In the last few years, there has been a considerable increase in the number of online marketplaces. The most popular ones include eBay, Amazon, and various social media sites (e.g. Facebook, LinkedIn, and Instagram). In the United States, Canada, and many other countries, businesses that sell products online must follow a set of legal guidelines (especially when dealing with customers from other countries).
As the number of online marketplace operators has increased, the competition has become more fierce. To survive in this highly competitive environment, businesses must constantly find ways to boost their revenue and grow their customer base.
Fortunately, there are a number of effective strategies that digital marketers can use to gain a competitive advantage on the web. Below, we’ll discuss nine of the most important ones.
1. Use Search Engine Optimization (SEO) To Get More Clients To Your Website
One of the first things that prospective customers will do when they’re looking for a service or product is search for it online. If your website isn’t showing up in the first few pages of search engine results for relevant keywords, you’re losing out on a lot of traffic and potential sales.
To get your website to show up in the right spot in search results, you’ll need to optimize it for the major search engines (e.g. Google, Bing, and Yandex). There are a variety of tactics that you can use to optimize your site, such as selecting the right keywords and phrases, creating high-quality content, and building backlinks to your site.
2. Measure The Success Of Your Marketing Projects With Analytics
One of the main jobs of a digital marketer is to analyze the results of their marketing efforts. To do this, they need to set up analytical tools that can track the growth and performance of their website. Some of the key metrics that you’ll want to track include:
- Leads (the potential customers that showed interest in your services or products)
- Demographics (the characteristics of the people who visit your site)
- Screenshots (for website analysis)
- Server errors (for technical errors)
You can use a number of free tools to get started, such as Google Analytics and Hootsuite. You can also use marketing software packages to get more sophisticated analysis. For example, HubSpot has a free tier that you can use to analyze marketing performance.
3. Create A Community On Social Media
You’ve undoubtedly heard of the term “word of mouth marketing” (WOMM for short). This is when people recommend a service or product to their friends and family through social media channels, such as Facebook, Twitter, and Instagram.
If you’re looking to grow your business, you should consider using social media to gain credibility with potential customers. Create a community of people that share your brand values and follow your marketing strategy, and you’ll be able to gain a substantial audience in no time.
The main questions that you need to ask yourself are:
- How can I engage with my audience on social media?
- What content do I post on social media that’s most effective?
- How do I track the success of my marketing efforts on social media?
4. Measure The Impact Of Your Marketing Efforts With Return On Investment (ROI)
Marketers should be measured on the basis of their ROI. That is, marketers should be accountable for the financial return that their efforts generate. A common misconception is that marketing budgets should be seen as a straight line of investment that will pay off in sales. This is a false assumption. If you calculate the ROI for a typical marketing campaign, you’ll probably see that it is a combination of the following:
- Costs: the money that you spend on marketing
- Revenue: the money that you make from marketing (sales, leads, etc.)
- Turnover (or cost): the money that you spend on marketing (budgets minus cash flow) divided by the number of customers (or leads)
- Cumulative profit (or loss): the money that you make from marketing (sales, leads, etc.) after taking into account all operating expenses
- Net profit/loss: the money that you make from marketing (sales, leads, etc.) after taking into account all costs and expenses
You can also calculate a marketing ROI for a single campaign. To do this, take the total costs of a marketing campaign (e.g., adwords budget, website hosting fees, and paid traffic) and divide it by the resulting revenue (sales or leads).
This is essentially the same as calculating an “accountability ratio” for a business. For example, if you spent $100,000 on marketing last year and the return on that investment was $150,000 (150% ROI), then you’ll need to find a way to justify that investment. You can either increase your marketing budget or get more effective. The choice is up to you.
5. Test Different Formats Of Marketing To Find What Works Best For You
To get the most out of your marketing efforts, you must be data-driven. This means that you should experiment with different marketing formats and measurements to find the one that’s most effective for you.
If you have a strong preference for a certain type of content (e.g., video content), you should find a way to include this in your experiments. For example, if you’ve determined that videos perform well in capturing the attention of your customers, you can use video content in your next marketing campaign. You can use tools such as Google Trends to easily find content that’s most relevant to your products or services.
6. Use Multiple Channels To Get The Most Out Of Your Marketing
To get the most return on your investment in marketing, you must spread your efforts across multiple channels.
This is important because people often focus only on the channels that they use (e.g., Facebook for social media, Google for SEO, and Bing for web searching), instead of considering all of the channels that they could be using (e.g., social media, SEO, and web searching). You should be using all of the main social media platforms (e.g., Facebook, Instagram, and Twitter) to spread the word about your business and gain credibility with potential customers. Consider using other platforms, such as Medium and Quora, to find and engage with thought leaders in your niche.
7. Measure The Effect Of Different Marketing Channels
Once you know which channels are the most effective for reaching your target audience, you can measure the impact of each of these channels on your bottom line. You can use a tool such as Google Analytics to track the traffic that comes from different channels and how it converts into paying customers. For example, if you use Google ads to promote your products or services, you can use the Google Analytics conversion tracking feature to track the results of your ad campaign. This way, you’ll know which ads are performing well and which ones need to be modified or terminated.
You can use a tool such as Hootsuite to measure the impact of your various content (e.g., social media posts, magazine articles, and video content) across different platforms (e.g., Twitter, Instagram, and Facebook). Hootsuite also allows you to discover which content performs best across different platforms and measure the impact of this content on your target audiences, as well as find the best times to post on each channel to get the most engagement from your followers.
8. Incorporate Affiliate Marketing Into Your Marketing Strategy
If you’re looking to expand your customer base, you should consider incorporating affiliate marketing into your strategy. This is when a business rewards a referring party (e.g., a person or business that attracted a potential customer to their site) for bringing in new customers.
The first step in the process is to identify the target audiences for your product or service, as well as the main problems that they’re likely to face.
You can then find products and services that are relevant to your target audiences and build a resource page for them. When a user from this page clicks a link and makes a purchase, you’ll earn a commission.