In the world of internet marketing, we can often get lost in the constant battle to increase our exposure and reach online, whether it’s through search engines, display advertising, content marketing or social media.
And while all the focus is on getting more brand exposure, traffic, and driving revenue, many businesses are making a huge mistake in overlooking a few powerful revenue generating activities. And if by some strange luck they have some of these strategies in place, they are being greatly underutilized. So let’s take a look at the first one…
1) Email Marketing
Yes, one of the oldest and most traditional forms of online communication… is STILL one of the highest ROI advertising channels there is.
While not a sexy new topic, if you are not maximizing your efforts with email marketing, you are leaving a lot of money on the table.
Mistakes to avoid in email marketing:
- Don’t treat it as a license to aggressively promote and pitch your products in every single email. This is the laziest and least profitable way to approach email marketing. The right way, is to treat email marketing as a way to build a stronger relationship with your customer or prospects. The stronger the relationship, the more receptive the customers or prospects will be to buying your products or services further down the line. Plus, your subscribers are more likely to stay on your email list longer.
- It’s best to have a 70/30 or 80/20 split between value driven content vs. promotional content in your emails. A lot of the variance in this ratio will also depend on your industry. But in general, people don’t like being sold to all the time.
- As far as emailing content that provides value, focus on providing content that actually helps alleviate or solve some of the needs that your email subscribers have. The more value your subscribers get from these types of emails, the more they will be open and willing to consider whatever product or service you have to offer.
For more great email marketing tips, here is a great resource.
2) Affiliate Marketing
How would you like a very aggressive and smart online sales force that you don’t have to pay a salary to and you only pay them based on sales or leads they generate for you? Sounds too good to be true? That’s exactly what affiliate marketing is about.
You pay “affiliates” if they make a sell or generate a lead for you. Its performance based marketing where you, the business owner, literally only pay for results.
The benefits of leveraging affiliate marketers to sell your products is that they are very smart with marketing and selling products online. They have to be. Remember, they only get paid based on performance. If they drive 1,000 visitors to your site and they don’t generate any sales for you, they do not get paid. Now that’s a pretty good deal for the business owner.
But there is a problem. Because affiliates take most of the risk when it comes to selling your products online, affiliates aren’t going to waste their time and money promoting products that won’t be profitable for them.
So how do you attract affiliates? For starters, you need to have a site that is optimized for conversions (more on that in the next point). Once you know that your product sells like popsicles on a hot summer day, you need to communicate these in metrics that affiliates care about. This means you want to break your revenue down by EPC (earnings per click). And then you also want to break down your EPCs based on the traffic source (display, social media, search engines, etc).
For instance, if you drive 1,000 clicks from banner advertisements to your site and you generate $200 of revenue from that, then you have a 0.20 EPC (dividing your revenue by your clicks). The affiliate’s goal then becomes a game of trying to drive traffic to your site at a CPC (cost per click) that’s under 0.20 cents.
Another way to get started with attracting affiliates is to do blogger outreach and find bloggers who have a large audience that you can give your product away to for free in exchange for a review of your product on their site.
If this does well, then you can offer them an option to promote your product on their site and earn money on sales or leads they generate for you, essentially converting a blogger into an affiliate for your brand.
What if I told you there was a way to increase the revenue generated by all your online marketing channels (SEO, PPC, Social, Display, email, etc) by doing one process? With CRO (conversion rate optimization), this is very possible.
Let’s say that for every 100 visitors you convert 2% of them into customers. But what if we could improve that conversion rate to 2.5%? That doesn’t look like much but if you take a moment to really think it over, that’s a whopping 25% increase in revenue per 100 visitors.
To really understand how your website’s conversion rate performance can potentially vary: Imagine 2 sales professionals. One of them lacks experience and isn’t that good, while the other has years of experience and really knows how to sell. If you give them both the same 100 customers and leads, it’s easy to understand that the better sales professional will close more sales than the other guy.
Well your website is your sales professional. Rather, it’s your sales machine. You want it optimized and performing its best. Elements like the messaging and content, the contrast of the colors, the size of the buttons, and hundreds of other factors do in fact matter.
Ask yourself these questions:
- Are your buttons large enough?
- Do they stand out?
- Are you communicating, with words, the benefits of your products effectively and concisely?
- Is your main headline communicating your unique value propositions effectively enough to keep people reading and visiting the other pages on your site?
- Are there too many distractions?
- Is there enough social proof such as glowing testimonials?
These are just some of the elements on your site that you need to take a close look at and look at improving. We would be happy to take a look at your website for you and recommend some helpful updates. Contact us today!