketplace channel. Well, then, building a website and creating customer awareness, and investing marketing dollars is going to be the necessary starting point. There are other digital channels out there beyond your own website, where specialty products are really gaining traction, and what you’re seeing is an emergence of new marketplaces. New types of aggregators that become these incremental channels for businesses to sell on there are a lot of smaller name marketplaces that may not be familiar to a lot of small businesses, but actually can be material drivers of growth and new sales for them.
If you’re selling retail goods expand the marketplaces that you sell on, go tap into the demand that exists in these marketplaces. If you are a yoga instructor, for example, that’s a category where live streaming, your services, and collecting payment through paypal or Venmo is completely viable and that’s happening at scale. If you have customers that are very loyal to you, regardless of what business you’re in offer them incentives to refer new customers, ensuring that they have an opportunity to refer you. So you can grow your business in this environment in a more viral way. As you then think about growing revenue in this environment, making sure you’re smartly investing in the demand gen channel that drives to that channel that you’re going to be able to fulfill in the digital channel, but then also taking advantage of your existing customer network, ensuring that They have an opportunity to refer you because, if, if you feel behind the digital curve here time is not on your side and it’s time to go, invest to make that digital move, you