6 Common Slipups that Online Startups are Likely to Commit Starting an online business requires entrepreneurs to be more dedicated and wise. The reasons for most of the online businesses to fail in the beginning are – lack of market research, not monitoring the performance indicators, overpromising and under delivering, taking the competitors for granted, staying unaware with technological developments and ignoring the customers’ complaints. Sometimes, startup entrepreneurs are mistaken by the fact that the sufficient resources and big workforce are enough to let them step their feet in today’s competitive market, but this does not stand true in all the cases. Before entering in the contemporary jam-packed online market, vendors have to fully equip themselves with resources, proper staff, latest strategies and equipment. Adding live support chat software to the website, making its design highly responsive to fit all resolution types and a lot more is required, in order to make your business aligned with the latest market trends. Here are some common mistakes that online startups are likely to commit. 1. Lack of Market Research
Most of the online startups rush towards launching their businesses without conducting proper market research. By conducting the surveys, the online entrepreneurs can get a clear idea of their customers’ needs and demands. Moreover, the market research also provides them an insight into handling different situations and the customers. 2. Poor Analysis of Performance Indicators
Monitoring performance indicators is necessary for the startups as well as the established online firms but most of the new vendors do not pay much attention towards it because they lack parameters and the tools for accurate measurement of their performance over a certain time period. The key performance indicators include –customer satisfaction rate, conversion rate, bounce rate, complaints rate, shopping cart abandonment and website traffic. All of these should be monitored and measured on the weekly, monthly, biannual and annual basis. 3. Overpromising and Under-delivering
Sometimes, to grab the customers’ attention in the start, the startups go for short-cut ways, which may start with overpromising. Although, this technique is useful for the time-being but in the longer run, this can prove hazardous for the business because it breaks customers’ trust in their products. The best way is to promise less and deliver more, as this strategy always comes as a good surprise for the customers.
4. Taking the Competitors For granted
Another biggest mistake which most of the entrepreneurs commit is that they take some of the competitors for granted or they do not stay updated with their policies, strategies and tools they use to get connected to their customers. Keeping a track of their competitors’ performance, vendors can keep them enthusiastic to do more. 5. Staying Unaware with Technological Innovations
With every passing day, the online market is bombarded with new inventions either in the form of technologies or strategies. However, some of the startups, which fail to manage multiple tasks in the beginning, do not keep themselves updated with the new inventions. Keeping a track of new market trends and latest technological developments, the retailers cannot only face the tough market competition rather they can also deliver an up to the mark customer experience. Adding live chat service to a website is one major technological innovation, which many online entrepreneurs are still ignoring in the new era. 6. Ignoring Customers’ Complaints
Some of the vendors focus more on grabbing new customers rather than retaining the old ones; therefore, they ignore the complaints or either they lack proper strategies on handling them in professional manners. As a result, they have to face a larger setback which may put their business on high risks. By overcoming these common mistakes, startup online companies can step their feet firmly even in the tough market situation.