Why digital marketing concepts are easy and if we investigate it deeply it is dfficult.Why this dichotomy?
Creating a web page writing a blog post or running an ecommerce activity is relatively easy; sometimes you may even drive enough traffic to your site . Notwithstanding this the main purpose of digital marketing is to generate revenue and sustain it continously.
The main difficulty is faced at this stage.You may have excellent ideas and skills as far as hosting a very attractive web page and publishing valuable material for your browsers.This may result in generating good traffic and if it didn’t you might resort to paid ads and other techniques to attract more viewers.
All these activities are sustainable only if they help genrate revenue for you.
(Unless your aim is purely philoanthropic it is imperative that our focus is on profit.)
A strong action plan towords this aim of Revenue generation is mandatory. Clear targets should be fixed based on the income you would be aiming at every stage,so that proper business strategy is set.
What are the sources revenue of a digital marketer? How we can garner these bounties effectively and in a sustained manner?
Create a digital marketing strategy by creating a product range to perculate through your Funnel. url digital marketing funnel
Grow your audience by driving traffic to your site by publishing authentic and consumable Blogs
Encourage subscribing to your site.
Build a brand interactions by selling value-laden low priced product if you cannot give it free.
Build loyal subscribers to increase sales of mid-range products.
Optimisation: We employ analytical tools to generate data; these data should make the marketing process- decisions we take in the next phases relevant.That is what use we make of these data should reflect in campaigns.Some campaigns cost too much and generate too few leads.And you will see campaigns that generate leads that are almost never qualified.We should change our action plan to mitigate this wasteful campaign effort and expenses.
Once the glaring marketing deficiencies are handled, look closely at less obvious details. Great marketers, who have great success, adopt this and others struggle to grow their business. Thus you can pinpoint cost per click and conversions in terms of profits accrued.A valuable tool for modifying your campaign strategy should be employed.
Remember that when you are analyzing your data you need to look at how the data effects your desired business outcome. If this is profit, look back at each of the phase of the digital marketing life cycle viz.capacity generate new leads,conversion and cost per click.See which of them can be optimized to increase revenue and decrease costs. This can be ascertained when you have revenue to associate with each marketing activity.
Build customer loyalty: For the business, let it be any business, the foremost requirement is to retain the trust you have generated in them about your brand.For this customer reviews should be generated and acted upon.Complaints and grievances must be settled at the earliest.If there are ten satisfied customers and a single disgruntled customer;that would off-set the brand.
The core to your funnel should be well defined and the campaign strategy should take cognisance the needs at every stage of the funnel.That is customers who purchase low,mid and high value products all of them should have place in your campaign activity.
Other revenue sources are only fringe even though it may be sizable,does not promote your business as a whole,since they are all affliate activities in nature.
We will see about the various marketing avenues open in detail and their relative merits in next blog titled “Digital Market Revenue Sources”