You’re running your business – be it an entertainments-related business or otherwise – as the time ticks by, and the year changes from 2017 to 2018. – What changes should you make to stay on trend for the New Year?
There are 5 business-practices that should be specifically adhered to in 2018; and you may find the first one rather surprising: –
Yes – lax off a little on the email-marketing. Don’t stop doing it; but don’t rely on it as the be-all-and-end-all of your commercial operation.
Email has been the way that online businesses have communicated with their online clientele’ for ages; and it has made plenty of people millions of dollars in sales as a result. – But times are changing.
You’ve probably noticed that open rates are plummeting — especially on mobile.
The truth is that people now check their social media accounts and texts far more often than they do their email. Even if you are still managing to get a 20% open rate, you’re missing 80% of your target market. (The 80/20 rule comes to mind here.) Continuing to work your entire business on your email list alone is a way that will severely restrict profit-generation in 2018.
If your business model is based on selling a single product to new customers, then that leaves you with the question of ‘what after that?’. It’s time to increase the number of your product-lines and attract first-time-buyers back for more.
Instead of spending vast swathes of your digital marketing budget on acquiring new customers (who are only 5% to 20% likely to purchase) you should be doing everything you can to get current customers (who are 60% to 70% more likely to purchase) to buy MORE from you. – This could be the difference between the life and death of your business.
This is an area in which I’ve been slacking off to some extent recently.
Setting up a Facebook page that just sits there, tweeting every other week or letting your profile languish on LinkedIn, are worse than a waste of time. There is a MASSIVE opportunity that could help your business stay afloat and prosper.
Social media is major driver for online success, and it’s getting more massive by the day. – Just look at Facebook: Unless you’ve been living under a rock the last 7 years you must have noticed.
The thing is that you’ve got to be in it to win it, which means posting incredibly relevant content every day and really engaging with your followers by responding to pretty much each and every sensible comment and question that you get in response to the initial post.
Not knowing how your business is performing on a day-to-day basis is like driving blindfolded. If you have no idea where you’re going in terms of conversion rates, customer life time value, orders, profits and refunds, yada yada, then you’re in real danger of driving off a cliff.
Your business is on a journey and it’s always moving – either forwards or backwards. You’re in the driving seat and, just like driving a car, you need to keep an eye on the instruments and dials so that you can drive more efficiently.
(Nobody has yet invented a self-driving business, and they probably never will. AI is good; but not that good.)
Getting a solid handle on your analytics on your laptop AND phone – knowing the figures and utilising the statistics in the continued improvement of performance is absolutely essential to your businesses’ success and its existence.
I’m up-to-scratch with this one; and so are many other webmasters: There are still many, though, who leave room for improvement.
Only a few years ago – when everyone was accessing the internet using laptops and iPads – having a mobile-optimized website didn’t matter all that much. – But time and technology has moved on. – Things have changed.
According to Statista, 39.6% of all retail sales will be made on some kind of mobile device in 2018. – Further to that, they project that by 2021, that number could well be as much as 53.9%.
If your site isn’t optimised to load lightning fast and work great on every size, shape and make of smart phone, even the healthiest online business is destined to vanish into the oblivion of failure.
As always; the internet is changing.
As a business; you need to change with it, synchronously, so that your company makes the best from the current status-quo at any given point in time.
As we go into 2018 it’s important to stay tuned and be on the ball: Your business will either expand or die. – You must ensure that the former happens.
The internet is constantly evolving; and your business must evolve likewise - in order for it to stand a chance. Click To Tweet
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- 'Simply one more edifying post. - Enjoy.