"Three Proven Strategies Sure to Strengthen Your Business and Bulk Up Your Profits in 2005!"
Happy New Year! In the spirit of the season, with people making -- and breaking ;-) -- their New Year's resolutions, I wanted to stress the importance of making sure that any business resolutions you make for 2005 form part of a well-constructed business plan.
And it can't be just a static plan. It should be one that you review regularly along with a close examination of your web site's traffic stats and sales figures. This approach will allow you to spot new profitable opportunities, identify and help solve problems... and incorporate new goals and strategies into your business -- like the three we're going to cover in just a minute.
A thorough review of your business is really THE best way to ensure that you accomplish your main business objective for the year -- whether that is generating a certain amount of profits or launching a new product.
At this point I should say that if you don’t have a business plan, please go make one now! Seriously, right now!
Here's an example of the importance of a plan... Many people buy themselves a gym membership at this time of year with the objective to "get fit." Well, I'm no fitness guru, but to have any chance at all of accomplishing this goal, it's vital to create a fitness plan containing other smaller goals -- like lose 5 pounds by March, 10 pounds by June, and so on.
Not only does ticking off these smaller goals within your overall plan keep you motivated, but keeping track of progress in this way lets you see how close -- or far -- you are from achieving your main objective. Not having a plan means many people who join gyms use their membership twice in January and then never again... with the only thing getting leaner being their bank balance!
That's why it's so important to make a business plan and set achievable goals -- it's your road map to success and a beefier bank balance!
You should always be planning different ways to improve your success and get more profits in your pocket... So with that said, let's jump right into the three killer strategies that are hands-down the best plan for making 2005 your most profitable year yet.
Key strategy #1:
Improve your sales process and convert more
traffic into sales
Do you get regular traffic to your site? Once your visitors get to your site, how long do they stay? How many of them buy?
The best way to improve your sales process is to start by looking at your web site stats. These are a goldmine containing priceless nuggets of information, like how much traffic your site is getting, how people travel through your site, which pages are the most popular, and where your visitors are coming from.
By analyzing these stats, and looking at them alongside your sales figures and online promotions, you can work out things like what proportion of your traffic is being converted into sales, and which promotions or online campaigns are working better than others.
You'll then find yourself with a much clearer picture of your business overall, and a good idea of what you need to change, improve, or build on.
If your web stats show good traffic levels but low sales figures, then you
need to tighten up your sales process. Review both your salesletter and your
order form -- even just a few tweaks can make a HUGE difference.
Your salesletter: If people are leaving your web site from the
sales page without clicking through to the order-form, then the salesletter is
simply not doing its job in convincing visitors to buy your product or service.
In this case, it's time for a salesletter tune-up. First stop -- your headline.
Make sure that it's compelling, will resonate with your target market, and
contains the main benefit of your product or service.
Then, ensure that your body copy builds your credibility, focuses on the
BENEFITS (not the features) of your product or service, and includes
testimonials and a strong guarantee.
Another quick fix is to make sure that your P.S. reinforces the main sales
messages. (Remember, many people ONLY read the headline and P.S.)
And, of course, the call to action is very important in the sales process. It
should state EXACTLY what you want the person to do next, how they can do it,
and that you want them to do it NOW! It's the bridge between the salesletter and
the order form.
Check out our November
24th 2004 newsletter for more tips on the essential elements of a
profit-generating salesletter.
Your order form: If your web site stats show that people are abandoning
your site at the order form stage without placing an order, then there may be
something wrong with it. Is it too complicated? Does it have a different
"look" from the rest of your web site? Are there links on the order
page to other web sites or other pages on your site?
First, you must make sure that your order process and the form itself are easy
to understand. To help people follow the process, provide a step-by-step guide
that leads buyers through the ordering process, spelling out things like how to
fill the form out, how the product will be shipped, when their credit card will
be charged, and so on.
This could be on the order form itself -- allowing a buyer to read it as they
complete the relevant steps. The form itself should have a simple layout with
all the information fields arranged in a logical, easy-to-follow sequence. Use
the "KISS" principle -- "Keep It Simple, Stupid!"
