What is AliBaba? How does it work? Why are they so successful? How can your daily deal business learn from Paul Ma himself?
Alibaba.com, a keyphrase typed into Google 450,000 times a month globally; hailed as the world’s largest B2B online marketplace platform for small-to-medium enterprises (SMEs).
It’s huge and ambitious with expectations to eclipse corporate giant Wal-Mart in the upcoming years; yet, humble as they are Alibaba desires to hold private status — with every intention to remain a “Startup” no matter how large they get.
Why is Alibaba successful? And how can a daily deal startup learn from Paul Ma?
Below, GoBabu has listed the top four pieces of Alibaba advice for you to read, you know, in case you’re looking for inspiration, tips, or anything to climb today’s economic mountain.
Focus on One Rabbit: One Goal
Coming straight from Paul Ma’s mouth, to succeed you need to believe in your product or service from day one. One of his analogies is to imagine yourself starving for food; then imagine someone putting nine rabbits in front of you.
Pick one rabbit in the pack to chase.
Forget about the other eight.
You may stumble and fumble at first. You may have to change your approach, your plan; but, stay focused on catching the one rabbit. Set priority number one.
When you believe in one goal, one dream; you’ll be able to catch the eight others. This means that you need to build a team who suits your mission; your long-term “code.”
During Alibaba’s early years, there were a lot trust issues surrounding the company. Comments stating Alibaba was, “a scam” surfaced and spread throughout the entire World Wide Web, affecting website traffic and revenue.
For starters, their website was poorly written, filled with grammatical errors; creating a divide between customers and trust.
CEO Paul Ma then developed and promoted the “Trust Pass”; serving users transparency to all members, which consisted of incorporating a third-party to identify the legitimacy of Alibaba suppliers. Today, they have over 200,000 SMEs on their Trust Pass; boosting member testimonials and member sales.
Home Groomed Talent
From day one, Paul Ma believed that people were the most important asset. Hire people who believe in your business culture. Ma states: “The best talent is home-groomed people who fit with the company culture. With the right environment and system, anyone can be groomed.”
Instead of always looking for talent outside, groom talent within your business; saving company money; maximizing productivity.
Develop Connections with Those You Promote
The best customer is the one who keeps coming back for more. Alibaba is successful because it has developed a strong tie with their members. If you are in the daily deal business, find merchants and clients who reflect your target audience and business goals.
The main problem in the daily deal industry is that people are strapped for cash; wasting money on internet marketing services. Try approaching an independent internet marketer, offer your services, and see if they could offer theirs in return — for a reasonable price of course.
The old phrase, “I’ll scratch your back if you scratch mine” seems appropriate.