22 Aug, 2007
Internet Marketing Strategies - know what it is you want!
Posted by: Mercury Thread In: Affiliate Marketing| Banner Advertising| IMJUK| Internet Marketing| Pay Per Click| Search Engine Optimization
OK the first stage on any Internet Marketing strategy - and don’t leave this up to your agency - is to know what you want to achieve. Before you know what you want you need to know what you have - you need to know where you are before you can plan how to get to somewhere. And in Internet Marketing knowing how to guage the performance of your campaign(s) is centrally important.
Know your Performance Indicators
You need to know the following before you go anywhere:
- Unique Visitors Per Month - The number of individual users who visit your website in a given month. If you can get this as an average over a couple of months or a year even better.
- Number of Sales Per Month generated from the website
- Conversion Rate - How many visitors do you need to make a sale - Divide your unique visitors by the sales
- New Vs Returning Visitors - If your internet marketing campaign is to get incremental sales you want to see the new visitors increasing - new visitors turn into new sales (slight over simplification but will do as a starter for ten)
- Average order value - how much does an average sale from your website generate (total sales value/number of sales)
- Average monthly spend on your business
- Current Cost Per Acquisition - How much it costs you currently to make a sale (monthly spend/number of sales generated)
We’ve built a spreadsheet where you can input some data and start uncovering the relationship between the variables relevant to your website. Download Excel spreadsheet
Prioritise your Performance Indicators by Importance
If you have all these your gonna have a good start. The next stage is to place these in importance order for your business:
- If you sell banner advertising number of visitors is the core goal
- If you want to improve profitability conversion rate is going to be high up
- If you have sales targets then sales value, average order value and
conversion rate matter most
Get to know these inside out before you even approach any agency or company about getting Internet Marketing. Know the relationship between each of these variables and you’ll start in a position of power when you speak to an agency and when you get started you can start tracking your campaign with your own performance indicators and ensure you maximise the return on your investment in Internet Marketing.
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