As far as possible, the order form page should have the same "look" as
the rest of your web site. Keep it clear and uncluttered -- there should never
be other distractions on the page like images, irrelevant copy, advertising, or
links to other sites that take the buyer away from your site. You want them to
focus on filling out the relevant information.
It's a good idea to reassure people that they are making a safe, secure purchase
when they access your order form, by saying something like, "Welcome to our
secure online order form."
Key strategy #2:
Offer a "backend" product that's an easy sell to your existing
customers
Statistics show that 30% of your existing customers are guaranteed to buy from you again. It makes sense... you've already done a lot of the hard work establishing your credibility and proving that you run a reputable business that gives your customers what they want.
So, offering another "backend" product to your existing customers
can be a great way to boost your profits without eating into your marketing
budget.
A backend product can be any one of a number of things. For example, if your
site sells cameras, new products could include:
... And so on. Sit down and come up with a list of products related to yours that you think your market might be interested in.
Remember that the key to finding any new product is to identify a problem that your customers have and then come up with a product or service that solves it for them. Always read and keep any feedback or comments you receive from your customers -- positive and negative. You can also solicit feedback through a customer survey or questionnaire.
In addition, you should also be constantly assessing the needs
of your target market by reading the publications that they read, and visiting
the web sites, online forums, and blogs that they visit. And don't forget to
check out your competitors' sites!
When you've found a suitable product, launching it to existing customers is
easy. You already have their contact information, so you can simply e-mail them
a promotion highlighting the problem they have, and explaining how your new
product or service will solve it.
You can even use your customer feedback as a selling point, saying something
like, "I've listened to feedback and comments from my customers, and can
now offer you a product I just KNOW you're going to love..."
Key strategy #3:
Set up an affiliate program to drive tons more traffic to your site and boost
your sales
How would you like to have a network of other people to do your selling for you? Well, in a nutshell, that's what an affiliate program is. An affiliate is someone who promotes your product on their web site in return for a commission on every sale that they send your way.
There are a number of reasons why you should consider this top-notch strategy for your business:
The fact is that affiliate programs are one of the most powerful ways to
market online, and almost every product or service will be MUCH more successful
if you offer an affiliate program for it. I know, because at The Internet
Marketing Center, we've made millions since we first started our
affiliate program -- in fact, we generated $2 million last year alone!
You can find affiliates by putting a page on your web site inviting people to
apply, and by approaching sites that you think have a similar target audience.
Starting and managing an affiliate program can be done one of two ways -- you
can go through a provider or do it yourself. Using a provider like Commission
Junction or Linkshare
can be very expensive, so it's well worth looking into managing the program
yourself.
If you do it yourself, affiliate software like AssocTRAC
is available to manage the whole process, from tracking affiliate sales right
through to paying commissions. An affiliate program is a highly effective
strategy for generating swarms of new traffic and multiplying your sales -- with
minimal effort and cost on your part.
Final thoughts
It doesn't matter whether you're making $100,000 or $10,000 a year from your Internet business, or whether you sell kettles or sports cars -- all three of these strategies will work for your business. I know, because I've used them all and continue to use them, and I can tell you in no uncertain terms that they work.
But they will always be even more effective if you spend some time every so often reviewing your business plan, setting new business goals, and taking a close look at your web stats and other areas of your business where you could make improvements.
Carrying out a regular business review in this way is just like giving your car a regular check-up -- you just need to stick your head under the hood of your business now and then to make sure everything's running smoothly.
And whether it's adding some new parts or just making a few tweaks here and there, you can always find ways to make it run even better!
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ABOUT THE AUTHOR: Derek Gehl specializes in teaching real people how to start
profitable Internet businesses that make $100,000 to $2.5 Million (or more) per
year. To get instant access to all his most profitable marketing campaigns,
strategies, tools, and resources that he's used to grow $25 into over $40
Million in online sales, visit: http://www.marketingtips.com/tipsltr.html
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