These days, it’s common knowledge that businesses need to keep up-to-date with digital progression to remain a key player in the game. This means that digital strategies need to be part of your business plan. A big part.
Internet marketing does not exist separately to your other business generating investments. It should co-exist and complement every other marketing exercise you do.
When it comes to devising your business plan and adding online marketing, it pays to go back and revisit the basics. The most basic aim of business – any business – is to make a profit.
Here are a few key things that business consists of:
- Conversion rate
- Number of sales
- Average sale price
A formula for a successful business
As long as you incorporate these five elements in your business plan, you should expect to turn a profit. If you put them together, essentially what you have is a formula to a successful business (in theory).
This is what that formula looks like:
Leads x Conversion Rate = Customers x No. Of sales x Average Sale Price = Turnover x Margin = Profit.
By concentrating on and improving each of the elements to this basic formula, you will noticeably improve your profit outlook. Therefore, you need to keep this formula in mind when planning, carrying out and monitoring your Internet marketing strategy (which forms part of your business plan).
Business Plan – The Power of the Internet
In today’s digitally evolved world we now have the ability to see which pages on our website are most popular. Exactly how long users spend on each page and at what point in the journey they leave the website. This gives us a huge insight that we need to be taking full advantage of. Google Analytics also tells us which Adwords are working for us and which ones are not.
The online marketing industry has evolved to include things like social media, blogging, vlogging, SEO, PPC advertising, affiliate marketing and email marketing to name but a few. Each of these is now a discipline in its own right. They all have their own unique strategies for building and gaining more online business. This makes it even harder for businesses to decide which approach is best for them. That’s where a digital agency comes in, as experts in online marketing we can analyse your business and which online strategy will work for your business.
A well-written business plan should only include the online marketing strategies most relevant and effective to their industry and customer base. And, most importantly, there should be time and budget allocated to measuring and analysing each strategy and method.
If you’d like to discuss how AIM Internet can help your business, please email Sarah Whitticase at email@example.com or call her today on 0870 062 8760.