Increase Sales Revenue by Sharpening Your Marketing Focus
Are you looking for ways to increase your online sales revenue? Make sure you have a solid marketing strategy in place that connects you with your ideal customers. Reviewing your strategy may reveal places you can strengthen your focus and increase sales revenue.
Identify Your Ideal Customer
You can't please all the people, all the time, and your marketing efforts will be most successful when you know exactly which customer fits your company's profile. While this may feel constricting at first, you will find that your branding actually appeals to more people in general once your message is specific to your target customer.
Without a clear picture of your ideal customer, you will struggle with questions like:
- Which social media platforms will reach my target customers?
- What branding will best appeal to this audience?
- Who influences these customers and how can I leverage this influence?
- What is the best use of my resources to increase sales revenue?
Hire Professional Help
You cannot be all things to all people, and when it comes to running your business, you should not try. Many entrepreneurs who understand the value of legal and accounting professionals make the mistake of asking employees with other talents to handle the writing and design of their websites.
If your copy is not converting well, consider hiring a professional copywriter. If your website is not drawing all the traffic you need, an SEO expert is most likely better qualified than your administrative assistant to analyze the problem and offer solutions that increase sales revenue.
After all, you wouldn't ask your human resources manager to represent you in traffic court, would you?
Understand the Lifetime Value of a Customer
If you focus on the value of individual transactions, you may miss the forest for the trees. Offering a free month of service may seem like a losing proposition until you weigh the value of that month against an average customer retention of two or more years (if that is your average). When you know your average free month pays you back twenty times over, the free month is a small price for your company to pay.
Taking the time to analyze the lifetime value of your customers will help you better evaluate the return on investment (ROI) of your entire online marketing strategy.
Focus on Customers with the Highest ROI
All customers are not created equal. Many premium customers will spend more and never ask you for much in return beyond your fulfilling their order. Others will dicker over every price and create headaches and customer service issues. Focus your marketing and retention efforts on those customers most likely to reward you with a high ROI.
High ROI customers are those who:
- Buy premium products
- Have volume needs
- Complain less
Finding ways to attract and retain these customers will increase your online sales revenue without creating more work and aggravation for you and your staff.
Reviewing your marketing strategy with an eye to sharpening your focus will help you make the most of your online marketing efforts and will lead to increased sales revenue.