| Happy New Year! In the spirit of the
season, with people making -- and breaking ;-) -- their New Year's resolutions, I wanted
to stress the importance of making sure that any business resolutions you make for 2005
form part of a well-constructed BUSINESS PLAN.
And it can't be just a static plan. It should be one that
you review regularly along with a close examination of your web site's traffic stats and
sales figures.
This approach will allow you to spot new profitable
opportunities, identify and help solve problems... AND incorporate new goals and
strategies into your business -- like the three we're going to cover in just a minute.
A thorough review of your business is really THE best way
to ensure that you accomplish your main business objective for the year -- whether that is
generating a certain amount of profits or launching a new product.
At this point I should say that if you don't have a
business plan, please go make one NOW! Seriously, RIGHT NOW! Check out our November 26th,
2002, newsletter on business plans for details on how to plan for your success at:
http://www.marketingtips.com/newsletters/?article=art_november02b
Here's an example of the importance of a plan... Many
people buy themselves a gym membership at this time of year with the objective to
"get fit."
Well, I'm no fitness guru, but to have any chance at all of
accomplishing this goal, it's vital to create a fitness PLAN containing other smaller
goals -- like lose 5 pounds by March, 10 pounds by June, and so on.
Not only does ticking off these smaller goals within your
overall plan keep you motivated, but keeping track of progress in this way lets you see
how close -- or far -- you are from achieving your main objective.
Not having a plan means many people who join gyms use their
membership twice in January and then never again... with the only thing getting leaner
being their bank balance!
That's why it's so important to make a business plan and
set achievable goals -- it's your road map to success and a BEEFIER bank balance!
You should always be planning different ways to improve
your success and get more profits in your pocket... So with that said, let's jump right
into the three killer strategies that are hands-down the best plan for making 2005 your
most profitable year yet.
KEY STRATEGY #1: Improve Your Sales Process and Convert
More Traffic into Sales
Do you get regular traffic to your site? Once your visitors
get to your site, how long do they stay? How many of them BUY?
The best way to improve your sales process is to start by
looking at your web site stats. These are a goldmine containing priceless nuggets of
information, like how much traffic your site is getting, how people travel through your
site, which pages are the most popular, and where your visitors are coming from.
By analyzing these stats, and looking at them alongside
your sales figures and online promotions, you can work out things like what proportion of
your traffic is being converted into sales, and which promotions or online campaigns are
working better than others.
You'll then find yourself with a much clearer picture of
your business overall, and a good idea of what you need to change, improve, or build on.
If your web stats show good traffic levels but low sales
figures, then you need to tighten up your sales process. Review both your salesletter and
your order form -- even just a few tweaks can make a HUGE difference.
YOUR SALESLETTER
If people are leaving your web site from the sales page
without clicking through to the order form, then the salesletter is simply not doing its
job in convincing visitors to buy your product or service.
In this case, it's time for a salesletter tune-up. First
stop -- your headline. Make sure that it's compelling, will resonate with your target
market, and contains the main benefit of your product or service.
Then, ensure that your body copy builds your credibility,
focuses on the BENEFITS (not the features) of your product or service, and includes
testimonials and a strong guarantee.
Another quick fix is to make sure that your P.S. reinforces
the main sales messages. (Remember, many people ONLY read the headline and P.S.)
And, of course, the call to action is very important in the
sales process. It should state EXACTLY what you want the person to do next, how they can
do it, and that you want them to do it NOW! It's the bridge between the salesletter and
the order form.
Check out our November 24th, 2004, newsletter for more tips
on the essential elements of a profit-generating salesletter at:
http://www.marketingtips.com/newsletters/?article=art_november04
YOUR ORDER FORM
If your web site stats show that people are abandoning your
site at the order-form stage without placing an order, then there may be something wrong
with it.
Is it too complicated? Does it have a different
"look" from the rest of your web site? Are there links on the order page to
other web sites or other pages on your site?
First, you must make sure that your order process and the
form itself are easy to understand. To help people follow the process, provide a
step-by-step guide that leads buyers through the ordering process, spelling out things
like how to fill the form out, how the product will be shipped, when their credit card
will be charged, and so on.
This could be on the order form itself -- allowing a buyer
to read it as they complete the relevant steps. The form itself should have a simple
layout with all the information fields arranged in a logical, easy-to-follow sequence. Use
the "KISS" principle -- "Keep It Simple, Stupid!"
