Your first website has just gone live. Weeks of anticipation and planning have culminated in this moment. Now you're ready to sit back and watch your hit counter and bank account grow as you relax on the deck of a cruise ship somewhere in the Caribbean, right?
Many new website owners have discovered running a successful website is not quite that simple. Like any business venture, operating a website or web-based business takes work -- and sometimes a lot of it.
Fortunately, there is one tool in your arsenal you can use to increase your web
presence and your interaction with your customers: social media.
What is social media?
Social media are media designed to be disseminated through social interaction, using highly accessible and scalable publishing techniques. Put simply, social media tools help you as a website owner interact with your constituents, integrating them as members of a community rather than just as anonymous customers or patrons.
Social media consists of interactive elements on your site like blogs or comments, as well as active profiles on social networking sites like Twitter and Facebook, to name a few. The goal is to integrate your patrons and keep them informed on new offers, features, or updates to your site so they have reasons to keep visiting and to get their friends involved.
So, if you haven't already, go and set up a Twitter and Facebook account specifically for your online business or site.
Integrate, integrate, integrate
Now that you're out there in the social networking sphere, you will want to make sure you are giving your new community reasons to follow your business and frequently visit your site. You might offer a Twitter trivia contest, where the first person who gives the correct response to a question you post on Twitter will get an exclusive promotional discount. Or, you may say that whoever recruits the most followers for you on Facebook in a given time will get a $20 gift card.
Either way, the goal is to build a large and involved community that is enthusiastic about your site and products.
Stay Active
Once you've got some social networking accounts set up or a blog on your site, the key is to stay active. With so much information online and so many competitors, it can be easy to be forgotten if you're not giving your community new features, items, information, videos or promotions on a regular basis.
Doing this generally requires you you to log in a few times each day to update your status or to interact with your followers. If this is too time consuming, HIT sells software that you can program to periodically update your Twitter account for you.
The world is your network
Once you have established an online presence and have built a loyal community of followers, the possibilities for the success of your website or business are literally limitless. The key to remember is that you want to use social networking tools to build a "virtual neighborhood," where your online community comes to see themselves as part of an involved group so they they will invite others to join them and help your web presence grow.
For more examples or help, the HIT team is just one call away. For more information, please visit http://www.hitwebdesign.com or call 1-866-211-0743.
Monday, April 26, 2010
Thursday, March 25, 2010
SEO Content Writing Helpful Hint #3
Have you ever shopped at a retail store that didn’t have someone working behind a cash register? Of course not! In most stores, cash registers are easy to find. They have a light with a number on it, a sign that says check out or pay here, or some other way of letting you know where you can trade your money for a service or product.
Each page on the website should have a purpose (usually selling something).
The “purpose” for each page can also be called the call to action. Placing a call to action on each page gives the website’s customer a place to trade his or her money for a service or a product. The call to action may be “give us a call to find out more information!” It might be “To sign up for an appointment, please fill out the form below.” You may be trying to get the potential customer from the home page to the services page. No matter what the call is, you should work it in to every page of text. If there is no call to action on the page, then why even have the page on the website?
In many cases, a call to action is associated with contact information. Because of this, you probably want to include contact information in a visible spot on the page, not buried beneath (or mixed with) a lot of text.
For more information, please visit http://www.hitwebdesign.com or call 1-866-211-0743.
Each page on the website should have a purpose (usually selling something).
The “purpose” for each page can also be called the call to action. Placing a call to action on each page gives the website’s customer a place to trade his or her money for a service or a product. The call to action may be “give us a call to find out more information!” It might be “To sign up for an appointment, please fill out the form below.” You may be trying to get the potential customer from the home page to the services page. No matter what the call is, you should work it in to every page of text. If there is no call to action on the page, then why even have the page on the website?
In many cases, a call to action is associated with contact information. Because of this, you probably want to include contact information in a visible spot on the page, not buried beneath (or mixed with) a lot of text.
