What are the keys to a successful online business? The answers are – a great product and the ability to adapt to changes. Watch by David Jenyns as points out the right online business foundations.

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Video Transcript: The requirement to get the most out of today is that you already need a product or service and it’s got to be great. We’re in a very transparent world right now. It’s very easy to share information. People will post reviews and word will get around. So at the core of it, you need to have a great product or service. If you’re selling something that you don’t believe in, you shouldn’t be selling it. That needs to be right at the core of it.

Next, you need to think about delivering value. This is like a Jim Rohn thing, a motivational speaker from way back when. He talked about this idea that the way you create money is by adding value to the market place. How much value you add into a market place will actually determine how much you end up making. So start focusing on adding value and then you’ll start to get better results.

You need to obviously be able to take extra capacity as well, that’s another area. I do some consulting with different clients. Sometimes they say, if I just had more leads. If I could get more people through the door or picking up the phone, all my problems would be solved.

You probably know this better than anyone. That can actually break a business. You see something like those daily deal type websites, such as Groupon and things like that, the Australian based ones. Very often, they break businesses. So many people get on an offer, so many people pile into the business and the business is just not built to take that capacity and they break. So you need to make sure of your back end infrastructure. Being a successful business is more than just getting leads through the door.

Then you have to think about the long game. If you’re looking for little short cuts and quick ways to jump round, those days are going. You’ll still see some windows of opportunity, but they’re shrinking. We’re seeing an evolution. I’m seeing people come to the market with their old thinking and methodologies for the way that online marketing should be because that’s the way it’s always been and they don’t recognize that the game has changed.

I’ve seen it in many different industries. Things change, you need to evolve, it’s part of business. Get over it. Because we’re online as well, the speed at which the updates are happening is so much quicker now. We didn’t hear anything from Google for ages. Then came algorithm update after algorithm update. Now they’ve built it in and they’ve got machine learning that is coming. It’s only going to happen quicker. So we need to make sure we’re focusing on the right thing.

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