To build a truly compelling value proposition and grow your ecommerce business, you must first define your business model. This episode provides five crucial questions to help online retailers, from startups to established brands, precisely categorize their offerings and refine their market approach tactics to drive strategic growth.
Hello! This is Kunle Campbell of the 2X eCommerce Podcast Show...THE Podcast dedicated to Strategic Growth for Online Retailers. You, my listeners, either ask me questions on Twitter using the hashtag #2XeCommerce OR I teach you about specific MARKETING tactics geared to helping your sell more in your online store… ----------- What Kind of eCommerce Business do you run or intend to run? Creating a compelling value proposition requires a grounded understanding of your business model. Besides building an ‘online retail’ business or ‘doing eCommerce’, you need answer five fundamental questions, that will solidly define your business model. The options you choose uniquely categorise your online retail business model and help you refine your value proposition. Here are the five questions to answer; remember these apply to both growing eCommerce businesses and start-ups: What is our product range focus now and in the mid-term? Are we a Direct to Consumer (D2C) brand, Merchandisers or a Hybrid? What is our vertical and what specific niche in this vertical is our focus? How do we want the market to perceive value? By price, function/product quality or a luxury How replenishable are the products that we will be selling? When you get into detail and answer each of the above questions, you will have a fine-tuned eCommerce business model and will arrive at your value proposition. If you already have a value proposition, you will find that most of all of the key elements in it fit the above categories. ----------- PHYSICAL PRODUCT BUSINESS PODCASTRemember we now have a sister video podcast: PHYSICAL PRODUCT BUSINESS PODCAST. You can subscribe on either YouTube, SoundCloud or Medium for updates: Subscribe on iTunes: https://itunes.apple.com/podcast/physical-product-business/id1181834388 Subscribe on YouTube: https://www.youtube.com/channel/UCfZrWNt4L8CQqdulAOv2n6g Subscribe on SoundCloud: https://soundcloud.com/physicalproductbusiness Subscribe on Medium: https://physicalprod