Here is how to accelerate your NICHE Business to new heights.
Are you one of those entrepreneurs who are marred by constricted budgets and scarce resources? Are you still struggling to create an effective marketing strategy that will bring in the moolah? If yes, we assure you that by the time you are done reading this article, you will have a clear idea of what you can do to accelerate the growth of your NICHE business.
If your business is suffering from low online leads, it is only evident that you must push the numbers by bringing in more people on your website. The more visitors you have, the higher will be your chances of converting prospective customers into actual clients. The real question is: how does one push the numbers and achieve business growth?
Here are three ways in which you can bring in more leads and give a boost to your NICHE business.
1. Focus on Increasing Your Conversion Rate
Before we can get into the fundamentals of this, let us first clarify what Conversion Rate is. In marketing and sales, Conversion Rate is a metric that signifies the percentage of people who completed a specific or desired action after being exposed to an advertisement or pitch. An important thing to remember is that conversion does not always necessarily mean the purchase of a product or service. Marketers can see different events as conversion. For instance, if a marketer’s goal is to bring in more customers to their website, a prospective customer who visited the website after clicking on an advertisement will be counted as a converted customer. Similarly, a prospective customer who used the ‘Contact Us’ page to reach out to a brand can be counted as a converted customer and can affect the overall conversion rate of the brand.
One of the best ways to give a boost to your NICHE business is to focus on increasing your overall conversion rate. Before you decide to increase your marketing budget or reallocate it between different channels, make sure your budget and its allocation support the highest conversion possibility.
Let’s see how this can be done.
Let’s move forward with the presumption that your current market budget allows you to reach out to 10,000 people. The ads that you are putting out are converting 10% of the total number of people exposed to your ads. What this means is you get 1,000 visitors on your website from your ads going out on different channels. Of these 1,000 people, only 2% reach out to you through your ‘Contact Us’ page. Thus, only 20 people reach out to one of your representatives. Of these 20, let’s assume that the representative can convert 30% of the customers. Thus, your current marketing budget and spend gets you 6 paying clients each month.
To increase your conversion rate, it is not necessary to increase your marketing budget. For instance, in this case, if you can increase your conversion rate to 15%, you will now welcome 1,500 visitors to your website. By making a few small but noticeable changes to your website, you can increase the percentage of people who reach out to you. Let’s say you worked hard and made your website more appealing and user-friendly, and thus, you were able to convert 4%, instead of the 2% registered before. So, instead of a paltry 20, you now have 60 people reaching out to your representatives through your ‘Contact Us’ page. There is still more work to be done. If you train your representatives to become better at their job, they may be able to convert 50% of these 60 people. If that happens, your market budget, which is the same as before, will now get you 30 paying clients each month. That’s a 500% improvement.
While increased traffic does not guarantee increased conversion, increasing conversion almost always ensures higher sales. This is the reason why all digital marketers favor conversion as the critical metric over traffic. Moreover, it is still easier to increase conversion than increase traffic. If you are looking to create a NICHE website focussed on increasing conversions, click here for more information.
2. Focus on Increasing Targeted Traffic
Targeted traffic refers to people or clients who are more likely to buy or use your services. It is an undeniable fact that increased targeted traffic almost always translates into increased sales.
Let’s move forward with the assumption that your current conversion rate is only 10%. Let’s assume that you can double the traffic on your website while still sustaining this same conversion rate. If that happens, you will be able to get twice as many customers as before. However, an important thing to remember is that to increase sales, you must get targeted traffic on your website. Bringing in people who have no interest in what you do or sell will not boost your sales and revenue.
An excellent way to promote the influx of quality targeted traffic is to run a powerful Google Search Ad Campaign. To get more information on how to design an effective Search campaign, click here. You can also win more targeted traffic by ranking well for specific keywords. Click here to know how this can be done. However, if you are already running a Search campaign and it hasn’t shown any positive results on your sales yet, it’s time to increase your ad spend.
3. Consider Increasing Your Prices
In any business, there are three significant ways to increase profit: increase sales, cut costs, and raise prices. Most companies focus on the first two and completely ignore the third way as it requires a well-planned strategy. If you are planning to increase prices, make sure you do so while retaining your old and loyal customers. Companies must ensure that old customers only have to encounter a moderate price increase. The significant change in prices should be for new customers. This is an effective strategy employed by many in the past. Increasing prices helps as it directly affects the profit margins without forcing companies first to win new customers or increase sales.
Are you ready to take professional advice on how to grow your NICHE business?
If you have already tried everything and have failed, do not worry. You are probably just making a small mistake and overlooking it. In any case, it’s time to let someone else take care of your business growth. If you want professional help regarding how to grow your business, reach out to us today. We have many tried-and-tested growth strategies that can act as growth boosters for your NICHE business. Apply for a Strategy Session, and our team of adept professionals will get back to you with a personalized plan for the growth of your NICHE business.