Recently, one of the UK’s biggest high street shops, M&S, announced they were closing some 100 stores to focus on online sales. They are going to put more effort into their online marketing. Their objective is to increase income generated online to 30% within 5 years. Will this break it or make it as a business? We look at 3 reasons why marketing your business online can do just that!
Why Marketing Your Business Online Will Break it!
Sounds all very drastic. How can marketing your business online break it? It’s only my website! I’m only posting on Facebook about my business! I’m only buying ads. So how can it break?
Good question – this is not about the way you market from your website, or the ads, or how you handle social media. It’s how you deal with three aspects when you decide to market your business online. These are:
- the market,
- the lead, and
- the product.
It’s incorrect delivery from a marketing standpoint that can break your business. I hear you say, “That’s not what the other experts tell me!”
Well – it’s not. That’s because they (and I do!) teach you to how to market using exotic methods such as Sales Funnels, retargeting, and Up-sells/Down-sells.
However, though I teach you the how, I first show a business “why”; why these three elements impact the “how” to market your business online.
They have such a profound effect on your online business that, if you get it right, your business will succeed. But, fall into the traps many businesses do and it makes it so very hard. Worse still, it may break your online business and your offline one as well!
Let’s take a brief look at these key elements.
1. Why choosing the wrong market can break your venture online
The market place you work in, where you ply your business, has been around a long time! It has matured to a level that you are probably one of many in the market selling the same goods and services. Yes? Or do you think you are unique enough that no-one is offering the same?
Let’s try this test: Type the keywords for your business into Google or another browser tool you use. How many search results come up for that product or service? Thousands, or just a handful? If a handful, that is fantastic.
But like many who work, say, in fitness, or coaching, or trade type businesses, you are faced with being one of many. The question here is, how can I carve out a niche for my business and be the only one doing this?
Find the answer and your online marketing campaign will then target people who need that service or product. And thus, you will no longer be one of the thousands of fitness experts, or life coaches, or electricians.
You might be the fitness coach for over 60’s, or Kitchen Electrician for Kensington. Be in a niche market!
2. When you haven’t considered the lead type when marketing your business online
Not all leads are the same – that’s my favourite saying when it comes to marketing.
- I probably don’t know I have the problem you solve,
- I probably don’t know the solution you provide and, at this moment,
- I don’t know anything about you.
If I was your prospect saying this, I’d be a “cold lead” to you. And as these statements changed to, “I know I have a problem”, “I know there’s a solution” and “I know about you”, I’d become a “hot lead”! I have to take a journey to these places. It’s this journey you need to take me on as your lead.
But all the marketing I see on websites, landing pages, ads, or literature that is geared to a campaign, don’t take account of the type of leads they are driving to these contact points.
Try this test: If you have a website, look at the key content pages. Are they written for a cold, warm or hot lead? Who are you targeting? Then ask, who do you want to target?
The same applies to your marketing campaign. If you don’t know where your website traffic are on the lead spectrum, how are you able to get them to take action? Telling someone who doesn’t know they have a problem, that you can solve it, is going to fall on deaf ears.
You can find out more about lead types here.
3. How a product’s maturity can scupper your marketing campaign
Nearly everyone, when they start out, believes they have a new product that no-one else has seen, had, or tried before. Sure, there are those products that are so new they are really, truly innovative.
But, 99% of all products are variations of the original and, depending how old they are, need a different message to convince someone to buy.
When a product comes out that no-one has seen, the sellers say, ” Lose weight!”.
Over time, the market becomes saturated with the same product. Every time buyer fatigue sets in, they have to see something new and different. That’s when you see products get super-powers, e.g “Lose 3kg in 12 days due to this secret ingredient”.
As you decide to start marketing your business online, where do you think your product lies on that maturity spectrum?
If it’s a mature one and you use messages that your buyers have already heard, they aren’t going to pay too much attention to you!
Try this test: When you look at the headline of the most successful product in your market, what promises does it make? Is it simple, or is it full of superpowers, or does it provide a different opportunity?
Marketing your business online is fraught with dangers. Businesses are having, more and more, to move a lot of their marketing to the internet. Make sure you are aware of these three elements. You might break your business if you don’t!