If you're starting from scratch, or if you're an established business but you don't know what the ROI of your marketing activities are, the first thing you must do is set up the proper foundations online.
But why online?
There used to be a ton of stores that could get away with no online presence but those numbers are dwindling. If a friend shares your service to another friend, what's the first thing they'll do? Most likely, they'll Google it. If you don't appear, the friend will immediately lose interest. Oops, you just lost a potential sale.
And in the land of online, there are a few foundations that you need to know.
Everything should start with analytics. If you're not tracking numbers, how do you know what's working and what's not? You could have stumbled upon the most lucrative customer generating machine but if you're running multiple campaigns, you won't know which one is working.
Recently I was doing some consulting for an electricity company and they've ticked off THE most important steps for a great business, they're offering an amazing service and everyone loves them. So, we dug a bit deeper into the analytics to create a benchmark of where they currently are and we found something pretty amazing.
For every $50 they're spending, they're making $500.
They didn't even know! My advice was to start pumping much more money into these campaigns that are working really well and see how it goes.
Working with numbers makes the game much easier. Now we can say, when the cost of acquisition equals the profit we're generating, we stop. Or in other words, when it costs $500 to make $500, it's time to find a new more effective marketing channel.
This has always been my bread-and-butter in the online space. Nothing beats SEO (search engine optimisation) when done properly. It's super cost effective, you can do it yourself (I'll be talking more about this later) and once set up, it generates a consistent stream of income.
Search engine optimisation essentially means optimising a website, so when people search Google (or other search engines) for your product or service, it appears. If you're a florist in Auckland for example, and you appear when people search 'florist Auckland', you're going to be earning quite a bit.
At a foundational level this is important though because you need to come up when people search for your businesses name. If my friend tells me about your business but when i search it, it doesn't appear, I'm going to quickly forget about it.
So if you Google your business name - if you don't appear, you need to be worried!
If you're in business, you're selling a product but you don't have the three items listed above (a website, analytics, or search engine optimisation) you need to get a move on. Chances are your competitors won't wait around for you to begin so don't let them get the head start.
If you need any help with these three channels, then get in touch today. We're here to help!