One of the most critical, if not the most essential, philosophy in business is to know the supply and demand dynamic. For example, you put out a product that you think is a “need” for the millennial demographic, see some profit in the first few months, and then suddenly the “need” disappeared, and your cash flow dissolved.
What the heck happened? I was studying the analytics, I didn’t miss a single deadline on the supplies, I got all the promotional ads perfectly lined up, everything was going well. What did I miss?
Here’s a hint, one of the millennials’ chief characteristic is being tech-savvy. And if the product you sold lost its appeal to them because somehow it appeared low-tech, then that’s a very huge paradigm shift in your business. You could potentially lose everything without even knowing what went wrong.
The millennials, and to a certain extent, the generation X population, compose the biggest number of the working force in the world today. And that’s a pretty big market right there. So, that being said, a very crucial component to the success of your business is an attractive online shop.
And by online, I mean, be very active in social media marketing (you should know how Facebook, Instagram, Twitter, SnapChat works, at the bare minimum). Another option is by signing with a top 10 web hosting company to take your products to heights you, admittedly, only dreamed of.
If all these terms are foreign to you, don’t panic. And don’t be embarrassed. I guarantee that you are not the first to be puzzled by this new “market strategy.”
Countless investors have gone bankrupt because they failed to recognize that this era of shoppers would prefer buying through the internet than going through the trouble of wasting an hour of travel (and gas on top of that), spend another hour looking for the items that they think they need, inside a smelly and noisy store, fight with other customers for the last available item, fall in line for another 30 minutes, and after all of that, get back on their car and drive another hour back to the house.
And I’m not talking about Spider-Man here. There are many web companies that offer excellent service to businesses that have similar problems. When you search the internet for top 10 web hosting, those companies have experience and expertise that will guide you to re-engage this huge potential marketplace.
If you want more technical terms, how about these services offered — Shared Hosting, VPS Hosting, Dedicated Hosting, WordPress, Managed WordPress, shall I go on? You get the point. They have the answers to all your internet questions.
Ride The Wave
If you think that these jargon I threw at you is all true, then you’re probably not cut out to be a business person. Of course you won’t believe me at face value. So research, ask around, research some more. Call the top 10 web hosting companies and see how much you can afford. You won’t regret it.
Oh, before I forget, another characteristic of the millennials — impulse buying.