4 crucial elements of a lucrative digital marketing strategy

How many calls and emails do you get from marketers each day telling you they have the best  solution for your digital marketing strategy?  We’re willing to bet you get a lot because we get at least 2-3 each day.  But what these marketers don’t tell you is that you must have four key ingredients to create a successful digital marketing strategy.  And if you’re missing or deficient in any one of these four critical ingredients, your digital marketing campaign will most likely fail.

 

The 4 crucial elements of a successful digital marketing strategy

• Website Traffic
• Website Conversions
• Customer Value
• Tracking

 

First, see how the 4 crucial elements fit within the Digital Marketing Formula

To see how all these four components fit together to create a lucrative digital marketing strategy, you need an understanding of the Digital Marketing Formula.

 

The Digital Marketing Formula

Digital marketing follows this basic formula:

(Revenue)  =  (website traffic)  x  (conversion rate)  x  (customer value)

 

In other words, your digital marketing strategy success is directly proportional to

• how many people visit your website,
• how many of those visitors ultimately convert into clients, and
• how much revenue each of those clients brings into your business.

 

3 ways to increase your revenue from digital marketing

Or let’s put it another way, there are 3 ways to increase your revenue from digital marketing

• Increase your traffic
• Increase your conversion rate
• Increase your client value

Why a deficiency in any of the 4 parts can mean zero income with your digital marketing strategy

Before we move on, let’s do some basic math using our formula.  Your revenue from digital marketing will be zero if any of the 3 variables is zero.  For example, even if you have ten-thousand visitors to your website each month, if your conversion rate is zero, you still end up with zero revenue.  That’s an extreme example, but you get the point.

 

Now that you understand the formula, let’s move on to the framework. The 4 key elements to succeed with a digital marketing strategy.

 

 

• Website Traffic

 

Without traffic to your website, you will have no success with digital marketing.

Think of website traffic as food for your business.  Without food, your marketing will not have energy to live on and your business will fail.

 

 

• Website Conversions

 

As we discussed above, all the traffic in the world will do your business no good if you don’t convert it to leads and then to sales.  If you have an established business with a steady stream of visitors, improving your website conversion is likely the best way to increase your sales.

You don’t want to settle for low conversion rates on your website. The sad fact is that every website loses sales every day.  Learn how to avoid the six common website mistakes that could be costing you sales.

Example:  Your website gets 1000 visitors each month, and of those visitors 5 convert to sales each month.  That’s a 0.5% conversion rate.  What happens if you double that to 1%?  You’ll double your sales each month - with no more investment in SEO, social media or digital advertising spend.

 

Ways to increase your conversion rate?

Lead magnets, contests, automated sales funnels.

 

 

• Client (customer) Value

 

Listen up.  Client value is often ignored by businesses, yet it is commonly the wild card in digital marketing.

 

Example:  Let’s say we have a 0.5% conversion rate and our customer value is $100.  That means the average value of each visitor to the website is worth $0.50.  Likewise, this means you can’t afford to pay more than $0.50 to attract a visitor to your website.

 

Ways to increase your client (customer) value?

Raising fees, offering recurrent/monthly services rather than one-time purchases, upsells and cross-sells.

 

 

• Tracking

 

Without proper tracking systems, you’ll be operating blindly with no hope to evaluate and improve.

 

Proper tracking is the only way to tell you where you need to focus and how you can improve with your digital marketing strategy.

 

Ways to improve your tracking:

Google Analytics tool, create internal reporting tools and systems, engage a digital marketing professional to track performance.

 

You can see that if you’re missing or deficient in any of the four key ingredients of a digital marketing strategy, your marketing will fail.  It’s that simple.

 

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