The modern business owner can almost throw out the need for traditional advertising methods, certainly in the startup phase of the company. The buzz generated from having your company featured in the newspaper, on the radio, or on billboards is losing its sting. The amount of business generated directly from the web is astounding, and entrepreneurs need not leave the comfort of their internet browser to grow their business. Here are a few tips for increasing revenues on the web.
Start At Home Base
The first step to growing your business online is to establish your web site. There is only one place prospects will turn to get a true picture of your business. Your web site should be clean, informative, and effective in offering a user-friendly experience that’s easy to navigate.
One key to successful internet marketing is to know what you’re doing right and where you have room to improve. Marketing metrics allow you to keep track of everything: where your customers come from, what pages they like visiting on your site, how long they spend browsing before purchasing, etc. Tracking these numbers will prove particularly useful when determining where to implement a new campaign or how to adjust your current strategy.
SEO expert Vedran Tomic shares a list of metrics that you should be sure to keep track of, including:
- Number of conversions
- Unique Visitors
- Conversion rates
- Traffic from search
- Direct traffic
- Visitor loyalty
- Social media source traffic
- Email newsletter traffic
- Online campaign traffic
- Online advertising traffic
Which metrics you want to focus on will depend on several factors. For example, a social media website will look for a lower percentage of unique visitors than an online business that sells lawn mowers: one site wants its visitors to come back over and over again and engage deeply on the site, the other wants to see as many potential customers as possible. If your business is running a campaign for which you created a microsite, perhaps you’re looking for a high conversion rate from your main site. If your strategy is for people to label your brand as highly sociable, perhaps you want to focus on traffic on your social media pages.
ROI Is What Truly Matters
Tomic also points out the importance of ROI. Institute organized campaigns and measure results to find out what works and what doesn’t. Committing your two primary assets, time and money, in the right amount to the right places will be your greatest achievement when it comes to increasing profitability and growing your business online. For example, if you’ve invested $1000 and 50 hours in your latest advertising campaign as opposed to the $500 and 25 hours that were spent on your previous campaign, did your direct revenues at least double? This is an important question to ask yourself as you move forward and your campaigns and strategies continue to evolve, you want to make sure that you’re getting the most return on your investment.