Webinar: Starting an Online Business: Growing Beyond Setup to Success | Part 3

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When you first launch your business, your main goal is to establish your brand presence and start growing. But this doesn’t happen overnight. Growth is an ongoing process that requires hard work, and patience. There’s no sure-shot way to mount a successful online business. However, there are best practices to accelerate business growth. Watch our video and learn different ways you can build a successful online business.

Things explained in the video:

-How do you build a successful online business?
-What is customer experience?
-What are the types of messages you can send your customer?
-What are drip and nurture campaigns, and How does it help your online business?
-What is Word-of-Mouth marketing, and Why is it important?
-What are customer reviews, and How to encourage users to leave a business review?
-How to track your online business’s performance?

Here are five stages of business growth:

Growth for businesses occurs in five different stages. Here, are five stages of business growth.

1) Launch: This is the initial stage where an online business starts its operations and introduces new products or services. Sales are typically low during this phase as the business establishes itself and gains traction.

2) Survival: In this stage, the business focuses on sustaining itself and overcoming challenges. It aims to generate enough revenue to cover expenses and achieve profitability. Many businesses face significant hurdles during this phase and must find ways to navigate them successfully.

3) Growth: This stage marks significant expansion and progress for the business. It experiences increased revenue, customer base, and market share. The focus shifts towards scaling operations, expanding product/service offerings, and establishing a strong market presence.

4) Take-off: In this stage, online business experience rapid growth and achieve a higher level of stability. It gains a competitive edge, explores new markets, and expands its team and resources to meet increasing demands. The focus is on sustaining growth and optimizing operations.

5) Maturity: In this phase, the business reaches a stable state and establishes itself as a market leader. It focuses on maintaining its position, optimizing profitability, and adapting to changing market dynamics. This stage may involve consolidation, mergers, acquisitions, or diversification strategies to sustain competitiveness.

Timestamp

00:00:00 Introduction
00:04:24 How do you grow your business
00:04:56 Defining your customer experience
00:06:40 Value-based products or services
00:10:41 Things to consider when sending emails
00:16:32 Drip and nurture campaigns
00:21:21 How do drip and nurture campaigns help business
00:23:26 Communication tips
00:25:56 Word-of-mouth marketing
00:28:11 Business of customer reviews
00:29:53 Encourage people to leave business reviews
00:33:03 How do you identify “success”
00:33:25 Net promoter score (NPS)
00:36:35 Brand sentiment
00:41:33 Social media engagement
00:48:18 What is buyer’s remorse
00:53:31 Questions & Answers

Additional Resources and Tutorials

Get more expert information on how to start a successful online business. Check out our blogs!
https://www.bluehost.com/blog/how-to-grow-your-online-business-series-webinar-faqs/
https://www.bluehost.com/blog/start-successful-online-business/

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