7 Key Success Factors in Online Marketing
The ultimate key to business growth and success is sales. If sales or other performance targets are not achieved, then business will most likely die. In traditional marketing, success has been driven by some factors including promotional elements. These include personal selling, sales promotions, advertising and public relations. Today, the internet plays a crucial role in determining the success of a marketing program.
Marketing is the live wire of every business. It has a responsibility far beyond selling. In fact, selling is just one aspect of marketing promotions. Having a good understanding and deploying your full marketing potentials in your business can go a long way to enhance your success.
There are key areas you should focus on to achieve marketing success whether you are dealing with a real world product, an online intangible product or you seek to boost the performance and traffic to a website which will in turn build up sales for our company. This key area of focus is what we call the Marketing Cycle.
The Marketing Cycle
The online marketing cycle will take you through seven critical steps.
- Strong product development
- Favorable pricing
- Promote your product
- Invest in social media
- Maintain a consistent profile
- Stay engaged with your customers
- Build quality content
1. Develop a Strong Valuable Product
Success in Marketing begins with the entire process of developing your product. Your product should match your target market. If your product fills a need, you will easily find customers and patronage but if it does not adequately fill the needs of your target market, you may spend a lot on promotions to convince buyers to try the product.
2. Price Favorably
Pricing is a key aspect of any marketing program. A pricing policy can be high, competitive and low. The pricing decision and strategy you adopt will depend on a number of factors including the reputation of those behind the product or service. If you have an industry expert that is well known as an authority behind the product, you may try pricing high and still get good patronage. However, if you do not have anything extraordinary to offer, it is no use pricing high.
Pricing should match the value offered. If you offer nothing extraordinary from what competitors are doing, then you should consider a moderate or low pricing strategy. If you have a clear advantage that gives you an edge, you could choose to enter with a high price or win the market with a moderate price combined with your competitive advantage.
This is a key area of online marketing and we will dwell a bit more on this component. Online marketing success relies extensively on promotion. In fact, search engines have become a vast medium for promotion just like social networks. Online promotions will basically cover the following:
- Advertising: In this respect, Google leads and using Google Adsense can help bring your offering to lots of potential customers and Google affiliates.
- Email marketing: Email marketing has been the traditional means of online marketing and still valuable today. Having a credible list of emails you can reach with our offers can be the very starting point for any business marketing strategy.
- Social media marketing: Social media today represents a huge market and they are all free to use.
- Sales promos: Free gifts, offers, e-books and other free items have been used to stimulate sales for online businesses.
- Webinars: Creating value through webinars and helping people achieve their goals can be communicated through webinars. When this is done to solve problems, a loyalty develops which can be translated into good business.
Marketing promotions have become revolutionized by online marketing. Interestingly, online audiences have grown exponentially with the number of websites hosted on the internet exceeding 2billion in 2021.
Internet marketing is increasingly taking center stage in building traffic, clientele and sales for businesses. While traditional forms of marketing still have their place, digital marketing is becoming increasingly central to the success (or failure) of many companies.
If your company or business is not taking this strategy seriously to attract new customers, meeting your revenue goals may be impossible. Because the online world is in such a state of unpredictable fluctuation and growth, you need to be flexible enough to keep pace with these changes.
4. Invest in the Social Media
There are approximately 2.89 billion Facebook users as at 2021. Twitter has an estimated 197 million users. The beauty is that the social networks continue to grow as more and more people rely on social media sites to find the information they seek. From Facebook and Twitter to newer networks like Snapchat and Periscope, these sites are used by millions of people to share content. These networks need to play a central role in your marketing strategy.
To effectively use social media for marketing, you need to research the social media to understand which networks are most commonly used by the consumers that you want to reach. If your preferred demography spends most of its time on Tumblr, but you primarily post on Facebook, you are going to be missing out on a lot of opportunities. In addition, you need to make sure that you tailor your content to the appropriate format for each site and to impress your target group.
5. Maintain A Consistent Profile
Maintaining a consistent profile have been linked an increase in traffic and a drop in bounce rate. It builds your reputation and trust and when people begin to know and link your site as an authority in an industry, you also begin to get more inbound links, increase in domain authority and traffic. All of these have the potential to increase your sales.
