Expert View: 2010 is the year of Conversion
So what does this mean for the small business owner?
The past twelve months have seen a huge increase in the focus towards online marketing with businesses investing in SEO, PPC and Social Media; even PR has began to move more online. In 2009, eighty percent of all top businesses chose to re-invest 66% additional marketing budget into social media despite the cut backs made due to the recession. Now this year it seems that even more small businesses have started to pay attention and are beginning to embrace the new techniques filtering through. Already, many businesses are gearing up to invest more in online activity and seriously adopt online strategies as their main resource behind business development and marketing.
Last year, we saw a massive increase in small businesses starting to use and trust online marketing and resources within their business; 67% of small businesses used podcasts and webinars, 28% used Twitter and 54% used social media to search for information.
This year, small business owners will be listening more but demanding more at the same time. As businesses are listening harder, the more and more emerging signs are showing that new online channels and routes to your target audience are proving more effective and measurable than before. The internet marketing industry will grow at an incredible rate this year, yet again, but the industry is also going to have to raise their game to service a more educated and inpatient demanding customer (that’s you!).
You’re probably still not interested in websites, SEO or even Social Media but 2009 was the year of learning and taking those first few steps. The interest of the small business owner hasn’t changed for years; you’re interested in results. This year we’re going to see a much sharper focus on online marketing results and a fixation on conversion strategy – converting more strangers into customers.
Have you ever been reluctant to pay a parking fine or the TV license bill? What about when a public toilet charges you 20p? Why? It’s because we question the value. That’s the same feeling you get with marketing spend when you’re not really sure whether it will directly add value to your business or not.
At one point or another we’ve all felt the pain of spending on a marketing initiative and seen little or no return. Websites, SEO and online marketing are all parts of the online puzzle but if your activity and investment does not convert into more business, then it’s a waste of time.
Last year, was the year for learning, dabbling, testing, hoping and trusting online marketing tactics ... This year, 2010 is the year of pay back. This year is about conversion… converting your website traffic into business and putting money in your bank account. Get it right and you can save that feeling of reluctance for the bathroom at Euston Station.
How well do small business owners know their online marketing agency though? More importantly, how well do they know you? It’s no longer good enough that they know all about online marketing and send you some graphs or pie charts at the end of each month. Your online marketing agency needs to know all about you and all about your target audience.
If you’ve been getting meaningless stats on a monthly basis, the reluctance to trust and invest in internet marketing is understandable. However, your investment is more important this year than ever. As your competition gets stronger and stronger you need to be prepared to invest more than ever because the opportunities are there to be had.
So how do you make sure you’re making the right choice this year when choosing or reviewing your online marketing agency? Start by getting a feel for how in tune they are with your business – do they really understand what you do and what you want?
Invest in an agency that can turn strangers into customers. Invest in an agency that quickly becomes more like your online marketing director than a supplier. Don’t just ask how much money did you make me last month, ask how much more money are you going to make me next month? I call it our monthly ‘Jerry Maguire’ meeting. ‘Show me the money’.
Don’t just talk about the performance last month – ask, what can you tell me about my competition? What can you tell me about my target audience that I don’t know? How can you make my online estate (website or websites) convert more opportunities and work harder for me in the future?
Your online marketing activity could transform your business this year if you choose the right partner to help you carry out the right conversion strategy to improve your performance each month and generate more and more business online.
Remember, if you think marketing is expensive, you’re doing it wrong. We say this at least once a day every day - ‘It’s not the tools you use but how you use them.’
Good luck
Bryan