For more information, please visit http://www.hitwebdesign.com or call 1-866-211-0743.
Wednesday, March 24, 2010
SEO Content Writing Helpful Hint #2
Your 350 to 500 Word Advertisement
What does good web content writing do for you? It improves your chances of selling your products or services! When writing text for your website, you’re almost always writing to sell a product, service, person, or idea. You should start selling from the first line on the page. You’re really writing a 350 to 500 word advertisement.
Robert W. Bly, author of The Copywriter’s Handbook, says “If you feel the need to ‘warm up’ as you set your thoughts on paper, do so. But delete these warm-ups from your final draft. The finished copy should sell from the first word to the last.”
For more information, please visit http://www.hitwebdesign.com or call 1-866-211-0743.
What does good web content writing do for you? It improves your chances of selling your products or services! When writing text for your website, you’re almost always writing to sell a product, service, person, or idea. You should start selling from the first line on the page. You’re really writing a 350 to 500 word advertisement.
Robert W. Bly, author of The Copywriter’s Handbook, says “If you feel the need to ‘warm up’ as you set your thoughts on paper, do so. But delete these warm-ups from your final draft. The finished copy should sell from the first word to the last.”
For more information, please visit http://www.hitwebdesign.com or call 1-866-211-0743.
Tuesday, March 23, 2010
SEO Content Writing Helpful Hint #1
Use Specific Keywords
Instead of “he has worked in the area for several years” try using something like “he has worked in the Atlanta area for several years” OR “Luis Argyle has sold Ford trucks in the Atlanta area for over 15 years”, etc. In this example, you could even mention what trucks (F-150, Ranger, etc.) Luis sells.
If you are offering a service or a product to a specific area, then use the city, state, region as a keyword. Be specific in the products or services you offer. If you sell jewelry, mention what kind. If you build homes, where do you build them? If you were searching for the service/product you are writing about, what keywords would you use?
Instead of “he has worked in the area for several years” try using something like “he has worked in the Atlanta area for several years” OR “Luis Argyle has sold Ford trucks in the Atlanta area for over 15 years”, etc. In this example, you could even mention what trucks (F-150, Ranger, etc.) Luis sells.
If you are offering a service or a product to a specific area, then use the city, state, region as a keyword. Be specific in the products or services you offer. If you sell jewelry, mention what kind. If you build homes, where do you build them? If you were searching for the service/product you are writing about, what keywords would you use?
Wednesday, March 10, 2010
HIT's TOS Provisions Protect Client and Company
HIT's TOS Provisions Protect Client and Company
An Alarming Italian Court Decision
A hosting company's responsibility for 3rd-party, hosted content was recently emphasized by a court's surprising decision in Italy.
According to Google, four of its employees were recently tried in Milan for “failure to comply with the Italian privacy code,” and for “criminal defamation.” The charges were levied in relation to an event that happened in 2006, when Italian students uploaded a video on Google Video depicting the bullying of an autistic student. Google, after learning of the “reprehensible” nature of the video, promptly pulled it. It was only online for a few hours, but that was long enough for a judge in Milan to find three of the four accused Google employees guilty of failing to comply with privacy rules.
According to Matt Sucherman, VP and Deputy General Counsel for Google in Europe, “none of the four Googlers charged had anything to do with this video. They did not appear in it, film it, upload it or review it. None of them know the people involved or were even aware of the video's existence until after it was removed.”
Too bad, said the Milan judge.
Mutual Responsibility For The Benefit of All
The ruling raises two issues. First, and most troublesome, is the lack of impunity Google employees received from the Italian court regarding the uploading of the video, in spite of Google's responsible and quick action once it was notified. This decision varies sharply from commonly accepted notions among Internet users regarding the posting and hosting of user-supplied information.
According to Sucherman, “(The judge's decision) attacks the very principles of freedom on which the Internet is built. Common sense dictates that only the person who films and uploads a video to a hosting platform could take the steps necessary to protect the privacy and obtain the consent of the people they are filming.” Google promises to appeal vigorously the decision and hopes to vindicate the individuals convicted.
