21 Mar 5 Tips To Grow Your Business Online
Have you ever thought to yourself, can I grow my business online or am I getting enough of a return on my investment with digital marketing. In this article we would suggest just 5 things that won’t help you go viral but will help you put a foundation in place that you can grow your business with.
“Build it and they will come”
That may work in the world of film but on the internet that just won’t help.
Building a website is like building having a shop on a backstreet. If nobody ever finds your shop then nobody will ever buy your products or services.
The 5 things I advise every business to do to start a new business or tackle improving their current business are:
- Define Who Your Customer Is, by that I mean age, gender, location?
- Define your product/service, what is it you do?
- Define how many of your offerings you need to sell to make a living or grow your bottom line, depending at what stage your business is at.
- Put your numbers together, what’s the margin per product or service and how much do you need to sell?
- Find out how many products/services you need to sell in order to break even/grow your bottom line.
With these details in your hand you can go to a provider and ask them to find out of there are enough people/businesses out there looking for your product or service.
You do have to be very honest with yourself at this stage though. If you can’t find enough people to buy your product or service then the digital marketing platform is not the place to try to grow your business.
With tools provided by Google, Microsoft, Linkedin and Facebook to name a few, you can tell with a high degree of certainty how many people per month look for keywords in the case of Google and Microsoft and with the likes of Linkedin and Facebook you can find out how many people your ads are likely to show in front of.
Resources such as Google AdWords advertising and Bing Adverts advertising allow your business be found at the moment one of your prospects is looking for your products or services. Resources such as Linkedin ads and facebook ads insert your products and services into your prospects social media timelines.
The immediate benefit of these listed platforms is the metrics available on your prospect. Knowing how many people/businesses actually look for your services allow you to be in control of your marketing at the lowest level possible.
As these platforms charge you either when a prospect sees your advert or clicks on your advert you can define budgets. Knowing this allows you define a return on investment which in turn should enable you to estimate growth for your bottom line.
So to summarise if you fail to plan you are planning to fail. Follow the numbers. You need to know what you are selling, to whom you are selling, what price it needs to sell at and how much you need to sell to be profitable and grow your business.
While this might seem to be a foregone conclusion you would be surprised by how many businesses are not in control of the basics when it comes to selling their products online which in turn either frustrates them trying to forecast growth or report on marketing spend.