Investopedia defines marketing strategy as“…a business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services.” Nowadays, most marketing strategies gravitate towards online marketing campaigns since it’s far easier to reach your target customer than traditional marketing techniques. There are 4.66 billion active internet users worldwide. This means that you have greater reach compared to using marketing campaigns that are focused on print media.
What is Conversion in Marketing Strategy?
In marketing, you’ll often hear the term “conversion.” In simple terms, it’s the number of people responding to your call to action. According to https://www.neonambition.com, the more people engage in your marketing campaigns, the more potential customers you can have. There are multiple ways to calculate the effectiveness of your marketing campaign. However, the simplest one is the conversion rate. To calculate the conversion rate, you simply need to apply the following formula:
Conversion rate = (Conversions / Exposure) x 100
Conversions is the number of people who took the desired action, such as buying your product, subscribing to your email list, or following your account. Meanwhile, exposure is the number of people who were exposed to your marketing strategy. With these numbers, you can check how many people you’ve encouraged to take action.
Typically, a 2-5% conversion rate is ideal. However, you might need to boost conversion if your conversion rate is too low according to the average in your industry. It’s advisable to stay within the range of the recommended conversion rate. If your conversion rate is too low, it means people are not engaged in your marketing campaigns. On the other hand, a conversion rate that is too high means you might be offering more than the money you’re getting, which can translate to a decreased income in the long run.
Marketing Strategy to Increase Visibility
It’s difficult to boost conversion if only a few people know your brand. That’s why most marketing strategies nowadays focus on increasing brand visibility and strengthening customer trust. People are more likely to buy from you if they see your brand as trustworthy. On the other hand, people will refrain from spending money on businesses that don’t seem reliable. You also don’t want to waste your time and resources increasing visibility for people who might not be interested in your products or services. You should create a profile of your target customer, who will be willing to pay you for your goods. Then, design marketing campaigns keeping in mind that you should encourage your target customer to choose you over your competitors. Here are some of the most effective marketing strategies.
Content marketing and social media marketing
Perhaps the cheapest and most effective way of marketing your product is by creating a website designed to appear on the first page of Google search. This can be achieved via content marketing and search engine optimization or SEO. It will help you advertise your product to people who are already searching for it.
Almost everyone is on social media nowadays, making it one of the best ways to market your product. Through likes and shares, you can have a wider reach and quickly improve brand recognition and trust. You can also take things further and use social media ads to reach people who match your target customer profile. Social media can be a great way of updating your customers about your newest products or ongoing discount sales. However, it’s susceptible to an algorithm that is pretty much unpredictable. The most reliable way of bringing in information to your loyal customers is by having them on your email subscription list.
Referral programs and direct marketing
A referral program is similar to the word of mouth advertising but designed for the modern world. When people love your product, they can recommend it to their friends or families who might be interested in it. You can further encourage them to recommend your products or services by incentivizing referrals. Promos and discount coupons are just some of the things you can give to people who successfully recommended someone else to buy your products or services.
Meanwhile, one of the best examples of direct marketing is collaborating with influencers. You can contact people with decent following sizes and hire them to advertise your products or services. They can redirect their audience to your website or social media accounts where they can browse through the products and services you offer.
Depending on your industry and target customer, you might want to apply specific marketing strategies to boost conversion and increase visibility. Since the marketing world is based on trends that come and go, it’s also highly advisable to contact an expert to help you with all your marketing strategy needs.