If you want more engagement from your Facebook fans see these quick tips to ramp up your fans and bring your Facebook Page to life.
Part 2 of our 2013 social media predictions include the top social platform in 2012 and our picks for 2013 and a hot tip to maximise your results. These all came from our 2012 online marketing insights and 2013 predictions report.
See part 1 one of social media predictions here.
After running our online marketing survey at the end of 2012 we have come up with some Social Media predictions for 2013 and here they are.
Now what is bounce rate? Well it’s basically when someone comes to your website viewing a page but they don’t interact with it – they don’t scroll up and down, click on something and go through or interact with anything on your web page. Basically, it’s a “wasted visit”.
As website owners, we want to minimize our bounce rates as much as possible. On Google Analytics, a high bounce rate percentage translates to a low web page performance. You want to perform a detailed analysis on the matter by looking at your bounce rate across all of your webpages.
You can start by comparing your best 5 webpages with the lowest bounce rate with the worse 5. Try to see if there are any patterns that you can find – is there a common factor among them? Are you using templates on the worse ones as the best ones? If so then you have to take a closer look on the content within your webpages feature and consider a number of things which includes:
Things that that you can do to improve bounce rate
If you want to improve bounce rate then you’ve got to start split testing your webpages. For example ff you have page “about/”, you can create another page called “about/1” with a different page template or content. You can then use software to run one page against the other one so that the first visitor sees one page and the second visitor sees the next one.
Over time you’ll see which page performs better for you and then you can just start using that one as the default on your website lowering your bounce rate in the process.
Some other things that you can do are adding search bars to pages with high bounce rates. You should also look at the elements on the low bounce rate pages and see if there is anything that you are not using or you are currently using on your pages with significantly high bounce rates and make changes as necessary.
If you found this useful please subscribe to our channel, share the video and leave a comment below. I’ll be seeing you in the next video!
One of the biggest reservations and fears about marketing is that it won’t work – that they’ll invest all this money in trying to promote their business but they won’t get any results back. What if there was a way that you could have thousands of people promoting your business (blogging about you, running banner ads, sending out e-mails and creating video reviews about your business) to drive more sales to you for free?
Now what I’m talking about is affiliate marketing. You can setup special codes on your website and have people come and sign up to your affiliate program and promote your business for free. So what’s the catch? Well it’s if and only if you make a sale that you then pay that person that sent that buyer to you.
You can also refer to it as “no lose marketing” as it revolves around having commission only sales people in the market working and bringing sales to your business and putting money on your bank account and its only then that you pay out commissions to successful affiliates.
Support your affiliates
In order to have people promote your business consistently, you need to provide them with enough materials and actually make it easy for them to promote you. This means ready to use banner ads, e-mail templates, video promotional material and anything that would make it easier for your affiliates to promote your business.
Don’t be a scrooge with what you are prepared to pay your affiliates. Prior to starting Think Big Online, I used to be a fairly successful affiliate for a number of other businesses and making a very good income just from promoting other people’s businesses. From my experience I can tell you that when comparing different affiliate programs people will consider:
Now typically, if anyone was offering less than 10 percent, I wouldn’t even consider promoting them. It’s not because I am greedy but rather its because I have affiliate expenses as well – running websites, creating content and putting time in building my business in order to be able to send buyers to their respective merchants.
Depending on what product you are selling, 10 percent may be too much but the main point is that you want to offer a percentage as high as possible. The higher the percentage, the more affiliates you are going to attract. More importantly the high end affiliates – the ones that are going to probably make 90 percent of your sales, they are not even going to bother with your business if your affiliate program is too small with insufficient incentives and if you’re making it hard for them to promote your business.
One other thing that you can do to encourage or support your affiliate is to pay them regularly and if you can provide pay outs once a week that would be fantastic! A lot of affiliate managers and merchants only pay out once a month but if an affiliate is seeing money getting dropped into their bank account every week, that is a really big incentive and it’s a good reminder that they are making money from you and that they should go and actively promote your business even more and drive more sales.
It’s really a win-win situation and you can’t possibly lose by having an affiliate program setup and managed properly.
