In the dynamic world of online business, entrepreneurs often focus on marketing a single product. However, this strategy can be risky. If the demand for that product dwindles, the business could be in jeopardy. Savvy entrepreneurs understand the importance of diversification. By offering a variety of products or services, they can ensure that a decrease in demand for one offering doesn't spell disaster for their business.
Diversification is not just a smart move, but a necessity for businesses operating online. A diversified portfolio of offerings can be showcased on your website, serving as a one-stop-shop for your customers. Well-placed advertisements can direct potential customers to your site, where they can explore your range of products or services. This strategy can effectively double the impact of your advertising efforts.
Customers may initially be drawn to your site by an advertisement for a specific product or service. However, once they arrive, they may discover other offerings that pique their interest. This is the beauty of diversification. But attracting customers is only half the battle. The real challenge lies in retaining them.
It's rare for a customer to make a purchase during their first visit to a website. Therefore, it's crucial to give them a reason to return. There are several strategies to encourage repeat visits. One popular method is hosting contests. While most businesses can't afford to give away high-value items regularly, there are plenty of low-cost alternatives. Informational products, for example, are always a good bet.
"Sticky" websites are currently a hot topic in the online business world. A "sticky" website is one that encourages visitors to stay and explore because of its high-quality content. The definition of "good content" varies depending on the focus of your site. However, the bottom line is that if visitors like what they see, they're likely to return.
To encourage repeat visits, your website should not only offer high-quality content but also regularly updated content. Additionally, your website's name should be easily recognizable. However, as Dr. Kevin Nunley reported, over 93% of the 25,000 commonly used words in the English language are already registered as domain names. This necessitates creativity when registering your URL.
While it's important to have a memorable domain name, it should also be relevant to your business. Special characters like dashes and numbers are permitted, which can aid in creating a unique and memorable URL. For instance, we recently registered "http://www.1-webwiz.com" and "http://www.1-bizwiz.com". These names, while not overly creative, are easy to remember. Plus, having different servers for these addresses provides a backup plan in case one experiences issues.
Diversification should not only apply to your product or service offerings but also to your delivery methods. In the ever-changing landscape of the internet, diversification is not just beneficial, but essential.
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