Got a phenomenal business idea meant to bring you a big fortune? Way to go! But don’t hurry to invest everything you’ve got to embody your masterplan. Before you take any meaningful steps toward your goal, be it manufacturing a product, creating a business website, renting an office or finding investors, there’s nothing more important than undertaking a market research in order to figure out whether your product or service is in demand, who your potential customers are, and how much of a competition you should expect entering the industry.
Regardless of your industry, taking a close and critical look at your business is always a good thing to do. For one, this allows you to identify your essential strengths and weaknesses, as well as evaluate your chances for success and risks you may encounter. Furthermore, gaining a profound insight into the core factors influencing the effectiveness and profitability of your business is necessary for building your further development strategies. This is where a SWOT analysis comes in.
Knowing that YouTube is the second top ranking site on the web, using it for business purposes seems to be a no-brainer. Indeed, YouTube has around 1.58 billion users worldwide, and many of them visit the website every single day. With an outreach potential like that, it is one of the most powerful digital marketing channels to date. Even more so when live stream videos have become so increasingly popular these days.
Do you want more people to know about your business? Would you like it to be found easily on the internet? Do you wish to be closer to your customers and have a permanent access to valuable feedback? For most business owners, the answer to all these questions is a decisive YES. After all, why would you mind getting more exposure for your brand?
Whatever the scale of your business, the internet can make it grow faster. This is the truth almost every industry has acknowledged in the recent years. It is reported that 3,773 billion people, which accounts for more than a half of the world’s population, are active internet users; 2,789 billion of them are on social media. It is simply unaffordable to ignore the statistics like that if you reckon yourself among forward-thinking entrepreneurs. Nowadays, people literally live on the internet: they communicate, search for information, and buy products online. But how do you leverage this to boost your business? The solution is digital marketing.