Many of us that are starting out online have plenty of things to learn, and in a lot of cases, we make mistakes that can be easily avoided by just doing some industry research.
In this article, we will cover so of the most common mistakes people make when they first get started with an online business.
I – Thinking you don’t know anything someone else would be willing to pay for
This is a very common one. People don’t value their skills enough to realise that they can actually charge for their knowledge and experience. The chances are that people would be more than willing to pay you for a skill set that you have.
Many people don’t even get started because they think they don’t know anything. They see how much experts in certain industries know and they feel like they need to know everything before they can even get started.
II – Settings prices way too low
This is one of the most common problems with startup companies. They devalue their services by settings their prices way too low. Your pricing sets the tone for the quality of your service. By charging very low prices, people will automatically assume that your service is sub-par to your competition.
We’re not saying don’t be competitive because of course you need to be, but don’t set your prices too low compared to your competition. It’s a fine balance between pricing that is competitive and pricing that is just too low.
III – Not testing and tracking thing properly
If you aren’t testing and tracking your offerings and advertising, you’re literally throwing stuff at a wall to see what sticks. Marketing is a data-driven science nowadays. The amount of data we have access to is astounding. Make use of the tools you have at your disposal.
IV – Hopping from one strategy to the next
This is something i’ve personally seen quite a lot of people do. They try one strategy and before even testing it out properly (or making it profitable) they will jump onto the next thing. Entrepreneurs don’t do this, they stick with one thing until it works. They make things work. The essence of marketing is all in the optimisation. Pretty much every single campaign starts off losing money.
By “losing that money” you’re able to gather data that will allow you to optimise your campaigns. Optimising your campaigns will make them more profitable for you.