A formula for a successful online business

Due to the virus crisis, everyone has to look at an online business model of some sorts. I am one of them. The product that I have to sell online has been proven to be (very) difficult. The feedback I got so far doesn’t surprise me. 8 out of 10 didn’t think it would work. But, those 8 people also didn’t have better solutions.

What is a formula of having a successful online business model then?

Throughout the experiments I did in the past several years, there are some very important conditions that need to happen.

  1. The understanding that your product is not for everyone. Minimum Viable Audience is a key. Once you gain this understanding, you have to find out how your product can solve their problems.
  2. The trust from your customers. If a company has a good brand positioning, they get a head start. But many don’t. Your chance then rely on the existing customers.
  3. How you tell your stories
  4. The understanding that success will not happen overnight. But the business cannot wait forever too.
  5. The need to have a friendly sales process. Very few customers are ready to buy on spot. How can we accommodate the after-first-sales-interaction communications?

Of course we do need to have a user friendly website. However, without the above conditions, there is no chance of success in my case.

This is the framework I am working with.


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