Forex

Archive for May, 2010

Identify what makes your company different so you can easily sell your products or services

How do you make your online business stand out from the competition and win customers? Some Philippines online business owners provide us with these valuable insights:

1. Offer a unique concept – Your product or service must possess a characteristic that will set it apart. For example, your product is the only steak business that lets customers to choose the flavors for their steaks. If you notice, it is more customized. You can also stand out in terms of your web site design, the investment required, and the support provided to the customers.

2. Price your product competitively – One of the points that will surely set you apart from other online business is your pricing strategy and it all depends on the market you want to serve. Put up a price point which caters to the small time clients or non business owners with regular product feature but also have some price point for high class clients or business owners with better features.

3. Continuously improve – Don’t just stick with your company’s operational system and management, or your products category, you featured service or even your marketing strategies. Look for something you can add to your business to improve your existence in the web & boost the sales of your virtual staff.

4. Have a business with a heart – One of the characteristics that can set online businesses apart from the rest is the area of corporate social responsibility. One online business that sells cheap generic drugs says, “It’s not just business for us but it’s a way of helping the local & international online community.” They even provide online consultation for free! Giving back resounds well with online customers and even attract resellers.

I have included some online business entrepreneur’s common mistakes that you might want to avoid in terms of legality:

• Getting “bit” by your web development agreement. Many entrepreneurs hire a web developer to build on their brilliant idea. Opening an online business without having your attorney review the web development agreement is like opening a corner caf? without reviewing the lease. If the developer buys the domain name or opens the hosting account, she owns it—not you. And you’ve just let your business become her hostage if there’s a dispute. Make sure you control those issues –otherwise, [the web developer] could shutter your business in a blink of an eye.

• Not observing intellectual property rights many business owners think cyberspace is up for grabs, but intellectual property laws still apply. If you are infringing on another’s copyright, be prepared to get an unpleasant cease-and-desist letter from their lawyers, while you are in the midst of a big promotional campaign. Not only is that nasty, you’ll have to go back to the drawing board for your marketing and redo everything at great expense, time and effort. Another consideration is you protecting your own trademarks? Copywriting your website requires a small $45 fee when you submit it to the U.S. Copyright Office. That way, if someone uses your trademarks and ignores your cease ‘and- desist letter, you can launch a lawsuit. You may receive anything between $1,000 to $10,000 in statutory damages. Quite a good return on your investment!

• A Patchwork Privacy Policy. Cutting and pasting from other websites is not the way to go to develop your own privacy policy. Your website terms must be pertinent to your online business, or you risk legal liability for not sticking to the privacy policy you maintain to have. What are you doing by safeguarding the private information of your customers? If you have third party vendors on your website – shopping cart operators, survey companies, newsletter publishers ‘ are you displaying their privacy policies as well?

Find the legal authority on these issues, and read up on his or her opinions. Be aware of the required jargon, such a “FHA guidelines” if you are in real estate or “Safe Harbor Act” if you have a social networking site. Laws governing online businesses change frequently. Make sure you stay on top of these changes.

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