How to Increase Your Income Online in 2019
In the online business world, every business needs to be highly focused on its marketing strategies to increase sales and revenue of the company. One key way to do this is by improving the visitor conversion ratio on your website. Businesses often take many different approaches on how to optimize the conversion rate and it’s an important area to watch and make adjustments to.
As we look ahead, there are numerous opportunities for businesses to increase their income in the multi-trillion dollar eCommerce market. This market is expected to cross $4.88 trillion by 2021, according to the Statista forecast. With this growth opportunity in mind, increasing your business’s online income via focused eCommerce and digital marketing strategies in 2019 and beyond is possible.
One of the keys is your infrastructure. There are many e-commerce platforms like Magento, WooCommerce, Shopify, and others to choose from. Magento is one of the most-used eCommerce platforms, though it is a complex system. One way many businesses work through this is to hire Magento programmer to assist.
With e-commerce growing and your ability to get in on this a real possibility, let’s have a look at the key ways of increasing your income in 2019 and beyond with the help of the latest digital marketing solutions and strategies.
How can you Increase Income in the Online Ecosystem?
Every business must reach new customers. The generation of leads in the modern digital marketing ecosystem is fundamental. The best way to do this is to tap into the customer interests, needs, and problems needing solved. Through online research and social listening, marketers can learn about needs and address problems their product solves. This can draw users to the e-commerce website. Once on the site, how many convert and actually make a purchase is a key metric to watch, measure, and use as a key fundamental metric to measure the success of your marketing campaign.
There are a number of steps involved in any powerful marketing strategy in today’s digital marketing environment. Your marketing strategy should cater to all those factors that can improve the lead generation by targeting the right audience and increasing the conversion rate.
Lead Generation Ideas
As a marketer, you can increase the income in the online environment by taking a number of the following steps.
- Develop an affiliate program to increase sales via your network
- Manage additional marketing websites for increasing the traffic to your main store by generating multiple lead channels
- Use social media effectively to reach the right audience, engage them and bring them to the site
- Use artificial intelligence (AI) and business intelligence to assist your marketing strategies
- Launch customer loyalty programs to increase repeat sales and longevity of clients
- Run promotional offers and incentives on a regular basis
- Implement video more effectively in the digital marketing strategies
- Use PPC, SEM, AdWords and other paid Ad options to increase the traffic
- Increase technical knowledge and SEO capabilities
- Partner with other sites in “cousin” industries to refer business to each other
Ideas to Increase Sales and Revenue in Your Business
Increases in sales and revenue is the main goal of every business. But, how to actually increase sales and revenue is a key question that entrepreneurs always have on their minds. How will marketing strategies become effective in achieving the goals of your business? Let’s have a look at the major factors:
A good marketing strategy that improves just 10% in each of the following factors will lead to potentially doubling the revenue of your business! They include:
- Increase the number of total customers by exploring other product areas to offer and market segments that you can might not have tapped yet
- Explore fine-tuning the marketing plan for an existing market segment
- Seek to increase sales with existing customers
- Analyze the data deeply on cart abandons and make corrections to lessen
- Implement the Add-ons and Up-sells into your marketing strategies and cart checkout process
- Try to reduce your fixed cost activities so that you can save money on those activities
- Offer exceptional customer service and support to increase the user experience and lessen drop-offs
Ways to Increase Customer Loyalty
Online sales and revenue directly depend on two types of customers – existing and new customers. To move new, existing customers into being loyal, repeat customers, you should take the following steps.
- Personalize messaging to your customer in terms of thanking, gifting and other incentives
- Communicate with your customer regularly and naturally to give your relationship a natural touch
- Offer little gifts irrespective of purchase value
- Take feedback from the customers and show you hear and make changes
- Offer a referral program with discounts. This can engage your customer to take action and he/she will also bring other customers to you
- Always remain proactive to educate and help your customer
Key Online Tools to Double Your Income in 2019
As we know, there is fierce competition in the market to show up first in search engines. So, we should use the best marketing tools and methods that can help us get results. Let’s review a number of methods and outline details about the tools that can help you achieve success below:
#1 Search Engine Optimization SEO
Search engine optimization is one of the most important processes in online business. There are many comprehensive SEO tools that integrate all features and capabilities required for better implementation of SEO strategy. Tools such as SEMrush and SerpStat are leaders. The tool you choose should include effective keyword selection and monitor, ability to learn and monitor competitor SEO strategies, identify backlinking, and evaluate site mobile and speed optimization.
#2 Google Ads
Google Ads is one of the most powerful platforms that can be used by all small, medium and large companies on the web. Google is the top leader in the search engine marketplace with a gigantic market share of about 92.46% distantly followed by Bing with 2.45% market share. Google ads, when targeted well to your ideal audience, can increase your income by increasing the relevant buyer traffic to your website.
#3 Customer Relationship Management CRM Tools
A customer relationship tool is not only an interface and communication channel between the customer and your company, but it is a very fundamental marketing tool too. By using CRM tools effectively, you can create a great user experience and retain your existing customer more effectively. CRM tools like the HubSpot CRM for general business or more niche CRM’s like Vision Financial Marketing, a CRM for Financial Advisors, are just two options.
#4 Data Analytics Tool
Data analytics and artificial intelligence have taken strong root in business intelligence and marketing strategies. Today’s best marketing strategies are data-driven and highly focused. Both of these things are not possible without the use of the latest data analytics and BI tools. A powerful BI tool is very fundamental for increasing your income in 2019. Start small with things like Google Analytics as a data tool to understand what is happening on your website and then you can add features such as Google Console or the use of social media tools with intelligence like Late.ly.
Final Takeaway on Ways to Increase your Income Online
The modern marketing field has become sophisticated and much more complex. You have numerous factors to consider and many tools to use for implementing an effective marketing strategy. While more complex it is possible to do and achieve significant results. A powerful strategy can potentially double or even triple your income over time.
It’s time to stop reading and start doing. What are the key steps you need to take next to up your game in 2019?