Marketing strategy is very important in business. With the marketing strategies in this post, you can significantly increase your conversion rates. if your marketing strategies are great, your customers will return to get more of your products.
The marketing strategies adopted by businesses serve as a bridge between their products and their customers returning for more purchases.
In addition, marketing allows your business to maintain a long-term and ever-present relationship with your audience. It is not one-time fixed; it is an ongoing strategy that helps your business to flourish.
Are you recording low sales? Are your products fulfilling their purposes but your prospects don’t become returning customers? Do you often get complaints about customers’ satisfaction even though you know your products are great? Then check your business marketing strategies!
But, what exactly is a business marketing strategy? How important is it for the growth of your business? Will you record high conversion rates if you practice the right marketing strategies? What does conversion rate even mean?
You may have a lot of questions like this bothering your mind. But, Worry not. In this article, you are going to learn the concepts of the core terms and how to apply them to your business.
What does conversion rate mean?
In a layman language, conversion means changing something from something. Rate is defined as a measure of one quantity against another.
Putting these two definitions together gives the meaning of conversion rate for your business. But in business, what we are majorly converting is prospects to customers.
Conversion rate can be defined as the metric that explains the transformation of potential customers into current customers.
It helps to understand how effective communication has been established between you and your customers.
200 visitors visited your website through a Facebook ad that you made. When one of those 200 buys a product that you sell on the website, your conversion rate is 2%. This is for that particular ad.
The higher the conversion rate of your website, the more successful your business will be.
To calculate your conversion rate, use the formula;
Objectives obtained or the number of total conversions divided by total visits multiplied by 100.
That’s done, conversion rate at a glance! Now, you will be learning about business marketing strategies.
What is a business marketing strategy?
If you are a business person, you must have heard these terms before.
A good marketing strategy helps you to define clear, realistic, and measurable marketing objectives for your business.
Marketing is exactly as you know, the action or business of selling products or services.
Strategy is the technique or method through which you do something.
Marketing strategies are the techniques you adopt for effective business management and execution aimed at increasing the growth of your business.
What strategies are needed for high conversion rates?
Here is where the icing of the cake lies! The marketing strategies you can implement to double up your sales! These marketing strategies will be categorized into three
1. The online/virtual marketing strategies
With the propagation of commerce to the internet space, online marketing is a must considered. Several other marketing strategies are under the umbrella of online marketing. Amongst these are;
a. Content marketing
This includes social media marketing. Effective use of your social media accounts on Facebook, Twitter, Instagram, and other social media platforms is a great marketing technique.
Of what use is a media account without valuable content? Write and establish content to educate potential customers about your products and services.
b. Email marketing
Many business-to-business marketers depend on email marketing as a key technique to connect with customers.
Have you ever visited a site and your email address was requested? That is the site owner trying to market to you. If you like the services that the site offers, you will sign up and that is a conversion for the site owner.
Nowadays, you will see business owners going the extra mile to build their email lists. Sometimes, they offer you gifts for you to subscribe to.
You can find a detailed post here on how to use email marketing.
c. Media PR
Public relations is one of the most important marketing strategies. Many active marketers work with the media to create awareness for their brands, their products, and the benefits they offer.
d. Search marketing
This is where SEO comes to play. Most time, when consumers have questions, they often don’t ask their friends, they go straight to google. Having your website pop up on the first page of their searched results increases your chances of getting high conversion rates. To get your site to appear on the first page, you need to master the art of SEO marketing.
e. Forum posters
Consumers sometimes search for the products or services they need on forums. This is because it is easier to trust recommendations from people that have used the product. So joining groups and forums with people in dire need of your products will increase your conversion rates. If you can’t find one to join, create one. When people search for forums like this, yours appear.
2. The offline/physical marketing strategies
a. Tradeshows marketing
Many products have to be experienced to be bought. Tradeshows are industry gatherings where customers are invited to come sample all that the industry has to offer.
b. Business partnering
If you’re a small business owner, you may consider partnering with top businesses with greater recognition than yours. This is a great marketing strategy as this will create awareness for your business through your already known existing partner.
c. Physical branding
Branding is the way you identify your business. Even though a lot of consumers order online, many prefer to shop physically. So having a physical store is a win for you.
Having your startup sponsored by a top business will expose your business to the awareness you desire.
You must have seen billboards or posters advertising a product, on the road, in the market, or just in random places. You can just be taking a walk on the street and you see a poster advertising a product
3. Online-offline marketing
This category of marketing involves both virtual marketing and physical marketing. Marketing in this category can happen simultaneously.
a. Affiliate marketing
When you create a product and start an affiliate program to promote this product, you will reach a wider audience.
Affiliate marketing is the process that involves the earning of commission when a product is purchased.
In an online space, some websites promote products through affiliate marketing. An example is Clickbank.
In the offline space, affiliate marketers organize seminars and conferences to promote products.
It involves ‘call to action’ marketing. Copywriting is the art of using words to persuade people to buy a product.
Online, it refers to the method of converting web traffic into leads or sales on websites.
Have you ever seen a Tv ad you liked? That caught your attention and you relate totally to it? Of course, you would have. Now, it’s not only Tv. Those ads you see on the road, at your favourite salon, in front of your favourite restaurant or even the huge billboard at the market. Everything is written by a copywriter. So copywriting isn’t only limited to online space, it extends to the physical words as well.
Have you ever purchased something because of how well the product was presented to you?
Most marketers have a ‘sweet mouth’. This sweet mouth is nothing else but copywriting. If you can use words to persuade prospects to make a purchase, that’s copywriting
For most of your conversions, you use copywriting so no doubt, copywriting is a great marketing strategy.
c. Referral programs
When your customers are satisfied with the service you provide, they recommend your business to other people.
In online marketing, consumers recommend products to others mostly by giving reviews.
For physical, it is also called word of mouth marketing. It is the passing of information from person to person by oral communication.
d. Freebie marketing
Promote free giveaways or sell your products and services at low rates to boost your sales. This can be either online or creating a sign in your physical store.
e. Direct marketing
Advertise and promote your products to customers using a wide range of digital devices including smartphones, tablets.
You can as well use direct marketing physically. When you see market women stop you on your way, trying to advertise their products to you, that’s direct marketing.
Before conclusion, here’s a bonus for you. Two fun strategies to market your business for higher conversions.
1. Promote your product yourself. Be your product’s biggest user. It builds credibility as consumers will have access to visible results.
The biggest result of what your products offer is made easily available to prospects through you.
2. This is even more fun! Turn your products into a challenge and promote them. People love challenges, especially in a fun way.
In Conclusion, getting high conversions can be quite tasking and requires a lot of dedication. However, it is very achievable. When you practice great marketing strategies like the ones listed above. It becomes feasible.
Please note that these marketing strategies are not limited to these. The business world is growing so more and more strategies are practiced.