The emergence of the internet has given us more than just the chance to connect with old friends and make new ones. It has also opened today’s businesses to opportunities that were not available years ago.
For entrepreneurs, the internet is a powerful tool that can make your businesses profitable and more productive. One source suggests that when internet tools such as emails, websites and chats are used effectively, they can help make business processes more efficient, foster better communication with current customers, and help attract new customers and clients, while at the same time reducing business costs.
As it stands, having a technological advantage over other businesses in your industry is one of the main ingredients for success in today’s competitive business environment. Businesses that know how to harness the power of the internet will enjoy more success and faster growth.
Ways the internet matters to entrepreneurs
Regardless of your business model, whether you run your business primarily online or you have a physical location, chances are you make use of internet tools in your daily business operations to ensure its success.
Here are some undisputable examples of how the internet matters to entrepreneurs:
1. Cheaper start-up cost
You no longer need millions or even thousands to start up your business. With just a simple website or even a social media presence, you can generate a huge following that could, in turn, serve as a pool of ready-made customers for your goods and services. It also makes it easier to test the feasibility of your business idea before committing the resources into a physical structure.
“In recent times, the cost of a domain name and web hosting has fallen drastically to the point that just about anybody can own a website without having to break the bank,” says one entrepreneur. “And what’s more? You don’t even need expert technical experience to own or manage one”. What this means is that with zero technical expertise and a limited budget, you can put your business on a level-playing field with bigger competition.
2. Access to information and resources
A lot of information that would have been impossible or hard to come by in the past is now available at your fingertips (literally via smartphones and mobile devices). With very little hassle, businesses can discover how the competition has achieved its success. The internet is practically teeming with hints, tips, techniques, and articles on how to do anything. Newbie entrepreneurs can learn how to create engaging business plans, get product sources, set pricing, and discover new methods to market their products.
With just a few mouse clicks, entrepreneurs can get access to wholesalers, service providers, vendors, and any other source needed for their business to function, without having to spend a lot of money or do an inordinate amount of work.
A report shows that there are several service providers on the internet whose job it is to make business processes easy for entrepreneurs and startups. For instance, there are services that help with inventory control and finance and human resources, allowing business owners to get the much-needed resources to run their business at a much lower cost.
3. Better marketing
Looking for cost effective ways to market your products and services? Look no further than the various different forms of internet marketing. For example, optimizing your business website for organic search makes it possible to bring in traffic from people looking for the specific type of products and services you offer. It also helps you rank higher for related searches.
Social media marketing also provides another way of reaching your target customers. You can do an in-depth search for people that meet a particular criteria based on the types of services you offer or the products you sell. For instance, you can restrict your search to cover only people who fall within a particular age bracket. You can further widen your search criteria to include people who have a particular set of interests or connections, like people who love reading, or who enjoy taking long trips.
Social media and the internet essentially allow entrepreneurs to employ smart digital marketing techniques to reach their targeted customers.
4. Quality feedback
There are tons of useful digital tools on the internet, such as Google Analytics that smart business people can use to gain insight into the habits and preferences of their customers. With the data obtained by these tools, you can better position your business to provide the type of content or goods and services your customers are looking for.
Moreover, these tools can tell you how well your business is doing and in which areas you need to make improvements or amendments. For instance, you can use the tools to check the type of users that find your content engaging, the search terms they use when searching for your products or services, and the areas of your website where they spend the most time.
Apart from analytics, the internet and social media give you access to important feedback from both current and potential customers. You can get suggestions, criticisms, and compliments directly on your social media profile. If properly managed, your social media profile could be used to significantly boost your brand reputation.
5. Access to business opportunities
The internet has made it easier than ever to have access to any new market and better business opportunities. For example, you do not need to have a physical presence in a country or region to enjoy patronage from that area. A customer over in Russia can very easily pay for, and download a copy of your eBook without ever setting eyes on you. Or you can ship your homemade product to the other side of the country without leaving your home or meeting with the buyer.
With the right hosting solution, and a well-packaged website, you can explore and take a share of virtually any market you want. Finding a market niche is no longer a problem, as the internet has changed the way businesses and customers interact, by creating a very large room for expansion in every corner.
With all these benefits, it is no wonder that smaller businesses that take full advantage of internet tools and opportunities are slowly but surely overtaking larger, established brick and mortar businesses that are far slower in their internet approach.
Caution, however, needs to be exercised in the search for where to get reliable internet services. Using the right SEO service, a web hosting service such as Freeparking web hosting service, and online banking makes being an entrepreneur worthwhile.
It is only a matter of time before the business terrain is completely overrun with smart, internet savvy entrepreneurs, leaving businesses that refuse to move with the times to go the way of the dinosaur.