How bad has this pandemic affected your business growth? Whether you’ve been in the industry for years or you may be a new entrant, there is always scope for growth. There is always scope to widen your network. The options for business growth, in particular, are endless but the need of the hour keeps changing. In today’s time, the need of the hour is growing online and marketing your business digitally is the most effective way of business growth.
If you are new to this concept and wondering what to do and how to go about, then this blog is for you. It will talk to you about the steps you need to take one after the other till you achieve your ROI.
#1 SET YOUR GOALS
Everything has a purpose of its own. Similarly, every business has its own goal. Analyse what you want to achieve by going digital/by using a digital platform. Your goal will depend on your business model.
Different types of goals can be like, building brand awareness, generating more sales, follower growth, increasing conversions, beating competition etc. Understand what your business wants to measure? Figure out your key performance indicator. Below is an example of how you can work on your first step.
Example – Let’s say the goal of your business is to – generate sales.
The catch over here is you need to know where your audience concentrates. So that brings to your Key Performance Indicator i.e
KPI – Measuring Conversions
These can be simply calculated by taking the number of conversions and dividing them by the total of ad interactions.
So here, the first step is all about identifying the goal and the key performance indicator for the campaign.
#2 IDENTIFY YOUR TARGET MARKET
Before building and implementing, identify the group of people whom you want to sell your product/ service to.
Understand the demands of your target audience. Once you identify the target market, you will be able to make the content that can resonate with them. Start this step by identifying the target audience demographics. Age, gender, location and interests. Use tools like Google AdWords to know more information about your target. Plan your strategy according to your audiences demand and interests.
While doing so, also keenly keep in mind about your competitor’s growth strategy. Identify the online tactics that worked well with them with a similar target audience. Learn from their mistakes. Bring out an element that helps you stand out when compared to them.
#3 BUDGET PLAN RIGHT
Once you are done identifying your goals and target audience, set your budget for growth. Plan your first step of execution to meet the end goal, define your budget. Digital marketing is the cheapest form of advertisement when compared to traditional methods. In case you plan to hire a digital marketing agency, you also need to budget your income to pay for their services apart from the ads you will be running on Facebook or any other platform. Breakdown your requirements. Keep in mind that digital marketing is a combination of software and manpower. You need to allocate your budget keeping all the combinations in mind. And keeping the current 2020 situation in mind, budgeting is considered as an important step above anything else.
#4 SELECT YOUR CHANNEL
Understand the various types of digital marketing. Once you are through it, you will be able to understand what kind of service best fits your business. You will want to utilise as many channels as possible. Choose the right options and strategize. A combination of marketing channels when chosen and utilised properly can result in a strong strategy. Never use the same channels you choose for a B2B (Business to Business) in a B2C (Business to Customer) strategy. The trick to choose the right channel and the right platforms are to do the right homework in step 1 and step 2. Your various kinds of channels can be SEO, PPC Ads, Content marketing, Social media marketing, Affiliate marketing, Email marketing, Display ads, Video ads etc.
#5 IMPLEMENT YOUR STRATEGY (Run campaigns)
Once your channel and platform are chosen, plan your work strategy (flow).
If you are planning on
· Google ads/ SEO
You need to do strong keyword research. The right keyword is going to get your users to your product. To analyse the right keyword you need to put yourself in the customer’s shoes.
· Ads on Social media (Facebook, Instagram, Pinterest, Twitter, LinkedIn)
Out of these, Facebook is the most popular one. Create an advertisement that can resonate with your audience and where your audience is most active. It’s always a piece of good advice to start small and scale up slowly depending on insights.
· Email Marketing
A method to reach your customers at a relatively low cost. You can use social media to collect emails and build your brand using emails. Email marketing can be facilitated by the use of automation. Automation can be used to welcome users, thank them for joining your brand family, update them if they left something in the cart or update about new/limited collections. Automation can save a lot of time.
This strategy should be adopted to catch hold of those customers who slip through the small gaps. You should have this strategy as a must-have on your list.
Blogging is considered as one of the best organic ways to achieve brand awareness/ brand traffic. Keep your blog as engaging as you can. Because longer the time your user spends, higher the chances for you to rank.
#6 MONITOR AND ANALYSE RESULTS
Know what worked best, know what mistakes you made. Attract, convince, give them curiosity and make your customers of all in love with your brand. The work doesn’t stop once you get your campaign in place and get clear insights of where your actions are leading. Analytics and monitoring the campaign using key performance indicators and figuring out if we earned the ROI we expected is the catch. Measuring the effectiveness will help us understand what works and what doesn’t. Shift directions if it’s needed. Effective marketing is not just about staying the course. Even if the goals are met you have to continuously work on the strategies to sustain your position.