8 Online-Marketing Terms Business Owners Must Know

If you’re like most small-business owners, you spend your day providing a great customer experience that sets you apart from your competition. The quality of your service is key now that digital word of mouth is the most effective form of advertising. This doesn’t leave much time to stay current with the latest online-marketing developments.

To help navigate today’s brave new world of digital marketing for small business, as well as outline principles that are critical for your success, I’ve outlined eight terms that should be in every small-business owner’s vocabulary. Understanding the “why” and “what” will improve your marketing efforts and ability to attract and retain valuable customers.

1. Online presence

What: Your online presence is everywhere your business info can be found online and on mobile apps.

Why: In today’s connected world, establishing a proper online presence is absolutely critical. Consumers use the web to make their final decision. According to a Nielsen study, four out of five Yelp users visit the review site before making a purchase.

Whether looking for a new business or researching a known one, potential customers will use search engines and social platforms to find the information they need.

2. CTA

What: A call to action prompts a customer to do something (for example: “Call now.” “Click here for 10% off.”). Testing different CTAs as part of your marketing will help you find out which is the most effective for your business.

Why: As a small business, it doesn’t matter how enticing your online presence is if you do not present a clear call to action. Even the most interested consumers need a clear next step and possibly an incentive to move forward.

3. Conversion

What: Conversion is the step from your marketing effort to a customer taking action. A conversion could be an email or call, but most often a direct purchase.

Why: The goal of your marketing should be to drive conversions. You need to decide in advance how you define a conversion. This way you know what to track and what you want to achieve.

You want to minimize drop off between someone seeing you online and actually making a purchase. Remarketing can help with this.

4. Remarketing

What: Remarketing is following up with consumers that have interacted with you or your marketing before. For example, sending email or a text messages to existing customers with the goal of building loyalty or getting referrals, feedback and reviews.

Why: Remarketing to your existing customer contacts is one of the most important online-marketing activities for small-business owners. These customers already know your business and are much more likely to engage and convert via effective marketing.

5. REFERRALS

What: Referrals are new customers that have been directed to your business by other customers or companies.

Why: A trusted recommendation is more powerful and effective than any type of advertising. By using targeted-remarketing messages you can encourage this type of digital word of mouth.

6. CAC

What: Customer acquisition cost refers to the dollar amount spent to acquire a new customer. For example, if you work with a marketing service that you pay $1,000 and because of their work they deliver five new customers, the CAC of this marketing effort is $200.

Why: Your end goal is new customers and revenue. It is important to understand how much each of your marketing efforts cost to achieve that goal. This will help you evaluate your marketing efforts. Make sure you know about the CAC when working with a marketing service.

7. CLTV

What: Customer lifetime value is the dollar value of a customer relationship — based on the total profit you expect to earn from that client over their time with your business. So if your service costs $50 and customers generally buy this service five times throughout their lifetime, the combined dollar value of all these transactions, or CLTV, is $250.

Why: CLTV is an essential concept in marketing, because it determines how much you can spend on your marketing. Generally speaking, any marketing effort where the CLTV is higher than the CAC delivers a return on your investment and is something you should continue to invest in. So don’t just look at marketing in terms of costs but how it adds to your bottom line!

8. Cloud computing

What: Cloud computing, sometimes called software as a service or web-based software services, simply means business services such as email, storage or accounting supplied over the Internet. Using the cloud is increasingly popular with small-business owners because it’s more affordable and makes it easy to update the services.

Why: Using cloud computing for your marketing is a smart approach as it’s affordable and makes it easy to update and integrate any services. For example, customer-relationship-management software is a marketing tool that many large companies have been using for years, however it is now well within the price point and time-commitment range for small-business owners.

Work At Home: Working Where You Live

Many, many articles and blog posts have been devoted to the conversation of time management and how to best work from home.

The advances in computer technology and communications have made it possible for millions of people to work from their home offices on a regular basis, even if they’re employed by a large company headquartered thousands of miles away and not necessarily a business owner.

work at homePeople who are new to the working from home game may find it an adjustment in the beginning.