As far as possible, the order form page should have the
same "look" as the rest of your web site. Keep it clear and uncluttered -- there
should never be other distractions on the page like images, irrelevant copy, advertising,
or links to other sites that take the buyer away from your site.
You want them to focus on filling out the relevant
information.
It's a good idea to reassure people that they are making a
safe, secure purchase when they access your order form, by saying something like,
"Welcome to our secure online order form."
KEY STRATEGY #2: Offer a "Backend" Product
That's an Easy Sell to Your Existing Customers
Statistics show that 30% of your existing customers are
guaranteed to buy from you again. It makes sense... you've already done a lot of the hard
work establishing your credibility and proving that you run a reputable business that
gives your customers what they want.
So, offering another "backend" product to
existing customers can be a great way to boost your profits without eating into your
marketing budget.
A backend product can be any one of a number of things. For
example, if your site sells cameras, new products could include:
- An add-on to your existing product, such as a new lens for a
camera
- A relevant information product, like an eBook containing
photography tips
- A complementary product, like a bag for the camera
... and so on. Sit down and come up with a list of products
related to yours that you think your market might be interested in.
Remember that the key to finding any new product is to
identify a problem that your customers have and then come up with a product or service
that solves it for them.
Always read and keep any feedback or comments you receive
from your customers -- positive and negative. You can also solicit feedback through a
customer survey or questionnaire.
In addition, you should also be constantly assessing the
needs of your target market by reading the publications that they read, and visiting the
web sites, online forums, and blogs that they visit. And don't forget to check out your
competitors' sites!
When you've found a suitable product, launching it to
existing customers is easy. You already have their contact information, so you can simply
e-mail them a promotion highlighting the problem they have, and explaining how your new
product or service will solve it.
You can even use your customer feedback as a selling point,
saying something like, "I've listened to feedback and comments from my customers, and
can now offer you a product I just KNOW you're going to love..."
KEY STRATEGY #3: Set Up an Affiliate Program to Drive Tons
More Traffic to Your Site and Boost Your Sales
How would you like to have a network of other people to do
your selling for you? Well, in a nutshell, that's what an affiliate program is. An
affiliate is someone who promotes your product on their web site in return for a
commission on every sale that they send your way.
There are a number of reasons why you should consider this
top-notch strategy for your business:
- It can drive TONS more traffic to your site
- There are ZERO advertising costs -- affiliates do all of
their own marketing
- There is no risk to you, since you only pay your affiliates
after they've made the sale
- You gain exposure to new target markets through the e-mail
lists and web sites of your affiliates
The fact is that affiliate programs are one of the most
powerful ways to market online, and almost every product or service will be MUCH more
successful if you offer an affiliate program for it.
I know, because at The Internet Marketing Center, we've
made MILLIONS since we first started our affiliate program -- in fact, we generated $2
million last year alone!
You can find affiliates by putting a page on your web site
inviting people to apply, and by approaching sites that you think have a similar target
audience.
Starting and managing an affiliate program can be done one
of two ways -- you can go through a provider or do it yourself. Using a provider like
Commission Junction (http://www.cj.com) or Linkshare (http://www.linkshare.com) can be
very expensive, so it's well worth looking into managing the program yourself.
If you do it yourself, affiliate software like AssocTRAC
(http://www.marketingtips.com/assoctrac) is available to manage the whole process, from
tracking affiliate sales right through to paying commissions.
An affiliate program is a highly effective strategy for
generating swarms of new traffic and multiplying your sales -- with minimal effort and
cost on your part.
Final Thoughts
It doesn't matter whether you're making $100,000 or $10,000
a year from your Internet business, or whether you sell kettles or sports cars -- all
three of these strategies will work for your business.
I know, because I've used them all and continue to use
them, and I can tell you in no uncertain terms that they work.
But they will always be even more effective if you spend
some time every so often reviewing your business plan, setting new business goals, and
taking a close look at your web stats and other areas of your business where you could
make improvements.
Carrying out a regular business review in this way is just
like giving your car a regular check-up -- you just need to stick your head under the hood
of your business now and then to make sure everything's running smoothly.
And whether it's adding some new parts or just making a few
tweaks here and there, you can always find ways to make it run even better! |