A vast number of e-commerce and online companies have the same goal: increase revenue and products. But what can a company do to make this goal a reality? Online marketing is a quick and easy way to increase company profits.
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Here are 5 Quick and Easy Ways to Increase Revenue
1. Focus on Existing Customers
Existing customers are 60-70% more likely to buy your products than new customers at a mere 5-20%. Existing customers also spend on average 31% more and are 50% more likely to buy new products than new customers, Nichole Kelly, the CEO of SME Digital, writes.
For many companies, connecting with their existing customers is a natural fit for social media. These companies are seeing conversations about their brands, their competitors and their industry that provide them with an opportunity to engage others in dialogue.
There are two types of strategies that revolve around existing customers on the social media channel. The first is to offer customer service help through the social channel. We’ve seen excellent examples of this with Comcast and Boingo, which have successfully addressed customer concerns through social media.
This builds customer relationships, which strengthens customer loyalty. Why not focus on the ones who generate the most revenue for your company?
2. Increase Revenue Through Targeted Advertising
Targeted advertising is becoming easier as more information about individuals is available online. In Mike Juba’s article, Online Marketing Strategies to Increase Online Revenue, he says, “The more targeted traffic you can get without having to pay for advertising or PPC, the more revenue you will see along with better margins. Therein lies the question: How do I get more targeted traffic to my website?”
“You need to be going over the keywords, and all of their relevant long-tails, that convert best for your website. This means naturally placing, but not stuffing, keywords in your content on relevant pages in optimal places, correctly doing internal linking, improving user experience (UX), split testing, and optimizing your tags.”
He then goes on to describe the importance of SEO and that specific keywords don’t just come from the larger content you write. You should not only be producing large sums of content on a variety of different topics to get the most people interested as possible, but you should also go and comment on similar articles. If you are able to build relationships with other content writers, you can feature each other to get more and more traffic to your website.
3. Marketing via Social Media
Marketing over social media is a great way to increase company revenues. Social media is a cheap and easy way to reach your customers. Many companies limit themselves to just Facebook or Twitter, but they would be so much better off expanding to Instagram, Snapchat, YouTube, and other social media.
However, in order to keep track of all these different channels, you will need some help. If you market over social media, you will need a customer service team that is capable of handling all the different channels you customers will talk to you. Woveon is an intelligent customer service software that allows companies with fewer resources to have customer service like any big enterprise.
4. Promotions, Giveaways, Discounts
Who doesn’t get excited about a great discount, or even giveaways?! TMR Direct’s article on increasing revenue by internet marketing suggests that promotions energize your customers more than anything. With social media, it is once again easy to hold contests and get your loyal customers excited about new deals or potential giveaways. These giveaways, promotions, or discounts on your social media page increase popularity and will get more shares than previous posts. This drives more traffic and increases customer awareness. You already offer discounts, why not energize your customers and gain more money along the way?
5. Boosting Revenue Through Marketing
Online marketing is a great way to boost revenue. There are many tips and tricks out there, but focusing on existing customers is a great place to start. They are 6 times cheaper to maintain and easier to contact. This contact is often through social media and emails. Companies can host promotions or even giveaways that excite the existing customers, who then share it with new people. Lastly, targeting the right group has never been easier over social media. Search patterns, Facebook interests, and types of YouTube channels you watch all allow companies to better target you as a customer, saving them lots of money.
So before kicking off your next marketing campaign, look back at these easy steps to increase revenue!
