For The Online Entrepreneur, You Are Your Best Asset
Add comment November 19th, 2007
In the beginning of online entrepreneurship you have one asset, which is more valuable than any others. It is not your product, your product can be copied, it is not your web address, it could be your cash reserves, but the one that will bring you the most value for the money is you. You are the difference between you and your competition, between success and failure, between happy customers and angry customers.
You are the difference, you are the bedrock of your idea, and the way you conduct every single facet of your online business is a reflection and an expression of you. From the item you sell, to the name of your website, to the way it looks, the way you ship, your company policies, the way your customer feels about doing business with you, it all is you. That is why competition does not bother me. In fact competition means the market is there, one of the toughest things to develop is a market. By entering a business where there is already competition means there is a market. There is always room for the best.
Defining the best is up to you. Use yourself as a gauge, what would make you shop at your business? What do you desire from the moment you land on the homepage until you receive and use the product? Where is the competition lacking? Do their websites lack information, choices, or options? Is the shipping too high? Does the website lack information, pictures, and your style? Can you sell the same thing for cheaper? Keep in mind cheaper is an easy way to gain customers, but others will try to match or beat your pricing. Cheaper is a starting point, but not a total business plan. On the other hand, you can be a business plan, an online business that reflects you, your ideals, your standards, your way of treating customers, can make your business the very best in a crowded field.
Ask yourself would you shop at your competition’s site or your own. What would make you shop at your own business? A special, a guarantee, would you stick on your site for all the information? Can you get the same thing at some other site for less? This isn’t a one time question, it is a constant. In coming up with new ideas, new ways of doing things, always be questioning, take ideas from retailers in other fields, think of you as a customer and ask if you would like this or that. Ask a trusted friend. Keep improving.
Wal-Mart and Lowe’s didn’t invent retail; they aren’t particularly innovative on the retail side of their operation. One stop shopping had been in existence in the form of other retailers for years, and is there really a difference between Lowes and Home Depot, or the now defunct Home Base? No, these two mega-retailers didn’t re-invent the wheel, they are just better at spinning it. And they entered areas where there was already competition.
I once read an article about the devastating effect new Wal-Mart stores had on local businesses when they moved into towns. The statistics pointed to devastation. Yet in one particular town the local sporting goods store owner had driven to the nearest Wal-Mart and studied what they did, then studied what they didn’t do. He decided he couldn’t match their price on the items they carried, but their line did not go very deep. He focused on advice, and accessories. He would more or less let Wal-Mart sell the fishing rod, but he would sell the line, lures, and dispense advice. The field was crowded but he had one asset, nobody else had, he had himself. And so do you.
Bryce Kennedy left corporate world after 20 years to work from home. He writes about e-commerce at http://www.how-to-ecommerce.com and can be reached at bryce@how-to-ecommerce.com
