An Ultimate Guide to Digital Marketing to Improve Business
The Internet world is rife with opportunities that would help to grow or improve your business. In today’s world, no matter whether you have a brick and mortar store or have a business that operates online, a robust online marketing strategy is a must for survival and further success.
Digital marketing is when you can do anything online to grab some attention which would drive traffic to your website and then you convince them to join an email list, buy your product or download your app.
Extremely effective for a few reasons including being less expensive than conventional forms of marketing, finding target markets, run a whole business without any physical location, generate large amounts of revenue and being able to scale the business faster, digital marketing is the way to go in the current times.
The best digital marketing plan is to:
- Get to know who your customer is
- Know where they are and what they want
- Set a clear goal
- Be clear about your current position to be able to reach your target
- Work backwards from the proposed goal
These first few steps are extremely important and should not be neglected for the success of your online business.
The Conversion Funnel
Simply put the overall activities of the digital marketing are built around acquiring users, thereby funneling them through a sales process to convert them into your clients. This is a universal model that works on any type of business wanting to go online. Leads from prospects are acquired, converted into customers and further retained for transactions again and again, that is, loyalty is ensured.
In traditional marketing more importance is given to acquisition of customers, but in digital marketing it is important to stay active throughout the customer life cycle and upsell them later on with additional products.
Acquisition of Traffic
It is not possible for business to simply acquire traffic for their website through Google or Facebook. Therefore, the first step is to get clients-to-be to visit their website. The channels that are primarily used for this purpose are SEO, social media marketing, email marketing, content marketing, etc. These allow the business owners to acquire traffic and also increase the traffic indefinitely.
Conversion
This is all about turning traffic into customers for your product/services. This actually involves the customer-to-be taking a specific action once they reach your site. It is a metric by which your website success is measured. Only ’Sales’ is not considered as success. Other outcomes such as call to the business, subscribing to email list, download lead magnet, making a donation, filling out a detailed form, etc., are considered successful.
Conversion Rate Optimization (CRO)
This is a systematic approach to be taken to increase the visitors’ percentage taking a definitive action. This utilizes analytics and feedback from users to help businesses make the most out of their existing traffic. In short, it helps to maximize the website performance. To improve website performance, changes are targeted to specific page elements such as the following:
- Copywriting – language, wording, tone and content
- Design – use of high-quality visuals to convey message
- Navigation – easy to understand navigation is the hallmark of a simple but effective site
- Call to Action – compels visitors to take some action
The formula that governs revenue for the site is:
Traffic x Conversion Rate x Price/unit = Revenue
Lead Nurturing
When the customers become more educated the time taken to make a purchase is usually much longer. Therefore, many online businesses do not attempt to make a sale immediately.
An online business acquires the leads and then nurtures those leads into sales. A lead is any visitor that has provided you with some type of contact information (signed up for an email list, ready for a free trial, etc.).
This is where trust has to be built so that the customer feels there is value in buying your product or service.
Retention of Customers
This is the final step and is very important. Research shows that existing customers are five times more likely to buy from your business than brand new ones. They also spend more than new customers.
This brings us to the fact that retaining your existing customers is of paramount importance to building a successful online business.
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