One of the biggest mysteries that most Marketing Heads face today is strategizing and measuring success digitally. Success parameters differ for products and what may be a new campaign for one, could well be obsolete for another. In wake of such disparity, how does one ascertain strategies to achieve in online business?
Well, here are 8 of them:
Flesh out your revenue model: Jumping the online bandwagon may seem like the thing to do, but it’s crucial that you think your business through. You must plan out the nature and history of your business and revenue model. Running an online business may seem easy, but it’s important for the monies to flow in, in order to keep the business operational and self-sustainable.
Identify Target Audience: It’s important for you to learn who you are selling to. Your campaigns need to be tailor-made to reach out to your target audience to make sense to them. There’s no point in sending a thousand e-mails to an undefined database if they are not likely to respond to your product or service.
Review your present marketing technique: You need to understand what’s working for you and what’s not. That gives you an idea about how you can capitalize on what’s working and what you can do to improve and also what you should to rectify what’s not working.
Define your goals and targets: What seems like a tedious task can actually turn out to be blessing in disguise. Often, just listing down what it is that you aim to achieve from promotional activity for your online business can make things clear and give you an understanding of who you need to go after and on what medium. A simple differentiation between the generic “more views” and the specific “25% increase in conversions” can help you raise your returns.
Choose the communication wisely: Your communication needs to connect to a potential customer and give them a definitive call-to-action. They need to understand what they stand to gain by giving you their money. Sourcing a line from a latest hit song may work with the younger generation, but a key decision maker may not relate to it.
Pick the right platform: Social Media, Web Advertising and E-mail marketing are the best ways to get eyeballs to your online business. However, it’s important to not just employ these services because everyone else does. An analysis of how many businesses similar to yours usually engage on these platforms will tell you where you need to put your money.
Execution: Thanks to the previous mentioned steps, the hardest part now becomes the easiest. Stick to the plan and increase and reduce frequency of your marketing activity depending on engagement, conversions and ROI.
Sustenance: This is the hardest part. You have to always assume that your users have limited memory and hence it becomes crucial to keep reminding them of your presence. Innovate, alter and keep at it. Planning and staying committed to your goals will translate to bigger, better returns.
8 Strategies to achieve in online business