5 Easy Steps To Increase Your Sales Using The Internet
Facebook, Twitter, LinkedIn Presences: Check
New Customers: ….Oops
It’s the most common mistake we see. Our clients are creative, imaginative, ambitious people, and we work with them to create an amazing online presence. However, we always warn them before any development commences, that the main work happens after the presence is launched.
Your website needs a constant influx of fresh content, to keep your human and search engine visitors interested, If you want to see a return on your initial website investment, you’ll need to invest more time and/or money in content creation, search engine optimisation and digital marketing. Moreover, this time and money spend needs to be conducted in a scientific way, to ensure you get a return.
Step One – Pre-planning
Put a monetary value on an hour of your time as it relates to the revenue you could get from the business in that hour. When you have arrived at a figure, you can now calculate the cost of your online investment, be it in time or money.
Next you need to make an assessment of your maximum acceptable cost per acquisition of a new customer, and the maximum acceptable cost per retention of an existing customer, The latter should be much, much smaller than the former, as it is much easier to resell, cross sell and upsell to an existing customer.
Step Two – Strategy
Once you’ve arrived at your cost per acquisition, and cost of retention, you need to plan a discrete campaign for each group. Set a goal for the number of new customers and the number of repeat sales from existing customers, and an average sales value for both groups over a given time period. Ensure that this period allows you a sufficiently long ramp-up time and is of a duration long enough to return statistically meaningful results.
Step Three – Implementation
You then need to monitor every single lead, enquiry, and sale that you make over that period, to check whether it came directly (or indirectly) from your campaigns. Ensure you follow up on your leads and enquiries energetically, and verify that your pitch and customer engagement are spot-on. The exact methods employed in the implementation will depend on your business, and we’re always happy to advise on the best strategies.
Step Four – Evaluation
At the end of the first campaign, you should be able to assign your sales for the period to one of three buckets.
- Directly attributable to campaign – attribute 100% of sale value to campaign. You’ll probably want to subdivide each sale into new sales and repeat sales.
- Indirectly attributable to campaign – attribute a percentage of the sale value to campaign, based on your best assessment. Again subdivide into new sales and repeat sales.
- Not attributable to campaign.
Now you have figures for your cost of acquisition, your cost of repeat sales, your increased sales revenue and average sale value from the campaign.
You’ll be in one of three places:
- No better off than you were before. If this is the case, then I promise you – you’re doing it wrong!
- You have more customers, and improved brand awareness, but your cost of acquisition / cost of retention was too high. In this case you need to re-assess your strategy. Usually we find that in this case the programme has not been followed to the letter, or goals are not reasonable.
- You’ve got more customers, improved brand awareness, and kept under budget. In this case – pat yourself on the back, rinse, and repeat.
Realistically, not everyone will get to 3. on their first attempt. Marketing campaigns take a while to ramp up, and you need to make mistakes and learn what works for you.
Step 5 – Tweak and Repeat
For extra credit attempt to reduce your cost of acquisition / cost of retention and also get more customers.
Your website and social media presences are sales channels, but they need to be used consistently and methodically to derive benefits from them. We’ve successfully worked this strategy for years with our clients. Call Ivan O’Donoghue today on 022 34168 to learn more.