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What does it take to build a successful online business? And how much does it cost?
If you have a million-dollar idea but only have a few hundred in your pocket, that might be more than enough.
Of course, you have to make up for the lack of cash with wits and hacks.
The good news is we’re here to help. This article discusses eight proven ways to build an online business without spending any extra money. But first, let’s take a look at what business growth actually is.
How can we define business growth?
Growth is the ultimate goal of any business, but did you know that there are different types of business growth and different strategies that drive it? In the beginning most companies grow organically – if they are good at what they do. That’s what we call beginner’s luck or momentum. In this phase, the customer base of a company grows and with it the turnover.
After that initial success, most companies focus on long-term growth. They develop and implement different strategies depending on what they want to achieve. For example, a company can try to penetrate deeper into the market, expand market share or diversify its offering.
But what is the common theme of all these efforts? What exactly is business growth? Can we even define it?
There are numerous indicators of business growth that we equate with success. Popularity and awareness are definitely part of it, but the key indicators of success are 1) a growing number of customers and 2) increased sales. Business growth is when you expand your customer base and increase your sales. So the question is – can you drive online business growth without losing money?
8 ways to start an online business without losing money
If you have a good business idea and a knack for entrepreneurship, it is possible to start an online business on a minimal budget. According to Nexcess research, starting an online venture is pretty cheap — $1000 is enough. The internet is a free business building tool, but you need to know how to use it to your advantage. Here are a few tactics to try.
1. Improve your website’s SEO
Without search engine optimization (SEO), Google will not show your website in search engine results pages (SERPs). So you need good SEO practices to fulfill Google’s ranking algorithm and rise as high as possible in the SERPs. That way, when a potential customer googles the products or services you offer, they can see your brand new website in the first few pages of Google.
However, SEO is more than just ranking. It also improves the user experience, which might be even more important. The following elements are critical to improving your website SEO:
- contents which is not only keyword rich but also engaging and useful.
- Easy navigation this makes your website user-friendly.
- Lots of videos and pictures that increase user engagement.
- Technical SEOincluding fast loading pages and structured data.
The main reason for using SEO as a business promotion tactic is to increase organic traffic, aka visitors, which are already highly qualified leads. The main benefits of improving SEO are improved website conversion rate, visibility and access to your target audience.
2. Use social media
Like it or not, there is no escaping social media if you want to grow your business online. Not only that skipping popular networks would mean missing out on a gigantic lead pool. Businesses that don’t have a social media presence simply don’t exist in the eyes of modern consumers.
A successful social media strategy involves multiple networks and elements such as shareable content, audience targeting, social listening, and community building. While mostly free, social media marketing can be complicated to manage and time-consuming. Many small businesses use automation tools for this, which are a good investment even when money is tight.
Around 77% of social media marketers say it’s been effective for their business. The main benefits of using social media for business growth are audience, competition, trend analysis, brand building, reputation management and increasing organic traffic to your website.
3. Get others to promote your brand
Growing online business can be hard work, but you don’t have to do it all yourself. Getting brand awareness through someone else is a popular way to expand your reach and get more visitors and clicks. Two methods are particularly effective – affiliate marketing and influencer marketing.
- affiliate marketing involves placing your ad or link on a website, blog or social media. The affiliate gets a commission when someone comes to your website via this route and makes a direct purchase. It’s a simple and clean transaction that pays for results.
- Influencer Marketing is when a social media influencer recommends your product, service, or brand to your followers. Because influencers are recognized as authorities in their niche, they have tremendous impact on purchasing decisions and a well-defined target audience.
While affiliate marketing successes only result in increased website traffic and improved conversion rates, influencer marketing can also contribute to brand awareness. With the right person and a creative campaign, you can achieve up to $5.2 ROI for every $1 spent on influencer marketing.
4. Create your own interesting videos
When in doubt about how to attract new customers, start with your own online habits. Chances are you spend most of your time online, watching YouTube or social media videos. You’re not alone. In 2022, a staggering 82% of all consumer internet traffic was spent watching videos.
Can you even imagine what this means in terms of marketing and business growth? If you want to stand out and stay competitive, you need to start creating your own engaging videos. It’s what online consumers prefer these days, so targeting the right type of audience is crucial.
According to industry reports, online consumers are spending almost twice as much time on websites with a video, but that’s not all. A whopping 84% of shoppers say they’ve made a purchase after seeing the brand’s video. In addition, a video on your landing page can increase conversions by 80%.
5. Build and use an email list
Although 80% of email users check their inboxes every day, many emails still end up in the spam folder or straight into the trash. But it doesn’t have to be that way. A solid email marketing strategy can help you build great customer relationships throughout the sales pipeline, but you have to get it right.
First, you need to build your email list organically; The purchase will only cost you more because you will end up getting useless leads that are irrelevant to your offer. Next, devote some time to customer segmentation. It will help you hit the right targets. Finally, personalize your emails and have them written by a real person whenever possible. Around 71% of consumers expect personalized marketing.
Email is unique because it offers an all-in-one solution for diverse marketing and sales needs. It helps with lead nurturing by gradually building brand awareness and relationships with potential customers. It also boosts conversion rates, but also turns casual buyers into regular customers.
6. Public Relations and Partnerships
There’s one more thing email can help you with – reach out to other companies to collaborate and partner with. While there are many different outreach strategies out there (some don’t involve other companies at all), collaboration is a common goal of online businesses and an effective growth hack.
Proposing a collaboration or link building campaign with another brand is similar to emailing potential clients. You need to target the right person, personalize your offer, and follow up to nurture the connection. The more brands on your list, the better. If you have never written a proposal for an outreach, proposal writing software can provide the best templates and automate the process.
The best outreach campaigns combine the results of affiliate and influencer marketing (not to mention that outreach is one of the best ways to build an affiliate network). Aside from accessing a wider audience and increasing your website traffic, Blogger Outreach can also help you improve your content marketing strategy and establish your brand as an authority in the field.
7. Optimize your customer service platform
The impact of customer service on business growth is enormous. However, there is a lot you can do to improve your customer service. First, you need to be available 24/7 on all networks and on all devices. That requires a multi-channel approach to customer service, including website live chat and social media in addition to email and phone, but it’s not enough. You must also have all the answers, so start building a comprehensive knowledge base.
Similar to email, customer service can guide prospects through the sales pipeline, ensuring they have a pleasant journey every step of the way. By providing pre-sales help, buying advice and post-sales support, customer service covers everything from lead nurturing to customer retention. As a result, it plays a crucial role in customer satisfaction and brand loyalty.
8. Encourage user-generated content
User Generated Content (UGC) is any type of content related to your brand but created by your customers. Customer review platforms and consumer forums are the most prominent examples of this, but USG was born and raised for social media. Here, customers can write their opinions on brands, share blogs detailing their experiences, create videos, and enter brand contests.
It’s also easy to promote UGC on social media. We just mentioned contests — for example, you can use Instagram Stories to invite your customers to take selfies with your product and reward the most popular one — but you can also re-share existing fan photos and host online events.
Aside from free advertising, the main benefit of UGC is social proof. User-generated content is more authentic than branded advertising, so consumers naturally trust it more.
Conclusion
Our final advice for fueling online business growth? patience and perseverance. Consider this another entry on our list – the ninth most effective way to become successful online without breaking the bank. Online businesses are springing up like mushrooms across industries and sectors. Competitors are everywhere. But stay determined, and these growth hacks will help you outgrow them.
Author’s biography:
Oliver Stasinszky is an outreach team leader at LiveAgent with an e-commerce and customer service background. He is passionate about writing, reading and learning how to play any musical instrument that comes his way.
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