In business today, one of the biggest reasons that they fail is through insufficient and lack of cost-effective marketing.
Now consider about 6 to 7% of gross revenue is actually dedicated to your marketing budget, and can often be as much as 20% in a competitive niche.
Imagine you’ve got 2,000 visitors landing on your home page each and every month. Now, 60% of those visitors never visit anything other than the home page and then leave.
So let me ask you a question which is going to be cheaper?
- Option 1 – Getting 20% of them visitors to stay on your site – so 400 visitors
- Option 2 – Doubling your traffic but they leave at the home page.
Now, if you’re thinking option one, then you’re absolutely correct.
Why? Because the key is optimising your site to convert more traffic and it’s going to be far more cost-effective in the long run.
So when we’re looking at maximising our digital marketing profits, we have to understand our return on investment. Now, this is all down to the math of selling.
Consider the three most common goals in business today.
- One, increase customer base.
- Two, average order value.
- Three, purchase frequency.
Now, if every business achieve those three common goals, then each business would be reaping the profits they deserve. So in business today, there are just three key skills in the world of digital marketing. They’re going to give you the best return on investment.
Now, what are those three skills?
Three key skills in the world of digital marketing
- Appearing in the search engine – SEO (search engine optimisation) so that businesses can find you.
- Social Media is a key part of business today and can be really central to driving lead generation.
- Email Marketing. It’s been around since 1970, but still not harnessed by many businesses today to its full potential. But he can have the best and quickest return. Why? Because it’s instant. You can press the button and you can start to see people taking action immediately, opening the email, buying and inquiring and visiting pages on your website.
Many say marketing has changed more in the last two years than in the last fifty. So what should your priorities be in this ever evolving world of digital? Well, quite simply, you need to be focused in on generating leads that turn into profitable customers.
But why are businesses struggling with this?
So let me share a case study with you so you can see just how quickly you can make improvements and increase your customer base by over 10 percent in just 30 days.
Lead Generation and Conversion – Four Touchpoints
One of the most successful things in business is when you get your digital marketing campaign really reaping the results that you deserve.
But there’s four key touch points that you should always be measuring.
Now, what does that mean?
Well, Reach is all about acquiring New Business.
Act is about generating leads and capturing the all important data that we need in business today, such as email addresses.
Convert is all about turning those leads into profitable customers.
Finally, engage, is if not one of the most important aspects of business today, which is looking after your lovely customers who in turn will spend 33 percent more with your business but are often neglected when we think about generating new leads and new businesses with digital campaigns.
We did a case study earlier this year and it was a 30 day digital challenge. What was the digital marketing campaign? Well, it was a 30 day digital marketing challenge whereby we went live on social media for 10 minutes a day, giving added value tips.
So what were the amazing results that we achieved?
Lets look at the four touch points of marketing, starting with REACH which I mentioned earlier. We got 2.5 million video views and that’s still growing. Now, that was over 30 days, but in just one week, we got 27 percent increase of Web visitors.
The second touchpoint of digital marketing was ACT – lead generation. Now, in turn, we managed to not only increase our customer base by 11 percent in 30 days, we were still generating leads way after the 30 day challenge, and we had a whole host of new subscribers to continue to market to.
So not only are we really getting people watching the video, but our engagement on social media had gone through the roof. People were comment liking and sharing. They were joining the group. They were signing up for the blog and also we were building our subscriber base.
The third touch point of marketing is CONVERT whicih is all about profitable customer. Over 30 days, what we were actually doing was launching a product, but not once did we talk about the product.
It was all about adding value. Now, once we created the buzz on hype, we managed to launch a product and increase our customer base by 11 percent in just 30 days.
Now the fourth touchpoint of digital marketing – ENGAGE.
What did it do for all of our lovely customers – well it re-engaged them? We had people coming back that we dealt with maybe 10, 5, 3 years ago, and we built that relationship back up and we were driving the relationship forward because we were re-engaging with our customers and they were our biggest advocates.
They were helping us along with the challenge by commenting, liking and sharing too.
So what did we learn from this campaign?
Well, this supports one of the most important aspects of your digital and social media today, social selling. Now, this is all about not marketing your product and service every single day, but focusing on creating content around the consumer and what they need.
It’s about creating content, that adds value, that provides advice, maybe gives them a solution to a pain or a problem that they have.
This in turn will help nurture them through to becoming a profitable customer. It’s a far more solid way of presenting your business rather than just talking about what you do, but this is about what you do for them.
If you’ve enjoyed these tips, why not head over and download a free copy of our course prospectus today and find out just how you can develop your digital marketing skills to scale and grow your business.
Come and join the conversation below, and let me know where you are in your journey and how I can help.