Increase profits by Online marketing of your business
February 20, 2018
In the modern digital business environment most purchase decisions are made by existing and potential customers of businesses after browsing online for related products and services. Hence, if your business websites does not have a strong online presence and visibility you will miss out on business opportunities and profit posting.
The advantage that online marketing has over traditional methods like hoardings, pamphlets and advertising in the print media is that every cent you spend on online marketing can be accounted for. Online marketing is measurable and offers tangible results. You get to know what you are spending and what you are getting back in return. If it is not to your satisfaction, you can tweak marketing campaigns accordingly. It is possible to track results and structure campaigns that target specific audiences only and know how they have responded to your efforts. This is crucial when one of your primary business concerns is profit making.
An example of how it is possible to track online marketing spends for estimating the leads and results it brings in will illustrate this point better. Take the case of PPC or pay per click campaign through Google AdWords. You have to decide on the keywords that customers use to look for your products and services and then choose how much you are willing to spend to draw in those customers. Whenever, searches are made on Google using those keywords, your ads will be displayed. For instance, if you have a certified and accredited service station and garage from where vehicle owners can get a roadworthy certificate your ad on Google should include these two words. Only then will searchers be directed to your site. You can spend high amounts to have your ads shown extensively or as per the marketing budget you have.
Now when a Google user clicks on your ad, you pay a fee to Google. After that you can follow their activities on your website and see whether they have responded and bought any of your products or services. Once they do so you can track them in the long run, get in touch with them when you launch new products and services and include them in your database of customers. In short you can monitor every dollar customers have spent and trace it back to the ad that started it all. Hence at the micro level you can accurately calculate the quantum of your returns against spend and cost on that ad. This helps you to increase returns and profits through online digital marketing campaigns.
When you calculate profits from an online digital marketing campaign, you have to look at the quantum of returns on the promotion over expenses. There are four key parameters for arriving at the ROI on market spends.
Cost per visitor – This is the average fees paid to Google or any other pay-per-click service for every click on an advertisement that takes the visitor to your website. To further analyse this parameter, the cost can be estimated on the basis of which keywords are clicked, specific advertisements or for a total marketing campaign.
Cost per sale – It is what the name suggests and is the amount that is spent for marketing against each sale and conversion that goes through and is finalised.
Cost per lead – This is a bit removed from the other two and is an indicator of the visitors’ activities on the site. It need not necessarily end in a sale you can collect information about them that can be used in future campaigns too and become sales leads. You can collect all contact information about the person who clicks on an ad including phone number and email address. These are vital for building up a database of existing or potential customers who can be approached with newsletters and offer of discounts to increase sales and profitability.
ROI on total campaign – This is where your profitability will come into focus. You can total up the amount you have spent on the full campaign and the money it generated for you in terms of sales and usefulness of visitors’ information. This is only possible in online marketing campaigns where exact and accurate figures can be had.
However, this is not the only approach to online marketing. The campaigns designed to increase sales and profitability will depend exclusively on the specific needs of your business. You have to have the campaign designed and structured accordingly so that more and more visitors arrive at your site.
5 Powerful Ways to Increase Business Productivity
January 5, 2018
When you cannot extend the number of hours in a day, the next best thing is to make the most of the number of hours you have at your workplace. There are two options before you if you are flooded with work every day. Either you can extend the number of hours at office or you can work smarter, increase output and productivity and finish the tasks at hand.
Here are 5 ways to increase business productivity that you can definitely try out–
- Time Management – This is very crucial as wasting too much time on things that do not form a part of your core activities will hamper your output. Track time that you spend on answering emails, social media and other daily tasks. Estimate how much time you spend on each and try and reduce those that do not add value to your productivity. For example if you feel that you are struggling with the legal aspects of your business due to lack of skill sets, hire commercial lawyer in Melbourne if your business is in the State of Victoria to take care of the problems while you focus on other critical areas of your business.
- Set deadlines – You might think that setting self-imposed deadlines for completing specific tasks will only add to stress levels. But in reality, a certain amount of stress can get the adrenalin flowing and help you to focus better and meet your goals. Try this out even for open-ended projects and you will find that you are more productive and focussed when you have one eye on the clock. Additionally, it will also give you a sense of satisfaction when you win against the clock and will spur you on to complete the next task similarly.
- Avoid Meetings – It is not that everybody called for a meeting has something to contribute. It is rather a waste of time if you can have the same agenda discussed over emails, phone or even web based ones. Just moving to the conference room and coming back and settling down eats into time that can be more fruitfully used otherwise.
- Stop multitasking – The common concept that multi tasking is actually a sign of high skill sets and job knowledge is not true. In fact multi tasking does not allow you to focus on one task at hand, thereby reducing productivity levels. Consider this scenario – you are simultaneously trying to get through to a Melbourne property conveyancing lawyer to finalise a property deal while trying to finalise a contract with one of your vendors. You are not saving time while doing so, you are simply not giving your best to any of the tasks. Take up one activity at a time and try and close it optimally.
- Minimise interruptions – This might not be possible always. How can you stop a colleague from dropping by and enquiring about your health? While it may look innocuous, even a brief interruption can hamper your concentration and affect work quality. For truly critical work, have the door firmly shut or better still work from home.
Try out these 5 powerful options and you will surely see a rise in your business productivity.