The small business owner looks for successful strategies for online marketing. Online marketing specialists are employed and campaigns are run to generate leads, and a number of tools are used to focus attention on their business. With so much going on, it is quite possible to overlook an important objective – the ROI or Return On Investment.
Large businesses have specific departments and people who keep an eye on ROI routinely. But small business owners do not have departments and people to keep track of ROI. Read on to find out how a small business owner can apply an effective strategy for ROI:
Lead generation is extremely important for small businesses. Customers need to know about the company and the owner has to drive them to his business. It’s true for new and existing businesses both. Recommendations are considered to be one of the strongest factors in lead generation. Focus should be on retaining old customers, as they are ones who increase profit. Generating new customers can be quite expensive for a small business, hence having customers who generate leads are vital for a small business.
The small business owner can develop business models targeting recurring revenue and a loyal customer base, as well as expanding his customer base in order to maximize ROI. This is valuable as the cost of acquiring a new customer is about six times the cost of retaining a loyal customer. You also have to take into consideration how frequently a repeat purchase takes place and plan a strategy to entice frequent repeat purchases.
Brand recognition is important as customers are favorable to a brand which is established, or known. The better the brand presence, the better is your chance of being invested in. Experts consider brand strength to be an ROI too, as it leads to easier and better lead generation.
Most people check the internet to search for services and goods, before actually buying something. Therefore, small business owners must take advantage of this, and try to ensure that their business if featured high in the search results. Google and Bing are the search engines most preferred by people, and according to studies, people do not scroll down much to look for results. The impact is much higher if your business is featured on the first page. Therefore, SEO optimization services should be used to ensure that your business is featured high in the search rankings. Once a customer clicks on link and visits your site, he or she needs to be converted to an actual customer from a prospective customer, to see profits.
The power of social media should not be underestimated. It has become a viable and lucrative online marketing tool, having dual aspects of recommendations and actual selling of services and goods. A small business owner can have a Facebook page and try to get consumers to their page by running eye-catching campaigns. Facebook and Twitter are a great way to garner recognition for brands and positive comments lead to the all-important lead generation and resulting ROI. Google Plus is also a good platform and small business owners can encourage happy clients to write reviews on other sites as well, such as Zomato, Yelp, Foursquare.
Pay Per Click (PPC)
PPC is used by small businesses, mostly in the initial stage. It is advertising which has a fixed price for every click by a prospective customer. It can be used to steer customers to the brand. PPC had declined in importance but has now regained its popularity due to Google and other search engines reveal the PPC links with the search results. PPC can be used on popular websites and blogs for extra exposure. Supported by on-target keywords and PPC, small business owners can boost their ratings in the search results, which can result in better ROI.
Marketing via email
Email marketing can be effective if willing users are engaged after acquiring their email id through other campaigns like social media, PPC and SEO.
ROI for small businesses must be acquired through operations and a well-thought out online marketing strategy. It’s imperative to always monitor ROI and develop strategies to generate successful ROI.