Meeting a Need in Your Market

The business world has changed a lot in the last few decades thanks to the technology at our disposal. Just forty short years ago, the idea of working from home would have been laughable. The only people who would have gotten that right were the home executives of the day.

We live in a very different world now. With cloud technology and simple voice over internet protocols, all you need is a live internet connection, and you can do business just about anywhere you like.

You don’t even necessarily need a standalone computer or laptop anymore either. The current generations of smartphones and tablets are almost as good and a lot more portable.

It has never been easier to run an online business – whether that means actually selling a physical product or service online, or earning a passive income, or a combination of the two; it is completely up to you.

Maybe you can hit on the next big idea like Groupon, for example. Look at its business model. It has no products of its own at all. Businesses offer Groupon clients a special deal. The client then buys buys the promo at Groupon UK and gets a discount voucher to use.

The business has to pay Groupon a portion of each voucher sold, and that is how they make their money. There are a number of other businesses that take on the same role of intermediary between buyers and sellers. eBay is a perfect example of one such business.

When it comes to running a successful online business, the key is to find a unique way to solve a problem people are having. Let’s get back to Groupon for a second.

Let’s say that you run a business that is packed at weekends and just about dead during the week. You need to find a way to get clients to come during the week instead. You decide to run a promo that is valid Monday to Thursday. For a free coffee or dessert with every meal, for example.

It is a good deal, but how do you get it out there to as many people as possible? Or, more particularly, to the kinds of people that are looking for these discounted deals?

Groupon found a gap in the market and decided to fill it. Discounts were an effective selling tool, but only if they could be put in front of the right people. So, for a restaurant, for example, new customers who would order more things and come back again.

Groupon’s platform was simple. People could subscribe to daily discounts, weekly discounts, etc. and specify the area they lived in and what they were interested in. They would then be offered deals that matched their location and interests.

Groupon has scaled back its operations in some countries for financial reasons, but their idea was still a solid one. And one you can learn from as well. They found a need in the market and developed their service around that.

So many online businesses make the mistake of developing their service first and then looking for the need that it fulfills. Be sure not to make the same error, and your business has a much higher chance of success.

All You Need To Know About Groupon

Infographic Credit: https://www.16best.net/blog/all-you-need-to-know-about-groupon/


Lynne Huysamen

Mommy to a pigeon pair, blogger and online marketer. Lover of chocolate, good books and buckets of coffee.

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