You have an online business and it needs to grow? There are plenty of strategies that you could use to make that happen: you could create more engaging content, hire more efficient employees, begin a creative social media campaign, use a creative ad agency, use PPC advertising, write blogs, or even master the art of automation.
You could use just one or all of the above strategies and see some good results. But before you choose “a strategy”, it’s vital that you focus on the flaws of your business first and address them. What specific thing is holding your growth back? What area of marketing are you lacking in?
You need to hit the new year with maximum efforts to gain maximum traffic growth, so mend the hole in your system for a better and brighter business.
Identify Your Biggest Flaw
Growing a business, whether online or offline, is not possible by just doing a single activity. Growth only comes when you continuously improve on the strengths of your company and optimize your service to deliver the best possible experience for your customers or users. To achieve this, you need to step away from “one-off” tactics or that “quick fix” that will give you only momentary results.
Starting off, you need to assess the biggest problem in your company that stunts growth and make changes from there. The most impactful growth you can obtain is in the areas where you are currently at your worst. As soon as you focus on that one problem source and do the necessary action to turn it around, you will then experience development that would lead to more customers and more sales.
The number of conversions your business can do is an indicator that your business is thriving. It’s no good that your website has a great number of visitors without them actually buying. Know the gap in the system which hinders people from purchasing anything from you—it could be ineffective marketing, imperfect pricing scheme, etc.—and by creating a better sales journey for your visitors it will not only turn them into paying customers, but will also make them repeat buyers.
Monitor Your Website Traffic
The traffic that your website accumulates is the heartbeat of your online business. After all, that’s what being online is all about. Additionally, monitoring the traffic to your website is a sure fire way of identifying where your sales issues are.
Ensure that you’re experiencing double digit traffic growth each month. If this is not the current case or if it’s too low, you can drive more traffic to your website by publishing fresh actionable content, targeting high volume yet low competition keywords, boosting your presence on social media, backlinking from trusted seed sites, or creating irresistible offers.
To properly gauge how much effort you need to do to increase site visits, regularly check your visitor’s counts in time increments and be sure to exclude data from the holiday periods to avoid the confusing picture of your averages.
It’s Not All About PPC (Pay Per Click) Advertising
When online businesses are low on traffic they often think that PPC is their quick answer to the problem. As effective as PPC can be for ecommerce, especially for hyper-local businesses, it’s not a cheap strategy. Also, if you’re not into landing pages it doesn’t seem like PPC would be an immediate route for you.
Don’t give up on slow burners such as SEO or content marketing. As comparatively ineffective as they may seem compared to PPC, the impact of SEO and content marketing over time could be huge. Wordstream, an online advertising agency, recommends SEO is a good way to get consistent results, build an authority site, and increase its value over time.
A quick tip: In the usual slow post-holiday period, there’s a great opportunity for your site to gain lots of attention as ecommerce sites tend to slow their content production at this time and it’s best to take advantage of this window.
Maximize Landing Pages
Ecommerce marketers make the common mistake of having ads that are not properly targeted. This can be detrimental to conversion rates as well as budget, so you must ensure that you are not advertising to the wrong type of consumers.
You also have to do the “Five Second Test” to see what’s lacking in your landing page and if it communicates your offer well within a few seconds. Keep in mind to match the ad to the headline and it has appropriate design, images, and symmetry to attract your customers’ interest better.
Every detail is important when you’re trying to grow your business online and you should check if your landing page gets high numbers of visits and conversions. All this is crucial to success and nothing should be missed.
Measure and Study Your Online Activities
If only less than 3% of your visitors are turning into customers, then you have a flaw that needs fixing. Delve further into the conversion analysis by studying your current ways into reaching higher conversion rates. Some samples of these are: subscriptions to your blogs or newsletters, adding items to a wish list, and interaction with you on social media sites about things that customers can relate to and take heed from.
Use the following methods to correctly analyze your web presence and make adjustments:
- Google Analytics: Let’s you thoroughly monitor the flow of visitors, how many figures have dropped from your previous records, and where people are least likely to look on your site etc.
- Optimizely: Lets you do A/B testing for a better understanding of which webpage gets better conversion rates.
- Restore Abandoned Carts: This is especially helpful and a great opportunity for online stores to increase their conversion rates. Using your previously collected data, find out when is the best time and approach to send follow-up emails to potential customers who have, momentarily, left their carts.
Analyze the Rates
Repeat purchase rates: This is an important feature to pay close attention to and increase your revenue. However, the repetition of a certain type of purchase depends on your business. If you’re a company that sells computers, then this number is likely to be low. On the other hand, if you’re selling used books, it’s likely that the number will be higher.
Have a certain figure in mind for your repeat purchase rates and use it as a barometer for your future success.
Analyze the data to find out where customers seem to leave. If customers are dropping off between order 1 and order 2, analyze the characteristics of the people who purchased a second time and those that chose not to. You’ll soon realize what “needs fixing” and what doesn’t.
Churn Rates: Churn is an important metric for your business because it accounts for the percentage for when consumers have stopped buying, using, or subscribing to your product or service. Furthermore, high churn rates could be detrimental to your growth.
Technical problems or shipping delays can cause surges in churn rates. If this is the case, you need to communicate apologies to the customer and keep them informed. Also, send out compensation discounts or invite them to give your business another chance.
Ask Help from Business Authorities
If your total marketing strategy is failing, then you need to hand things over to marketing specialists. At this point, your marketing problems aren’t something you can fix, so you’re better off letting another team do it for you. They are capable of handling all the minor and major marketing flaws that you have encountered and you’ll soon see your online business gain new leads and more importantly, new conversions.
MOBE is a great platform to partner with to learn and allow your company to grow. They have a team of experts to guide you through driving traffic, marketing, and building a better business with the most effective techniques in growing any company.