Digital marketing is an expensive and risky venture for all businesses. Results take time and services do not come free. Due to the heavy upfront costs, many companies are quite hesitant to employ this to their means. Securing referrals and proving your worth in the business can be done. But these strategies take effort. Especially when competition is tough and you are new to the game.
Marketing, both actual and digital, play major roles in the profit drive of any company. Successful marketing campaigns drive greater returns and profits that their upfront costs.
In Singapore, more people are becoming active online, with growing interactions on social media sites. In 2017, more than 95% of internet users had at least one social media account and spent an average of 2.5 hours per day on their accounts. Half of the said users watched online videos daily. Product research and comparison are done online by 42% of Singaporeans before actually making final purchase decisions. These statistics show the huge digital penetration and usage in Singapore.
With the emergence and support of new technologies in online marketing, not all businesses get the same successful outcomes. Many still go through problems that hinder them from getting ideal results. One obstacle to success is marketing to the wrong audience. And this problem takes place almost everywhere.
Knowing your target audience is so important since it helps you implement and direct your marketing plans. For example, a company selling customized cigars had a mistargeted online strategy when they first launched their business. Their ads were directed at cigar users. They eventually found out their customers are composed mainly of the friends and family of cigar users.
How would you know if the effort, time, and money you are spending on marketing are directed at the wrong audience? Here are three signs to watch for to avoid burning your resources.
#1 Low Visit to Lead Conversion Rates
In online marketing, lead conversion rates are gold. The number of visits to your site is just a number and does not quantify anything if the visits do not convert to sales. Your visitors should become customers when your plan is working. If not, this is a hint that you may be barking up the wrong tree. To correct this, you may want to check how you are marketing your products. Do the customers really get what you are advertising? Or are there hidden details in your ads that confuse or deceive them?
Take, for example, if you advertise free shipping on all orders. Potential customers visit your site only to discover they have to order a minimum amount to get free shipping. This misleading ad can cause bounce rates instead of conversions. Pay attention to your marketing message and make sure your audience really understands what you are telling them.
#2 Low Engagement Rates
Likes, shares, and comments are measures of customer engagement. They provide useful indications of whether your content has successfully reached your audience. If your engagement rates are low, there is a chance that your content is not reaching your target audience. Either they cannot completely relate to your content or your content is totally irrelevant to them.
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#3 Unsubscriptions Are As High As Subscriptions
After subscribing to your email list, many people may unsubscribe after a day or two. Another bad sign is when they download a free ebook or PDF file from you and then unsubscribe. If you are seeing this trend you may be attracting the wrong audience or not engaging them properly. You can try adding a step-by-step eCourse they can subscribe to and build a relationship with your customers. That way, you have a vantage point in interacting with them.
Success in online marketing does not merely depend on strategies alone; you have to be keen on the ongoings of your site as well. You may not be getting what you are supposed to for the amount you are spending on marketing. Always remember to pay attention to the details of your sales conversions.