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5 Best Practices For Growing Your Online Revenue

Grow Your Online Revenue

Growing Your Online Revenues

 

As the business you need to define the strategies that will grow your online revenue, profitably. 

However, the amount of marketing information online can be overwhelming for business owners.  It’s difficult and time consuming to figure out what will actually work for your company and your situation.

You need to focus on making your business successful, not becoming a digital marketing expert.  So here are 5 best practices for growing your online business that you can communicate to your staff or contractors.

The primary goal of your website is to grow your online revenue

1/ Your website needs to attract leads, convert leads into prospects, and convert prospects into customers.   For example, your website can attract leads with compelling content and SEO (Search Engine Optimization).   If you can capture a lead’s contact information before they leave your website or landing page, you have potentially converted a lead into a real prospect for your company.

2/ Focus on driving targeted prospects to your website, not on ranking #1 in Google search for a particular keyword.   For example, if you’re a plumber in Nanuet, you want someone who is searching for “emergency plumbing service in Nanuet” rather than someone looking for “plumbing”.   These targeted keywords will have less traffic than a high volume keyword like “plumbing”, however, you will end up with a higher quality lead that costs less to obtain. This strategy applies to both organic search (SEO) and PPC search advertising campaigns.  

3/ Never allow your business to be overly dependent on just one or two marketing techniques.   For example, if you can’t withstand more than a 10-20% drop in revenue, you should have at least 5 healthy traffic sources to minimize your risk.

  • Google is constantly changing its search algorithm;The next change could result in a drop of your lead traffic to the website.
  • Online digital advertising costs are increasing as more businesses become active online, so your cost may reach a point where it is no longer profitable for you to use.
  • Companies are starting to charge for services that were previously free; The product directory that you’ve been using may start to charge for your listing.  

4/ Measure and Optimize your online marketing campaigns to minimize the cost of customer acquisition.  It’s a waste of money to attract visitors to your website who aren’t interested in your type of product.  For example, if a large percentage of website visitors are bouncing off your website or landing page, it could mean you’re attracting the wrong prospect to your website, or maybe your website content is not compelling.  If you are promoting your business on a particular social networking site or niche blog site, and you’re not seeing any traffic, or maybe the traffic you are seeing is not converting to customers, then you are probably wasting your money.  Modify or replace poor performing campaigns.

5/ Branding and Social Media are important components of any Digital Marketing Plan.  Branding and social media provide market awareness and social engagement for your company and its products.  However, “likes”, “followers” and retweets won’t pay your bills until, and if, they convert to a customer.  To start to gain experience in these areas, you should initially focus on campaigns with proven ROI.   For example, by encouraging your customers to provide product reviews on a social review site, you can measure the net increase in referral traffic from that site.  By distributing press releases about your company, you can measure the traffic to your website.

Choosing the right strategies to grow your online revenue can be challenging, even for marketers. Every business and market niche has their unique challenges.  However, the above best practices will help you start off in the right direction.

About David Hubbard

David Hubbard is a Revenue Growth Expert, a pragmatic Marketing and Sales Consultant, a proven business leader and the CEO of Marketing Outfield. He has helped both private and public companies grow by 25-50% per year by properly enhancing their revenue strategy, sales and marketing activities, and incentive compensation plans to better align the company with their target market buyers. With a unique professional track record within the Sales, Marketing and Product Management functions, he brings a frank and unbiased perspective to his clients. Request a Complimentary Audit Consultation from Dave and his team and follow him on LinkedIn.

Comments

  1. Hi Dave,
    Uncommon wisdom about growing an online business. I think the idea of varying your marketing strategy is most important. There is a possibility (even a probability) that one technique or more will begin loosing effectiveness over time making it necessary to change off to new techniques or even develop whole new approaches over time, so believing one thing will work in the long run is definitely naïve. Thanks for sharing this post with the BizSugar community

  2. I agree- marketing and all the strategies and techniques are overwhelming to business owners. And they already have a lot to do- but marketing is essential for you business success and how everything works together to support your brand. If you don’t have a brand or defend it – others will dilute your message and you will blend in instead of standing out.

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  1. BizSugar.com says:

    5 Best Practices For Growing Your Online Revenue…

    The amount of marketing information online can be overwhelming for business owners. You don’t need to become a Marketing Guru. These 5 Best Practices will help you get on the right path to grow your business….

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