Beginning a new online startup in Malaysia is very challenging. You need your business to stand out and be competitive in a market that is likely already dominated by a few big name companies. There are ways to do this. Here are some tips for making your online startup competitive in the market today.
Know Your Target Market
The first step you must take is to know your target market when beginning as an online entrepreneur in Malaysia. You need to perform extensive market research. You should know the market segments that most want your products or services. Do not make the mistake of attempting to market to everyone at once. You want to focus on your prime target market segments when beginning. This will give your marketing direction, make it more effective and save your online startup money.
Refine the Entire Consumer Experience
It is important to remember that as an online entrepreneur you are selling a process or experience just as much as a product or service. You cannot rest solely on the quality of your service or product in Malaysia. You need to refine the entire consumer experience from acquisition to receiving goods and services. Do not take any one point in the process for granted. Consumers should be able to smoothly and effortlessly move through a branded process so that there is no reason for anyone to abandon the site or app before ultimately making a purchase.
Have a Professional Location (Office Space) for Meetings
You are going to have to hold meetings with employees, clients, business partners and even vendors. You want to have a professional location for these meetings.
Do not bring important figures into a home or bare space. A good option is to rent office space in Malaysia for short periods of time when you know meetings are coming. You can rent meeting rooms that look professional and contain all the furniture you need. This will give your startup the appearance of a larger and more authoritative company.
Avoid Questionable Marketing Tactics
Marketing is necessary for your online startup to be competitive in Malaysia. The wrong kind of marketing can actually be incredibly harmful in the early stages of your business. You want to avoid questionable marketing tactics. This includes sending bulk unsolicited emails, making inaccurate claims and using black hat search engine optimisation techniques. Using these tactics will drive customers away from your online business and taint your brand. Stick to conventional and widely accepted online marketing methods.
Implement a Virtual Workplace
You will want to have a virtual workplace since the startup is online. You can work with professionals to set up a virtual office that can be accessed from almost anywhere in the world. This has a few advantages. It lowers your overhead since you do not need excessive amounts of physical space. It also allows you to hire talent from anywhere inside or outside of Malaysia since work can be done completely online. This gives you access to a large pool of talent.
You can have a successful startup if you work hard and pay attention to all the details. Your main hurdles are brand recognition and finding ways to draw customers to your business. These tips will allow your startup to be competitive in nearly any industry.