Your brand is one of your most valuable assets. It should appear on your content and should be consistent. By creating and maintaining a consistent image for your brand, you can make your content instantly recognizable, no matter where people encounter it. This means that everything that you publish online, no matter where it is, should reflect the same identity. That will be a brilliant way to promote your image and establish your website as a source of valuable content.
To enhance the success of this strategy and ensure that the desired consistency is maintained, it should be a good idea to consider the centralization of your content generation. Where this is not possible, you will need to establish a standard and train content managers on the standard content presentation.
If attention is not paid to this element and there are several persons involved in generating your marketing materials, quality and standards can be compromised and this can hurt company image especially after a very huge volume of useful and popular content is generated. This control is necessary to avoid any embarrassment to the company. One thing companies should avoid is to be linked to the source of embarrassing content. Bad news travels fast, they say, so when the wrong content is generated, you can be sure that it will have the potential to hurt company reputation. So, it is strongly advised that you pay attention to your content.
6. Stay Engaged With Your Customers
Staying engaged with customers has many advantages. It gives room for immediate feedback. Many deals have been closed here at Todhost through live chat and responses to social media comments.
One of the great advantages of social media is precisely its social nature which gives room to engagements and interactions. While traditional forms of marketing, such as TV ads or direct mail, tend to be top-down and unidirectional, the flow of information is all one-way, from the company to the consumer. Consumers are seen as passive recipients who have no opportunity to react to or engage with this information and salesmen will have to follow up to make clarifications and close deals.
On the other hand, when you use social media, customers have the ability to respond directly to your marketing campaign and you can also engage customers with clarifications and direct feedback. This represents a great opportunity for you to engage your customers and build their loyalty to your brand. Customers feel respected when their concerns are taken seriously, their anxieties are cleared and they gain confidence in the offering.
One of the emerging and growing social media channels is Periscope. Periscope is becoming increasingly effective to have impromptu chats with your community. You can use it to let everyone know about a new product or service. It is a great way to get people to sign up to your list, simply by making an offer and asking them to sign up for it.
Using Live chat and Ticketing System
Several companies today will communicate with visitors and customers through live chat. It allows you to instantly resolve any disputes, problems and answer customer and visitor questions. Some live chat software will let administrators differentiate between customers and visitors through a login verification process.
Ticketing systems allow registered users and visitors to give a detailed description of the problems they face, the questions they require answers to and a system admin will give an appropriate response.
7. The Quality Of Your Content Is Key
Search engine giant, Google. has warned that it is more interested in content quality and not quantity. It pays to produce high quality and valuable content rather than just writing shallow content or duplicate content in desperation to either get links or make Google feel your webpage has fresh content.
Content is still king on the internet and this seems unlikely to change in the near future. No matter how clever your marketing strategy may be, if your content is dull and uninteresting, you will find success to be elusive.
Use memes, videos, and images in your content marketing strategy. Poll your readers to see what they are interested in seeing from you. You don't have to create all the content that you are sharing on your networks. Use apps like Hootsuite to set up keywords so that you can search on other sites for relevant content. Share anything that will provide value to your community and you will soon emerge as a market leader in your niche.
How Do You Identify Quality Content?
There are some common traits associated with quality content. We mention a few:
- Quality content converts. The conversion rate for quality content is generally higher than those of average content.
- Quality content has high CTR. The Click-Through-Rates for high quality content can be significantly higher.
- Quality content has a high number of shares.
Generally, you measure quality content using outcomes and not just by defining whether it has call to actions or by the length of the content.
How to Build Quality Content
- Rely on data to substantiate the points you make.
- Conduct thorough research on the top and provide sufficient valuable information.
- Ensure proper formatting and readability.
- Make content sharing easy.
- Use multimedia in content.
Internet marketing will become increasingly important as the impact of social media and Google's popularity as a credible and reliable source of information increases. This could be enhanced by the protocols by states and government due to the impact of COVID-19 on society and economies.
Businesses should therefore begin to draw a strong and pragmatic internet marketing strategy to gain advantages over businesses who will fail to be proactive..
In designing an internet marketing program, you should strongly consider the role of social networks like Facebook, Twitter, Periscope, Snapchat and several others whose membership continues to grow and their impact on society is increasing.
Keep in mind that the surest way to succeed in business is to have a well drawn marketing program that grows your business from start to success.