In this new world of digital transparency brands have to be very thoughtful in how they engage with current and potential customers. Consumers have an endless amount of data at their fingertips especially through social media channels, rating and review sites, blogs, and more. Unless brands actively engage in these conversations they lose the opportunity for helping guide their brand message and addressing customer concerns.
The customers will have more bargaining power this is because they will be able to compare prices from different sources. For example if a customer finds a product at the New Look website which is the same as what is being sold by ASOS however at a cheaper price. They will be able to give ASOS feedback, therefore ASOS may decide to look over their prices and may reduce some of the prices which will provide them with a competitive advantage and help retain customers. The advantage of this is that the customers will have an influence on the pricing strategy used by businesses and the price of the products will be suited to them.
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Conversion rate optimization is still possibly one of the most underutilized but critical functions of digital marketing. Every element of digital marketing is useless without considering conversion rates. This goes for SEO, SEM, Social Media, Email, and Display. The power of your SEO rankings are only as good as your click through rates and your traffic is only valuable of your website and landing pages foster some type of “action.” Why spend all the time and energy driving traffic through multiple different channels if you are not willing to spend the time and energy on conversion optimization? Yet many brands and agencies still put less emphasis on this crucial piece of the puzzle.
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For a sign of the times, just look at the explosive growth of LinkedIn. To date, there are over 500 million LinkedIn members, compared to 467 million users in October of 2016. More and more of professional life is moving online – and the professional services world is no exception. Increasingly, the firms that succeed are the ones that learn to leverage online marketing effectively.
After your site has been built out, creating a social media presence is the best second step for most businesses. All businesses should have a Facebook Page that’s fully fleshed out with plenty of information about your business. Depending on your audience, you can also start a Twitter, Instagram, and/or Pinterest account. Social media is a long-term commitment that requires frequently updating and monitoring, but it’s one of the best ways to build an online community around your business.
Internet marketing allows your business to be open 24×7 without any worries relating to store opening hours or payment of overtime to staff. When you offer your products online, it becomes immensely convenient for customers too. They would be free to browse through your online store whenever they feel like and would be placing orders whenever it is really convenient for them to do so.
Not only does a display network allow you to place advertisements, but you can learn about your customers through rich media ads, such as the amount of time that they spend interacting with your advertisement. This tool helps measure interest in your products and provides a visual that encourages potential customers to learn more about your products or services.
Marketing products through a physical retail outlet is much more expensive than marketing them on the Internet. The recurring costs of property maintenance and rental are not relevant to Internet marketing. Plus, for display in the store, you do not need to fill your shelves and windows with stock. Consequently, you can keep you inventory costs low by ordering stock in line with demand, instead of ordering it in anticipation of demand.
Internet Marketing Inc. provides integrated online marketing strategies that help companies grow. We think of ourselves as a business development consulting firm that uses interactive marketing as a tool to increase revenue and profits. Our management team has decades of combined experience in online marketing as well as graduate level education and experience in business and finance. That is why we focus on creating integrated online marketing campaigns designed to maximize your return on investment.