Furthermore, the ruling shows that hosting companies must take active and aggressive stances regarding the content their customer or clients wish to post or display. Doing so protects the client as well as insures the longevity of the company.
As for HIT Web Design, several content restrictions have been spelled out in the company's Terms of Service (TOS). Unfortunately, many customers fail to read this document prior to hosting their websites, only to find out the hard way that the material intended for use is inappropriate.
HIT Must Take A Stand
The Italian court's decision illustrates the potential ramifications a hosting company may experience when an offended or violated individual decides to escalate notice of his or her plight in the courts. Therefore, HIT Web Design legitimately and responsibly must draw the line on what it considers inappropriate material. In some cases, this is a judgment call that others may disagree with, but HIT's position is designed to protect the innocent and unsuspecting, and to preserve its integrity as a company, and therefore errors on the side of conservatism.
In general, anything that could potentially hurt or harm another individual in any way, or that is in poor taste or derogatory, or that is illegal, is contrary to the TOS of HIT Web Design.
Thus, the following categories are addressed in the TOS—
• Gambling
• Pornography
• Illegal Drugs
• Alcohol
• Fraudulent Financial Schemes
• Offensive Material
• and many more—consult the TOS for a full list.
The Internet is meant to be a free and valuable informational mecca, and it is based on the principle of responsibility of those posting (who should use good judgment) and those hosting (who should review and take down when appropriate), but the irresponsible acts of a few can potentially jeopardize the enjoyment for everyone. Sucherman warns, “If that principle (of reviewing and removing by the hosting company) is swept aside and sites like Blogger, YouTube and indeed every social network and any community bulletin board, are held responsible for vetting every single piece of content that is uploaded to them — every piece of text, every photo, every file, every video — then the Web as we know it will cease to exist, and many of the economic, social, political and technological benefits it brings could disappear.”
© 2010 HIT Web Design, L.L.C.
Thursday, February 25, 2010
Financials for Your Online-Business Plan
Numbers: The Language of Business
One of the biggest challenges you may face as a business owner when writing a business plan is “the numbers.” If you are unfamiliar with the financial side of things, you may shy away from putting together numbers, but it is a lot easier than you may think.
Numbers are just another way of expressing ideas, and for the financial section of your business plan, the idea you are aiming to convey is that you have a realistic and accurate picture of the money you need and how you are going to use it to generate a financial return. The numbers of your business plan are really the bottom line when analyzing your plan, and should include these sections:
1. Start-Up Funding and Use of Those Funds
2. Cash Flow Projection and Income Statement
3. Break-Even Analysis
Many times, your “numbers” will receive more scrutinization than other parts of your business plan, so you should dedicate enough time to fully understand the picture you are painting. This scrutinization will come from people who know more about financial statements and reports than you can dream of knowing, but don't let that worry you. As long as you have a conservative, workable plan, they will recognize the opportunity you are presenting. In other words, they will be comfortable risking an investment in you, knowing that you have a good strategy to provide income in return.
Furthermore, you don't need to be an expert with spreadsheets in order to compile your business plan financials The following sections will require just basic formulas and simple layouts that anyone can do.
So, let's get started!
Start-Up Funding and Use of Those Funds
For this part of you plan, consider how much money you need to start your business. Start-up funding includes one-time expenses that are required to get your business going, plus money required to maintain operations for the short- and long-term, until your business begins generating enough revenue to stand on its own feet. Some things to think about include:
·licenses
·inventory
·software
·computer equipment
·rent
·insurance
·salaries
·website costs
·design
·development
·marketing
·hosting
·shipping and packing materials
·office supplies and tools
·PR activities
·press releases
·opening events
·other promotions
Compare your business to gardening. If you can imagine potting a new plant at the beginning of spring, there are several awkward weeks when you wonder if it's going to survive. Maybe, when you brought it home from the store, the roots were dry and new ones need to grow. Maybe, because of unseen neglect, it wasn't getting watered, or was left out in the sun too long until you came along and rescued it. At the end of the summer, however, if you've diligently tended to it, you'll be pleased to see that your plant is growing new leaves and sprouting beautiful flowers, and you'll be amazed at its beauty.
Your online business will experience awkward growth as you start, too. You need to give it time to “take root” and flourish. The start up costs you identify are designed to make sure you survive through those awkward first few months when sales haven't picked up yet and you are still building your client base. You need to insure you have enough resources to make it through—many businesses end up folding within a year of starting because not enough planning goes into short- and medium-term business financial needs, so take time now to prepare.
Cash Flow Statement and Income Projection
Running out of cash is a business owner's worst nightmare. Therefore, you must outline week-by-week, month-by-month, and year-by-year (for the next three years, at least) exactly where the money will be coming from and going to. This information will provide you (and your investors) with peace of mind as you see the big picture unfold. This process can alert you to potential times of concern due to seasonality, and help you adequately prepare for the future.
The way to build this section is to simply imagine day-to-day activities and then portray them in the numbers. In your spreadsheet, you'll need rows for expenses and rows for income, then a row for the net result. Simply walk yourself through a scenario of operations. What is your forecast sales volume? How many sales do you anticipate per day? Week? Month? What will be the variable expenses related to those sales, in other words, the cost of inventory? What about fixed expenses, such as rent, salaries, taxes, professional fees? List everything you anticipate will be an income and expense for the upcoming time frame.
As you piece this information together, you'll begin to see times when sales may be low and expenses high, so you may risk cash shortfalls. It's good to think about such things before they happen so you can prepare for them and adjust your plan—that's the primary purpose of writing a business plan, in fact, to prepare you for the unexpected!
Break-Even Analysis
The aim of your business it to make a profit. How long will it take? When will you be paying back your investors? Consider how much you will need to sell every day to break even in six months? One year? Two years? Three years? Which time frame sounds most reasonable, given market conditions and trends? As you build your spreadsheet, adjust the numbers accordingly to find a time frame that seems achievable, yet stretches you. Double check this with your Cash Flow Statement and Income Projection to insure your numbers match. More importantly, double check your marketing section of your business plan to insure that you have the right marketing strategy in place to help you meet your goals.
You can read about building a marketing strategy for your business plan in a previous blog from HIT Web Design. Be sure to read “Marketing Your Online Business.”
Financial Assumptions
When it comes to analyzing your business plan, realize that the underlying assumptions supporting the conclusions in your plan are much more important to consider than anything else. When a banker or potential investor reads your plan, they will be searching for those assumptions, and then weighing them against reality and their own experiences as business professionals.
As a result, you must know what the underlying assumptions are behind the sales forecasts and revenue expectations you are listing in your plan. How are those assumptions backed up by the research cataloged in other parts of the plan? Are the sales that you are forecasting consistent with those of other businesses in your industry? What market share of the industry do you plan to win? What does that represent in dollars? What about the information you uncovered about your target market? Is that group's buying trends and product preferences swinging in favor of your business?
Enthusiasm is Contagious
Be prepared to defend your plan when asked. Don't buckle and wilt if you are questioned about numbers you've listed or statements you've made. Instead, let the enthusiasm for your business show through. You've done the research, after all, and you believe in yourself and what you have to offer, so let it show.
Enthusiasm is contagious, and if your investors don't see it in you, they won't dare invest.
For more information, please visit http://www.hitwebdesign.com or call 1-866-211-0743.
© 2010 HIT Web Design, L.L.C.
Tuesday, February 16, 2010
Marketing Your Online Business
Continue Writing Your Business Plan
Demonstrating its commitment to small business owners, HIT Web Design continues to provide insights aimed at helping you start or augment your online business. One of the biggest tasks you face is to write a business plan. We've been sharing with you tips and suggestions on important business topics that make the difference between success and failure. These articles are full of information and suggestions intended to help you in the writing of your business plan—something every business owner, whether new or seasoned, needs to do. In fact, many businesses take the opportunity at the first of each year to redo their business and marketing plans.