Let’s me start things off by saying that there are only two ways to make money in business - sales and marketing. Now ask yourself, if you can’t make money without marketing then why would you limit the amount that you are willing to spend on your marketing campaign?
It seems really crazy but you’ll see a number of huge companies out there that say “our marketing budget is $2,000,000 a year”. That’s basically like saying that you only want to make a certain amount of money in a year. It’s absurd to think that you could lock in a marketing budget and actually stick to it which would mean that’s what you are prepared to make for the year or for whatever period of time it might be.
Now it’s not to say that everyone needs unlimited funds to throw at marketing or that you should just invest as much money into it and expect good things to happen because it just doesn’t work that way. What I’m trying to say is that people often severely limit their business by setting fixed parameters around their marketing budget.
3 steps for getting the ultimate marketing spend
The first step is defining a budget and a time period for testing your marketing campaign. It is a given that you need to have tracking in place so that you know exactly what ROI you are getting on your marketing investment. Let’s say for example that in your ecommerce business, we allocate a budget of $5000 dollars to test some adwords over the next 3 months.
Step number 2 is sticking to that set period and investment then assessing what’s giving you the best ROI that you can keep doing and what you need to stop doing.
The third step is defining a ratio of your marketing investment versus the returns that you are getting. Unlike having a fixed budget if you have a ratio and you keep hitting that ratio, the more traffic that you can drive that is converting to sales the more money you are going to make on the back end. All these should become very predictable over time. Let’s say you put $1000 dollars on the front end and $5000 comes out the back end like a machine.
That’s the beauty of doing business on the Internet – everything is transparent and can be tracked so it’s easy to see exactly what you are looking for as you setup a predictable machine that just keeps pumping money through. It may sound corny but that’s exactly the kind of opportunity that ecommerce businesses offer. The only time that one should set a fixed marketing budget is for testing purposes only.
A recent study done by Nielsen showed that only 40 percent of people actually trust and believe any form of advertising on the Internet. At the same time, a staggering 70 percent of people tend to believe and trust reviews from peers which includes people online that they don’t even know. How can we utilize such a fact to our advantage?
One thing that we can recommend and what we actually like to do for some of our best clients is to setup a system that automatically sends an auto responder or email to clients following their purchase after a week or two of receiving their product or service. This way, we can ask them how things are going and hopefully get them back to the website and happy enough to leave a good review.
Now one great way to motivate people to go out of their way and get them to leave a review or star ratings on your website is to provide vouchers. Vouchers can encourage buyers and customers to come back and purchase more from you and essentially repeat the entire cycle.
Ultimately all these things build up massive proof on our client’s website so that when new prospects come to the website they’ll see glowing reviews about how great their services are and how the products are good and delivered on time. Basically it’s all about leveraging off the 70 percent of the trust mentioned earlier. It’s a simple approach to increase sales or profit for your website and snowball your way to ecommerce success!
Why people are not buying from you?
Now let’s say that you have a 3 percent conversion rate on your business website which means that for every 1000 people that you send to your website, 30 people buy. Such a conversion rate is fine – it’s the average but what most people fail to think about though is the reason why 970 people actually visited your website without buying anything and what can actually be done about it.Leave things as they are and you can bet that you are leaving a lot of profit on the table.
The strategy that we recommend for some of our best clients is to actually tag the people that visit the website and “follow” those that don’t purchase with banner ads with the intention of sending them to a landing page designed to ask them why through a survey. The data acquired can then be used to improve one’s website and conversion rates in order to get more people to buy in the future.
Now as an incentive and to encourage more people to buy from your website, you can offer vouchers. You may think that it’s a bit excessive but consider how valuable it is – you have a large number of people that actually visited your website without buying anything and it presents an excellent opportunity to know exactly why! In the future, you can then significantly increase your profit going forward by helping and encouraging website visitors to actually purchase from you.
Let’s say for example that you’ve offered a 100 people with a $50 voucher. Most people would write it off as a $5,000 dollar cost but not if it enables you to afford a 100 percent markup on cost of goods in which case it should only cost you about $2,500. Such a cost is certainly well worth it when it enables you to determine exactly why people are not buying from you and rectify issues that are hindering you from making more sales!
