Michael Useem is director of the Center for Leadership and Change Management, and William and Jacalyn Egan professor of management, at the Wharton School of the University of Pennsylvania. He is the author of The Leadership Moment, Investor Capitalism, and The Go Point, among other books. His articles have appeared in Fortune, Harvard Business Review, The New York Times, The Wall Street Journal, and elsewhere, and he has presented programs and seminars on leadership development at American Express, Citigroup, Coca-Cola, Goldman Sachs, Google, Johnson & Johnson, Microsoft, the Department of Justice, the U.S. Military Academy, and many other companies and organizations. Follow him on Facebook and Twitter.
It is important to regularly analyze how your online business performs and look for areas of improvement. In particular, you will need to implement some form of traffic analytics for your website. Analytics (I recommend the free Google analytics) allows you to see where traffic has come from and what it does on your site. This helps you position your marketing efforts and improve on under-performing areas, while driving home your advantage in areas you are succeeding.
The barrier to entry into the online market is much lower than traditional businesses, which is great. But, it's a double edge sword because the easier it is to do something, the more people try it out. This means that you have to work harder at distinguishing yourself from the melee of other startups out there - because, believe me, there are a lot.
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