7 Ways to Double the Value of Your Online Business in 12 Months Incremental improvements are managable and soon add up to a big change for the better.
By Thomas Smale Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
The goal of every business is to continuously grow and increase in value. Happily, online businesses are often easier to scale and grow. If you have an online business any one of these tips could help you double the value of your business within a year:
1. Post content more frequently.
Posting content frequently gives your website visitors something new to engage them every time they come back. Users are fickle. If they come back to your site and don't see anything new they will just go somewhere else. Secondly, the more quality content you have, the more likely you are to get ranked by search engines (such as Google) as they pick up your regular posting schedule. Google (just like people) loves fresh content!
Related: 3 Often-Ignored Aspects of Content Marketing
2. Improve conversion rates.
This seems cut and dried, but many online businesses simply don't try very hard to improve their conversion rates, despite the tools and software available to help. Even the least tech savvy online entrepreneur can make drastic improvements simply by diving into their Google Analytics data. Look for traffic and referral sources that are driving the most conversions. Focus your energy on those, while pulling back on the traffic sources that aren't performing well. Your Google Analytics data can provide you with so much insight. Check out this resource if you want to learn how to use Google Analytics to its full potential.
3. Interact more with your email subscribers.
Every online business should be building an email list of subscribers to engage with and market to. Every person on your list subscribed because they are genuinely interested in what you are offering. Each is a great potential customer, but also potentially a lifelong brand ambassador.
Instead of just sending them promotional offers, mix in some emails that present them with some useful content (such as a free ebook). Send them a link to a good content you've read or ask them a question. This type of interaction is what will keep them around for the long-haul and get them to mention your website to their acquaintances and social circle. It is a good way to retain customers that isn't expensive or difficult to set up. At FE International, we use GetDrip to capture emails and send visitors quality content, regularly. It has helped us double returning traffic in the last three months alone!
Related: The 3 Types of Marketing Emails That Nobody Has Opened in Years
4. Cut down on unnecessary expenditure.
A smart business owner is always looking for ways to reduce operating costs. Lower expenses translate into larger profits and higher business valuations. Establish a monthly operating budget and never exceed it. Constantly look for ways to cut unnecessary costs. Test if you can cut your costs by outsourcing your administrative work or your content creation. You should never be content with your expenses. Always strive to lower them.
5. Negotiate better deals with third parties.
This applies to suppliers and vendors if you are selling physical products, as well as advertising/affiliate networks if you are monetizing your website. Don't be reluctant to negotiate better terms, especially if your website has strong traffic and sales numbers. If you can lower your cost of stock or increase your cut as an affiliate, it will immediately increase your value without the work of increasing your traffic or sales. It's an easy win that usually just takes one phone call, but I see so many entrepreneurs who are too scared to pick up the phone. All you need to do is ask!
6. Document your systems and processes.
One of the reasons that franchises are successful is every single operational process systemized. McDonalds makes every single cheeseburger the same. You get the same burger whether you order one in San Francisco or Boston. Systemizing as many aspects of your business as possible will result in a more efficient business model, especially if you are hiring people to work for you. Work on systemizing (and documenting) every process, from sales and revenue to hiring and operations. Buyers love businesses that are documented in detail and can be taken over seamlessly.
7. Add new revenue streams.
Adding additional revenue streams is a simple way to increase the overall value of your online business by making more money from existing visitors. Introduce a relevant new product line and market it directly on your website or via your email list. For example, if you have an online store selling fresh coffee, why not also sell them a nice mug? Think of intelligent ways to monetize your traffic and online customer base without interfering with the user experience. If you do it right, users will appreciate you advertising products and services they want to buy.
Related: The 5 Simple Website Add-Ons That Could Help Boost Revenue
