It is a cliché, but it is so true. Somebody with a great service or a great product struggles to make sales. The problem is not them, not their product or service. It’s simply that nobody knows about them.
Word of mouth is great. Social media amplifies it, but when you have bills to pay you don’t have the time to sit back and wait.
The good news is that it has never been so easy to advertise your business online. At the very start, when you need to generate revenue fast, you need something that delivers while not eating up too much cash. There are several online marketing channels that can deliver this but in order for them to work you need to have your fundamentals in order.
- How much should you pay to acquire a customer?
- How are you going to absorb marketing costs? – a. By increasing price or b. By eating into profit margins.
- Is your website conversion friendly?
- How do customers contact you?
You also need to understand your customer.
- Who are they?
- When do they want to buy your product/service?
- Is there any repeat business?
- Can you upsell?
- What is their Lifetime Value to your business?
Once you have established the above you can then choose the best approach.
In the next post in this series we will take a look at the types of conversion funnel your business can use.