Business Growth Strategies & Your Online Marketing Strategy

Your online marketing strategy, a key part of your overall business growth strategies, should enable you to integrate with all your other business marketing strategies.

Your goal is to bring a continuous supply of new qualified visitors to your website, develop new leads and convert to new sales. Your web site is a 24 hour, 7 day a week sales resource, it is not limited by time, geography or personnel.

Successful business growth strategies are the result of well researched and planned business marketing strategies that include a fact based online marketing strategy. Your web strategy must be well planned, monitored and improved based on the results you achieve.

Today, increasing use of the internet is due to three main drivers – to increase sales and profits, to reduce marketing costs and to measure the return on marketing spend.

Business Growth through Increased Sales and Profit

Sales pressure to close deals monthly and quarterly leaves little time to find and nurture long term prospects. Marketing and sales must be closely aligned as marketing generates qualified leads and passes to sales for closure. Cold calling for a sales team is unreliable and this should be left to marketing.

Qualification of prospects that are searching for your products and services reduces the time to sell as well as increases the opportunity to sell. Rather than you find your next prospect with a targeted online marketing strategy, your future clients find you. Integration of your online marketing strategy, with the more traditional business marketing strategies allows you to nurture these prospects as they research their needs and solutions over time.

Marketing and Sales Cost Reductions

Reducing the cost of getting a new client is critical to your profit margins. Your web strategy allows you to tell people about your products and services with fewer resources. This means:

  • Less but targeted specialist sales people with increased sales budgets. Marketing nurtures a contact into a qualified lead and sales acts on those leads at the right time. 
  • Reduced marketing budgets with more tasks to develop and nurture sales leads. An online marketing strategy carries the same messages as offline campaigns but to a more targeted and interested market.

Marketing Measurement and Return on Investment

How can you be certain that your marketing is targeted and working? An often heard statement is: “I know that 50% of my marketing budget is working, but I don’t know which 50%!”

Your business marketing strategies can be measured through your online marketing strategy. By driving prospects to your website through offline media marketing, you gain an insight into the value of the money spent on each campaign. Web analytics consulting and tools will guide your return on investment. Your decisions about where to spend your budget online and offline can be better defined.

Your Integrated Online Marketing Strategy Methodology 

Strategic Goals

Your business growth strategies will define the goals for your online marketing strategy. Taking into account the revenue you need to grow and the benchmarks of a well defined internet web strategy you can calculate the amount of qualified internet visitors you will need to meet your goals.

Important benchmarks figures to note are:

  • Lead Generation through enquiry or subscription <10% visitors
  • Sales Conversion rate is 1% - 3% of visitors.

Your conversion rate will be determined by the structure of your website, your content messages – are they compelling and easy to read, your market credibility and your calls to action.

For example:

  • To build a database of 1,000 contacts on average you will need a minimum of 10,000 visitors. 
  • If your revenue goal for a product is $1,000,000 and each sale is $1,000, then you want 1,000 converted sales. If your conversion rate is 1% of visitors, you will need 100,000 visitors to your website to meet your revenue goal. On average this will be 2,000 per week.

How you attract these visitors and the right mix of visitors will be the basis for your online marketing strategy. The right mix should be:

  • Search Engine Traffic (33%)
  • Direct Entry Traffic (33%)
  • Referring Sites Traffic (33%)

Market Insight

How best you can engage people online requires facts. Before you develop your website you must have an insight into the way your market behaves.

  • How will they find my website?
  • How can I keep them on my website?
  • What are my competitors doing?
  • Will they visit my competitors?
  • How will my message be different to my competitors?
  • How can I get them to contact or buy from me?

Your market insight is the first and most important step in developing your online marketing strategy. The four main tasks are:

  • Find Your Keywords: Research the words that are used on search engines. When you look for something on Google for example, how do you find the right website? You use words and phrases, you may even qualify them further and you look to see which result fits you best. Think of how you work and assume others do the same. 

 

  • Understand Strengths, Weaknesses, Opportunities, Threats (SWOT Analysis)
    Review your competitors and compare with your own web strategy. In your marketplace, you have two types of competitors – offline as you have now and online – they may not be the same. Your chosen keywords will tell you the online competitors. 

    There are over 110 single elements that can be reviewed to get an in-depth view of the competition. These may include the number of visitors they get, the structure of their site to convert visitors to action. Your goal is to make sure that your website is easier to use and read, your message is clearer; your offerings are more compelling.

 

  • Web Analytics: A website analytics tool can provide an immediate view of how your visitors currently use your website Review the results regularly, not for statistics but to help you make decisions on what needs to be changed or added to your website. For example, how many new visitors do I get? What keywords do they use to find me? What pages do they visit? How long do they stay?

    As a minimum have Google analytics installed on your page templates, it is free.

Marketing Innovation

Your web strategy should be compelling to a visitor to take action.

Your keyword analysis will tell you how to match the words in your content to what the visitor wants to read.

Your SWOT analysis will tell you about your competitors, their products, their offerings and be the basis for what you need to do be different.

The three main points to work on are…. your:

  • Unique Selling Proposition: Position and differentiate yourself against your competition. Develop the reasons why a visitor will remain on your site, have an interest in what you are saying and come to you as opposed to any other company.
  • Unique calls to action: Offer your visitors something that no-one else does. Give them a reason to contact you directly, give you their details or to buy from you. 
  • Unique content and messages: Visitors are looking for information, be educational. Take a view from your visitor side, what do they want? Most companies want to tell a visitor about them all the time. A benefits focussed, customer driven content strategy will always outperform a features and function strategy.

Understanding the facts about your target market, your competitors and your own website will provide you with a complete online marketing strategy. This will define your next step for your new website design or changes to your current website. It will define for you what you must do to compel visitors to visit your website and what you want them to do once they are there. Your online marketing strategy is a key element of your business marketing strategies which in turn is integral to your overall business growth strategies. 

Back to Online Marketing Strategy Overview