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Monday, April 23, 2007
Innovation - Expansion - Diversity – Three of the words you need to know in order to continue your success with your online store.

First innovation. How can you be innovative when you do not create the product you sell? This goes back to our three words you need to remember as you continue to build your store - Content, Content, Content. How do you market your products when there are hundreds of other sellers marketing the same products? Through creatively content is how!

Tell a story about your product that makes your target customer become emotionally involved in the purchase. How is this product going to benefit them? Do you offer lower cost, better customer service, or more information before they purchase? All of this is done through content. So be creative when you add content to your site or send your customers a newsletter.

Do you know who your target customers are.? The more you know about your target customers, the more you know what it takes to have them commit to you for their purchase. How do you get to know them? Here is a creative idea - Call them! After the purchase, call and thank them. Tell them how much you appreciate their business. Ask what you can do to make their shopping experience more rewarding. This kind of data in invaluable for marketing your product.

Expansion for an online store is as simple as expansion for a brick and mortar store. Grow your inventory so you can serve your customers. So what kind of products do you add to your store? It depends on what your target customers are looking for. What do they buy? What do like to read about? What can you do to increase a favorable buying experience? If you carry 1000 items that your customers shop for, add another product line that appeals to the same customer base. Expand your website from 1000 pages to 5000 pages by adding another dropper shipper. Give your target customer more choices.

And finally diversity! You have heard the expression of diversifying your portfolio. So now think of your portfolio as your online store. Let’s say your target customers are active, trendy young adults. You sell products to this customer base that shops mostly in the spring and summer (swimsuits let’s say). Now open another store that sells to the same customer base but they shop in the winter (ski outfits).

Or let’s diversify another way. You sell gift candles. Your sales are steady throughout the year but increase considerably during the Christmas season. So diversify this time by opening on online store that sells to a total different customer base. Security products that have a steady base no matter what the season.

So when you are ready to jump to the next level with your online store, remember those three words - Innovation, Expansion, and Diversify.

by: Shawna Seigel

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