Suppose your average sale value is $50 and your conversion rate is 3 percent. What if we can increase that conversion rate to 4 percent with the feedback that people are giving about your website? Now based on the example given earlier - 1000 visitors converting at 3 percent at a $50 average sale value, that amounts to $1500 in sales.
Now if we are able to increase that rate by employing the strategy mentioned which includes doing a survey and running our website based on what our prospects want and need, we would be able to make $2000 for exactly the same traffic with no additional expenses aside from our initial survey going forward thereby increasing our business by 25 percent!
Don’t just take my word for it. Go try it out and lets us know what results you get! If you found this useful please subscribe to our channel, share the video and leave a comment below. I’ll be seeing you in the next video!
Too often, we find a lot of people that get into the ecommerce business for all the wrong reasons. Many think that having a web business is great simply because they don’t have to deal with customers anymore and they can “hide” behind the computer screen and let the website do everything for them. Yes you’ll make a bit of sales and money but if you really want to grow your business and turn it into something worthwhile, you still need to have that service element in your business.
Three of the most common things that people in the ecommerce business tend to hide and cut corners on often losing a heap of money in the process include:
Phone number – some people think that it’s a good idea to hide business phone numbers and simply not show it on their website. Someone looking to make a purchase but have a few quick questions in mind would not be able to contact anybody about it.
In the brick and mortar retail business, that’d be like putting up your hand and telling customers that they can’t talk to you about any questions or concerns they might have about your business. How do you think customers are going to feel about that?
Chat – hiding or failing to utilize chat functions. It’s a function that all businesses these days can seamlessly and inexpensively have their webmaster install on their website instantly. However, many online businesses tend to excuse themselves out of such functions saying that they simply won’t be around to cater to chats without considering that such functions can now be easily integrated unto phones these days making it fairly easy to do.
Just by having chat enabled on your website, we can typically see a dramatic increase in sales conversion not to mention the fact that a high portion of customers that actually do take the time to chat with you are more likely to make a purchase.
Support desk – there are plenty of support desks in the market that can be easily integrated to business websites and perhaps your website already has one! It helps businesses collate all interactions with clients and customers in one place. More importantly, it makes clients feel more valued as you are more effectively able to address their needs, problems or concerns from shipping delays and issues with your products or services to arranging returns or scheduling repairs.
These are but a few of the simple and affordable solutions that you can implement in your ecommerce business to exponentially increase sales without taking too much of your time. If you found this useful please subscribe to our channel, share the video and leave a comment below. I’ll be seeing you in the next video!
A lot of people in the ecommerce business don’t really think about it but there is barely any instance in the real world that money changes hands without a problem being solved. Think about it – there is never an issue or a problem solved without its rewards and nothing is rewarded without a problem being solved. How does this apply to your ecommerce business though?
Now let’s be honest – when it all comes down to it, people don’t really care about your product and price point for the most part. What your prospects do care about is what your business and product can actually do for them!
When it comes to web marketing and generating traffic for websites, one needs to think about the problems that their business is meant to solve. Define this matter well and it will make sales and profit a lot easier as well as ultimately grow your business quicker than any other means possible. If you are thinking about the problems that your business is meant to solve, ask yourself these two questions:
Without a doubt, a business that is capable of solving more problems than others is in a perfect position to make more money. Get your business to solve bigger problems for people then you’ll be able to make more money in addition to establishing a bigger and stronger business going forward.
A great and simple approach to finding out what are the problems your prospects are having in the market is by running surveys. A lot of people simply don’t want to do it and dismiss surveys as a complete waste of time often taking too much time and effort to setup but if we know that the only way for businesses to truly succeed is to effectively solve people’s problems, surveys are something that businesses simply shouldn’t overlook especially when it’s a perfect way to actually ask people exactly what their problems are!
Now once you get a concise answer from your survey, all you have to do is focus on solving those problems. In the ecommerce business, some of the problems you should be solving for your customers by default include: