If you’re the owner of a small business, you know that every advantage, no matter how tiny, can make all the difference. In the digital realm, a little good word of mouth goes a very long way, so making sure your customer service and marketing strategies are better than the competition’s is paramount. One of the most indispensable tools in your arsenal is your online marketing team: they are your eyes, ears, not to mention, mouthpiece, out there on the information super highway, so it’s crucially important that they are au fait with the latest developments in online marketing.
To help them stay on top, we’ve put together some must-know marketing terms.
A call to action is your very own ‘Avengers assemble!’; a rallying cry that prompts your customers to ‘go here’, ‘click that’ or ‘call now’. Experiment with a range of different CTAs, narrowing down which ones whip your customers into a frenzy and which ones leave them feeling cold. A clear, strong CTA will entice your customers to click, and could be the difference between someone passing over your site and someone clicking through and making a purchase.
Following up with consumers who have interacted with your business or marketing in the past is known as remarketing. These customers already have a good idea of what you’re about, they’ve expressed an interest in your services, and are therefore much more likely to respond when you try to engage them with new content. Remarketing to existing customers is one of the best ways to build up a loyal cadre of followers, and can net you invaluable reviews, referrals and positive feedback.
Another invaluable marketing concept is CLTV, or customer lifetime value. This is based on the gross profit earned from a client during their time with your business. Determining your CLTV, determines the amount of money you can afford to spend on your marketing. Generally speaking, as long as your customer acquisition costs don’t outweigh your CLTV, you should turn a today profit. You’ve got to spend money to make money, so don’t be afraid to go the extra mile with your marketing if your CLTV projections show you can afford it.