In 2020, Use Advice From Bill Gates To Grow Your Online Business

Entrepreneurs have many white whales to conquer: empty bank accounts, analytic pages that resemble ghost towns, & the daunting white void of a new document.


If you’re not careful, all of this is genuinely overwhelming. Your mindset and beliefs as an entrepreneur will help you overcome these challenges. According to James Allen, author of As a Man Thinketh: “Belief always precedes action.”

During times of crisis, your beliefs act as beacons that guide you to safe shores.

By incorporating strong beliefs in your business strategy, you can overcome empty analytic pages and take your bank account off life support. 

But don’t take my word for it: here are 3 times Bill Gates spoke about beliefs that will push even the smallest eCommerce store forward.

“If you can’t make it good, at least make it look good.”


Jay-Z may have said moral victories are for minor league coaches, but the reality is that design points count.


In fact, design matters so much to people that 2015 data from Adobe found that 38% of people will simply stop engaging if your content layout is unattractive.

If that’s not depressing enough, 88% of online consumers are less likely to return to a site after a bad experience – as a small eCommerce store; you can’t afford to be giving up design points.

One thing we have going for us in 2020 is how easy it is to get your brand looking professional. With tools like Canva, Lumen, and Grammarly at your disposal, it’s easier now more than ever to maintain a high design standard:

“If your business is not on the Internet, then your business will be out of business.”


It’s possible to be on the Internet, but not really.

If you’re not proactive, your website will get lost in the noise that makes up 99% of the Internet.


As a small eCommerce store, the best thing you can do is go to your customers. Initiating contact with people who fit your customer profile gets your business “on the internet” rather than being a passive participant.

A 2019 survey by The Influencer Marketing Hub found that "businesses are making $5.20 for every $1 spent on influencer marketing." 

With a reported 45% of people online using ad-block, finding ways to stand out is essential. Influencer marketing isn’t limited by ad-block, and the content you create is easy to approve, produce, and publish, which helps you scale. Identify the ideal influencers in your niche and target them for guest posts or advertisement placements.

"Your most unhappy customers are your greatest source of learning"

The Internet is an excellent place to learn vicariously through other people trying to do the same thing as you.

Even as a small eCommerce store with no traffic, you can figure out what bothers your target audience by heading over to Amazon. Sort reviews by 1 star and start studying what gets on people's nerves. Sites such as eBay, Yelp, and Walmart are excellent places to learn about your customers.

Research by Frederick Reichheld of Bain & Company found you can raise your profits by 25% to 95% just by increasing your customer retention by a mere 5% - each problem you find is an opportunity to build trust with your target audience. 

In the event your website does get a bad review, take it as a learning opportunity. Bad reviews almost always highlight something (responsiveness, procedures) you can do better.

Next time you're stuck or facing a challenge, refer back to these beliefs. See how they apply to your situation to find a clear way forward. By making your products look good, proactively going after your customers, and learning from bad reviews, you can build a brand that is flexible enough to grow with your customers.

2 comments

Vikram

“If your business is not on the Internet, then your business will be out of business.”

AND

“Your most unhappy customers are your greatest source of learning”

These are so true. Thanks for this post. Love your blog layout too.

Vik

Sana

Great learning indeed :)
Thanks for sharing

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