Singapore is one of the primary business hubs in the Asian region. Anyone doing business in Singapore is dealing with a location that actively promotes positive online and offline businesses. It’s an opportunity for any online entrepreneur.
Growing your online business is a slow process, but it’s also a lucrative process. In this article, we’re going to show you some easy ways to grow your online business in Singapore.
Master of One
Concentrate on a sector and drill down into the various sub-sectors. You’re not Amazon. You have no business attempting to cover everything. It’s always better to master a specific product type before expanding. That way, you can build a small yet reliable online clientele.
There are a number of ways to pick a specific niche:
· Choose what you’re passionate about.
· Research your chosen market and find out what sells.
· Invent a new product (this is not for the faint of heart).
Is Your Online Selling Platform the Best it can be?
With so many companies selling online, there’s no compromise when it comes to the platform. If your site is clunky and difficult to use, your customers will flock to someone else. In Singapore, you have a market that’s extremely savvy about technology. They expect the very best.
If you can’t afford to build your own selling platform, consider where else you might sell. Companies have made fortunes by making stores on eBay and Amazon. That takes away much of the work involved with maintaining your own platform.
Tracking Results
This is for businesses that have been selling for at least a few months.
Every month you should set aside some time to track your results. This works best when you have at least a year’s worth of data to compare to. Seasonal changes happen, but you have to take note of any major slumps or spikes.
Part of growing an online business is to react to mistakes and discover leaks in your plans. Here are some of the things you might look for:
· Are all sales coming from one or two selling channels?
· Is one product more popular than another?
· How have revenues changed?
These results can tell you about the success of your marketing efforts and your position in the market. They can also illustrate consumer trends.
Online Placement
Singapore is like any other localized market. To reach this market, you have to gear yourself towards it. This means choosing proper keywords for your store. Discover these keywords through proper research using the tools Google provides you.
Social media is just as important for correct optimization. Changes to Facebook mean reaching your audience organically is more difficult than ever. Learn to use Facebook ads. Insert relevant interests and conduct split testing on the images you’re using. Spend 20 minutes per day monitoring Cost Per Click (CPC) and click-through rates.
Does Your Niche have a Glass Ceiling?
Sometimes you have to consider whether you’ve reached your apex. Not all markets have a great clientele. Selling low-cost products to a limited number of people is a recipe for hitting the glass ceiling.
In this case, you need to look at the results and be honest with yourself. Singapore only has so many people. If you’ve reached the glass ceiling and no amount of marketing will change that, it may be time to consider expanding into other niches.
Too many online businesses fail because they can’t look outwards when the time is right. You can’t underestimate the importance of reviewing your results and constantly innovating.
Do all this and you’ll soon see your online business growing at a remarkable rate in Singapore.
