What Is Scaling in Business?
Balance in Business
Anyone who has run any type of business (successfully) will tell you that there is a delicate balance while doing so. You need to find the "sweet spot" in your business model between incoming and outgoing money to keep your business alive and thriving. Once we find that spot, then we talk about the concept of scaling in business.
When it comes to eCommerce, the balance actually becomes a bit simpler.
We don't need to worry about rent, power bills and billboard ads.
Just like our storefront, our advertising is done online.
If you don't know how to advertise online properly, you waste money and your balance quickly shifts to loss.
The balance of business online is finding the sweet spot in conversions (percentage of visitors become a sale), traffic and cost.
Getting the Word Out
Owning a website is useless if no one knows about it, so the first hurdle in an eCommerce business is becoming known.
People knowing about your site will lead to traffic to your site. Traffic to your site multiplied by your conversion rate will give you have many sales you will have.
Figuring out your conversion rate can't happen until you have traffic to your site.
This is where advertising, SEO and social media come in.
Aren't We Here to Learn What Scaling in Business Is?
OK. If you are looking into scaling, chances are you have already done the steps above, but they are important when it actually comes to scaling your eCommerce business.
Scaling your business happens after you have found your balance.
You have worked your business and gotten some sales.
Your business has become self-sufficient (even if your revenue is small).
All the kinks have been worked out and you're ready to step it up a notch.
That is scaling: taking a system that works and making it bigger.
It's like scaling a photo in photoshop, the same elements and results, just more of them.
There Are Many Ways
Since you are already making sales and have some traffic, you should know your conversion rate.
Conversion is simply Sales / Traffic x 100 (written as a percentage).
Scaling is all about numbers.
If you plan for more sales, you need more stock (unless you are drop-shipping), which means you need more capital to maintain the flow.
To get more sales, you need to increase the other numbers in the equation.
Traffic x Conversion = Sales.
We are going to focus on increasing your traffic for the rest of this article.
To increase traffic, as we mentioned above, you will mainly focus on SEO (search engine optimization) of your site, social media presence and advertising (in THAT order).
The reason you want to work in that order is that it goes from cheapest, long-term and most sustainable to most expensive, immediate and perishable.
Keep in mind we aren't just talking about cheap and expensive in monetary terms.
Time is money, remember, and keeping up with 6 social media accounts can eat up a LOT of your time.
Planning to Scale Your Business
Now that we have brought up the value of your time, we need to plan exactly what it is you have to sacrifice for scaling your business.
That balance we have mentioned a few times carries over into this as well.
If you have lots of capital but little time, then money will be your sacrifice for a bigger business and vice versa.
So, before we go any further, determine exactly how much money and how much time you are willing to give up to get ahead.
SEO - Cheap and Long-Term For Scaling in Business
Google has become a noun, a verb...almost an emotion. People literally Google everything.
When someone finds the answer to their question at the top of the Google list, they go to the site that gave them the answer.
If that site appeals to them and it happens to be something that leads to them wanting a product, they are going to buy it from the site that Google says they should trust.
You want that site to be you.
That becomes the ultimate free traffic machine...once it's built.
To be visible to as many people as possible, you have to answer as many questions that people would ask about your product as possible.
You also want to make sure they are questions that people ask often.
That means spending lots of time writing articles that please Google AND the people asking the question.
What pleases Google changes often and is far beyond the scope of this article, so do what Henry Ford would do and find a person that knows what you don't. It will save you LOADS of time and effort.
Luckily, we know where to look.
Fiverr is a great place when you decide you have less time or expertise than your business needs for growing. You can have an article a week published for under $100 a month (more is generally better quality), which could lead to thousands of new site visitors every month by this time next year. The great part about that is that you pay for the article once and it keeps bringing people to you as long as it is an answer that people look for on Google.
The Second Step to SEO
Just answering questions doesn't necessarily make Google trust you. You do need to prove yourself and there is a set of rules that you should follow to do so.
You need to become an authority on your product or niche. In order to prove that you are an authority, Google likes to see two things above all else:
- Show that you research other authority sites (link to them on your site)
- Have other authority sites reference your material (they link to you on their site)
The higher the domain authority, or DA, that these sites have, the more it spills over onto your site.
Linking to sites is an easy way to get more noticed. Just make sure you are linking to big names in your niche. If you are selling electronic components, for instance, you would use the sites from this list.
A quick and easy way to get lots of great backlinks from high authority sites is to hire someone to place them there. Once again, we go to Fiverr to get it done well, fast and cheap.
Click here to get tons of quality backlinks to your site and boost your Google ratings now!
This seller's premium package guarantees that your site will have a domain authority of 50 or higher within a month. That takes a LOT of work off your shoulders and saves you months (or even years) of natural growth!
Social Media Presence for Scaling in Business
In order to improve your social media presence, you need to share things that people want to share. According to DigitalMarketingInstitute.com, the following are the top five reasons that someone feels compelled to share something on social media:
- 49% of people share things for Entertainment
- 68% of people share things to Define Themselves
- 69% of people share things for Self-fulfillment
- 78% of people share things to Stay Connected
- 84% of people share things to Support a Cause
If you are posting articles and videos on your Brand's pages and groups, you should stick to these main things. If you don't have time or don't know how to do this, Fiverr is here to the rescue again with a phenomenal social media manager for hire!
Paid Advertisements for Scaling in Business
Just as radio, television and billboard ads have gotten so abundant that it's hard to stand out, paid ads on the internet have gotten there as well.
You REALLY want something powerful in front of your target market because you want them to click your ad and buy your product without thinking too much.
That means a lot of studying what people have already done, what they are doing now and doing your absolute best to put together some honest, efficient click-bait that will bring the people that you want seeing your landing pages and product pages.
As we mentioned above, if you do this wrong, you are throwing money away.
Click here and talk to the seller. He will tell you exactly what he can do for you. Keep in mind that you will need to pay for the ads and pay the seller for his services.
Once you have a campaign running in a way that it costs less for the ads and to supply the product than the customer pays for the product, you can just run more ads with the same configuration.
Now You Have Traffic
Once you have consistent traffic to your site, you will want to determine your conversion rate and do what you can to increase it. This will be easier as long as the traffic that you worked so hard to achieve is from the right target market (make sure you know WHO you are selling to).
Increasing your conversion rate can be as simple as changing some words or colours on your site. It could also mean a complete overhaul to make your site simpler and easier to read.
Remember, always explain how you can solve their problem...with enthusiasm!
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