Many folks have an idealized view of what it means to work from home and haven’t really considered the details of making a living from your living space.

Work At Home Professional

First things first – try not to work in your pajamas.

Okay, do it for the first few days just to say you did… but I guarantee you that it won’t be something you’ll want to continue doing in the long term.

It is just way too easy to feel like you’re not actually working when you’re in your PJs… it is just not professional, and, since you are going to be working from home regularly, you definitely will be more productive when you get dressed each day for work.

Obviously, you don’t have to put on your best business attire, but do get dressed and then go to work.

Business Owner TO DO

I always tell people to make themselves a To Do list the evening before so it’s prepared for you when you get to your desk in the morning.

You don’t have to spend a half an hour rethinking yesterday’s work to get up to speed.. I’ve found one of the most helpful tools to use is a contact management software system that allows you to schedule calls, meetings and to-dos.

This way you have an ongoing list of what needs to be done and you don’t have to keep writing things down over and over again if they get postponed or changed in some way.

So, what you really have is a flexible To Do list.

Another crucial point in managing your work is knowing that items will change and some items will never get done before they need to be deleted from the list entirely. Just get used to that right now and don’t lose sleep over it.

Delegate Home Office Duties

Another point to make about working from home is that you don’t have to do it all yourself even though you’re the only one in your office.

Learn how to delegate.

There are tons of services available to small business people for a very reasonable cost; you just need to know what you’re looking for…then search for it.

There are virtual assistants available from all over the world if that’s what you need. And you can pay them via secure means using PayPal, so it doesn’t matter where in the world they are. Family members may pitch in as well and oftentimes the money you pay children can be deducted from your taxes as a business expense and then used to purchase clothing for school.

Finally, get over the office/home conflict.

No matter what you do you will, at times, feel the conflict between working and living in the same space.

When you are aware of this conflict and manage it correctly your success as a work from home person is assured.

Balance in home and business life may be tough at times so do not let the need for focus blind you to the possible efficiencies available to you because you work from your living space.

This balance is often achieve as simply as writing a schedule that includes both work and personal time.

You are not tied to this schedule but it will provide you with structure that many who begin a work at home career miss. If you find, for example, that you have a ten minute gap in your work, then go throw on that load of laundry that you know needs to get done.

Many work at home distributors have a tendency not to schedule any personal time and this is a big mistake.

Time off will make you more productive when you are on!

Your success working from home in your living space depends on the ability to work and play from the same space and this gets easier with practice!

What Has Been Your Best Network Marketing Method To Date?

Everyone has their favorite method of marketing their network marketing business what is yours? Over the years I seen, read, and utilized many different methods.

While many seem to be effective without tracking it really is hard to tell which method is producing the most results with the least amount of effort.

Today you have far more options then you did five years ago. I guess the real question is do you employ just one method or multiple methods to grow your business?

It can range from:

  • Blogging
  • Facebook
  • Twitter
  • Self-generatated Leads
  • Purchased Leads
  • Advertising Local or Online (PPC)
  • Commenting on Blogs
  • Email Marketing
  • Warm Market
  • Prospecting On The Phone

These are just a few of the ways you can both find and reach out to prospects.

With so many different ways to market your network marketing business today which do you find the most effective?

What method of tracking did you use to prove to yourself that it was effective and your time was well spent?

Which method have you tried that you dislike the most? And, why?

THE COURAGE TO BEGIN

THE COURAGE TO BEGIN
The courage to begin separates dreamers from achievers.

Your difficulty and the difficulty of everyone who ever desires to achieve anything worthwhile comes in the movement.

Don’t always be intending to live a new life but never find a time to begin living it.

Most people fail because they never get started. They don’t go they don’t overcome inertia, they don’t begin.

Begin to free yourself at once by doing all that is possible with the means you have.

As you proceed in this spirit, the way will open for you to do more. The worst you can do is not to try.

 

 

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