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.
- 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.
- 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.
- How you tell your stories
- The understanding that success will not happen overnight. But the business cannot wait forever too.
- 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.