The information provided so far has focused on things like branding, identifying your competitive advantage, and many other subjects.
Now, we'll cover another important topic, marketing.
Every business plan needs a marketing strategy, and here we'll provide guidelines for you to follow so you can quickly grasp the importance of your Products, their Pricing, and their Promotion—the three Ps of marketing.
Get Information from Many Internal Sources
Before writing, you'll need to analyze a lot of information in order to create a viable marketing strategy for your business. Therefore, start internally, and work outward. If the company is yours, take time to reconsider your visions and goals for the year. Dream big. Ask yourself, “If money were no issue, and nothing was holding me back, what would I like to accomplish this year?” If you are working for someone and your task is to write the marketing plan, interview the company owners and top executives to find out what their expectations are for the business.
Next, talk to your sales staff. What goals are driving them this year? What are their sales expectations? If you are the sales force, what are your monetary aspirations for the coming year?
Armed with the big picture of your organization, your next step is to put together a marketing and promotion plan that will enable the overall vision of your company to merge into an accomplished goal by year's end.
Now, let's get started!
Identify Your Market
The first thing to do is research your target market. It's a big world out there. Who is it that you plan to sell your products to? Start with a broad description, then narrow it down to subsegments, and then analyze those segments—who are they, where are they, what do they like, what is peculiar about them, what do they read, where do they go?
There are volumes of information available about the Baby Boom Generation, Generation X, Generation Y, the Baby Bust Generation, the Echo Boom Generation, and the Sandwich Generation, just to name a few target markets. Your target market may consist of parts or subparts of these categories, or may be defined by your locality, your industry, or other categories. Figure out who it is you want to sell to and get as much information as possible about them from news articles, marketing forums, posts, and other sources. You'll want to know how much money they are spending collectively, what their ages are, how much money they make, their average family size, their common religions, their neighborhood details, what their occupations are—anything about them.
Next, you'll want to pry into their minds. What are their needs, attitudes, interests, lifestyle, and preferences?
MACRO Analysis
If you can ascertain the total market size in dollars for your target market, you can then determine what percentage of market share you can reasonably expect to capture. This is a top-down approach. For instance, if your online business sells to furniture buyers in a certain city where historically the market has totaled 600 million annually, and if you capture just 1.5% of the market, your online sales need to be at the $300,000 mark. Is that doable? What kind of a campaign do you need to organize in order to sell $300,000 worth of furniture to meet your goals?
MICRO Analysis
On the other hand, you can analyze your market from the bottom up. If your sales invoices have averaged $350 per sale, you can figure out that to hit the $300,000 mark, you'll need to make 867 sales this year. That's 16 sales per week. Can your website produce that? Do you need help your website out with some promotions to make sure?
More importantly, however, do people actually want 867 units of what you have to sell?
Analyze Your Product
Making sure you have a product that meets a demand and fulfills a need is a big part of any marketing plan. If your product is not reliable, is of poor quality, or simply isn't wanted, you'll either have to compensate with excessive marketing expenditures to create a hype and a large number of up-front sales, or you'll have to change your product mix. An example of creating a hype online recently occurred with the movie Paranormal Activity. The promotion marketing team realized they would need to create a huge hype to promote the film, because initial audience screenings indicated a lukewarm response, so they ran trailers on social networking sites showing not clips from the film, but reactions of the audience. This generated a huge “demand it” following that resulted in good initial revenue for the film, insuring that the producer were able to make a good return on their investment. That's the power of good marketing, and smart business owners never minimalize their marketing teams or obstruct their creative endeavors, even when there is no “bottom line” impact that is immediately obvious.
Positioning for Success
Positioning your product is a critical area of concern for your business and marketing plan: what makes you different? How have you taken steps to set yourself and your company above the competition? