During these trying times, diversifying your income sources is very important. In fact, even if you were among the lucky ones whose livelihoods were unaffected by the pandemic, it is still a good idea to think about different ‘Passive Income Ideas’ and consider monetising your skills.
As highlighted in one of our previous posts, one of the best ways to start doing this is by deciding what you could sell to make passive income. For instance, if you have a skill set in a particular area, teaching an online course might be the perfect fit for you. On the other hand, if you have an online business, joining memberships or group programmes can be a fantastic way for you to bring additional income to your business. Of course, while additional resources are great, there are many other factors that affect the success of online businesses. If you want to take your online business to the next level, here are five things you will need:
Be active on various social media platforms
For a lot of businesses out there, social media platforms such as Facebook, Instagram and Twitter are more than just sites that connect families and friends during these unprecedented times. Rather, they play a significant role in helping businesses advertise their products and services and bring them closer to their target audiences.
In fact, this is illustrated by the market statistics compiled in an article by Business2Community, 30 Marketing Statistics to Consider for 2020, which showed that 90% of the entire one billion monthly active users on Instagram follow at least one business. This suggests that Instagram users are certainly like to follow their favourite brands. If you are thinking about utilising different social media sites, the right ‘Social Media Schedulers’ are extremely important, too.
Having a dedicated social media scheduler makes creating, planning and posting easier. When choosing a social media scheduler, go for ones that allow you to easily plan posts across platforms and recycle content, offer useful free social media training and webinars and let you monitor, track and analyse the performance of your posts.
Optimise for search engines
The unique conditions brought about by the ongoing global health crisis pushed most, if not all, businesses to bolster their online presence and offer services similar to those of exclusively online businesses. As a consequence, competition is tougher than ever before.
To make sure that your business stands out from the crowd and quickly generates a loyal client base, an article by Business.com recommends leveraging the power of SEO, or search engine optimisation. There are many ways you can leverage SEO, but one of the easiest ways is by incorporating high volume keywords in your landing pages, content, meta descriptions and page titles. By doing this, it will not only strengthen your brand’s authority and generate more traffic, but also drive Google’s attention to your content.
Apart from using popular keywords, it is also a good idea to improve your site speed and ensure it is mobile-friendly by paying attention to both on-page and off-page optimisation.
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Utilise customer data
FIS Global explains how large businesses often have entire teams dedicated to looking at the data generated by their consumers in order to find new ways to increase revenue, maximise acceptance rates, lower costs and keep customers coming back for more. All this may seem like a daunting task for a small business owner – especially one who runs their business from home – but there are many services you can use online to generate the same insights about your customers.
For instance, there’s the trusty Google Analytics that lets you see how many people visited a specific page, how long they remained there, where users live, how keywords perform and so on, thereby providing you access to a massive amount of data related to how users find and interact with your site. Aside from Google Analytics, there are also other reliable alternatives such as Matomo, Woopra, GoSquared and FoxMetrics that you can use.
Get a .com or co.uk domain
With how advanced social media sites are nowadays, it’s not surprising that there are many online businesses out there that do not have their own website and instead just have active social media accounts. If your online business is one of them, then now is the right time to get a co.uk domain.
While social media accounts are integral in advertising your business, having a co.uk domain will send an important message to the world about your business and even provide you with various benefits.
For example, a study cited by TechRadar found that 93% of businesses said that having a website significantly and positively contributed to more customers and greater brand awareness. When choosing and registering a domain, it is highly recommended to use tools that allow you to check domain name availability. It would also be in your best interests to stick with names that are easy to spell and remember.
Offer free products and services
While economists out there would say that nothing in this world is really free, it can’t be denied that words such as ‘free’, ‘sale’ and ‘discount’ are extremely powerful in attracting customers, including those that don’t really plan on buying or purchasing your products and services. In fact, behavioural economist Dan Ariely said that when the word ‘free’ is introduced, it easily makes consumers believe that the benefits of free items are higher – even if in reality, they’re not. To use this popular economics concept called zero price effect to your advantage, consider offering freebies to effectively ‘Promote Yourself Online’.
Offering free products and services is not only a great way to shape a positive first impression and stimulate customer loyalty right from the get-go, but also an effective tool in gaining your customers’ trust and collecting their demographic and contact data, which you can later use for email marketing and the like.
Entrepreneur, Mentor & Founder at Women in Business Club
Raimonda is a serial Entrepreneur, Business Coach, International Speaker and Business Funding Expert. She is the founder of the Women In Business international community and events.
Raimonda launched her 1st business at the age of 21 and has since pursued her entrepreneurial passion, by starting and launching more businesses as well as supporting others to do the same.
Over the last 10 years in business, Raimonda has learned the power of mentorship and encouragement, therefore is now passionate about helping other entrepreneurs achieve success and make a positive impact on this world.
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