There is no better time to talk about the state of your online business than right now. This is the time of the year when most business owners are evaluating their yearly goals and quotas. Ask yourself, are you on pace to reach your sales goals? Are you on pace to expand your demographic reach? Does it seem like you’re falling a step behind the competition or does it seem like your competitors passing you by? Here are a few things that will help you.
Shop The Competitors
The competition is fighting for the same customer you want. If you are not your customers 1st choice, you need to honestly evaluate how you and your company match up. In this digital world of the internet, there are several things that make a world of difference. Most customers make their decisions by looking at your website. Does your website represent your brand well? As I look at some of my client’s competitors, I have to realistically evaluate what they are doing better and why that is working? It’s possible they are using updated technology to advance their brand message and expanding their marketing reach.
Recently, I had a consultation with a client to discuss the reason why their company online sales revenue was down 35% over the last 18 months. I did a quick evaluation and side by side comparison of their website to their competition. The differences were drastic. We were able to point out 2 major factors that affected their bottom line sales revenue.
- Outdated Branding – Even though their company name is well known, it doesn’t appeal to the demographic that is younger and more technology driven. With the large number of college graduates and young executives who are now making corporate purchases, technology is major influence in their decision making process. You will need to connect with those decision makers in new and innovative ways.
- Outdated SEO Practices – Most of my clients don’t realize that the content on their site is not optimized for SEO. And since it’s not optimized for SEO, their website Google rankings are suffering drastically. If your website content was ranked #1 or on the first page of the search results and now your content is two or three pages down, then your content isn’t optimized. The year 2015, gave us 5 Google Algorithm changes and updates. It’s possible that only 2 or 3 of those changes affected your rankings, but the difference can be night and day when you’re comparing conversion rates for your site traffic.
- Improved Marketing Strategy – The value of having a quality marketing strategy can make your improve revenue drastically. One of the best digital marketing guides that I’ve read is at SEJ. It’s a fail proof way to improve your marketing strategy.
Your business is getting older, your customers are getting younger!
Every business that has flourished has remained relevant within their demographic. Now is the perfect time to analyze your consumer demographic to see how you are able to expand your reach. Now is the perfect time to find out what the ROI will be for your future success.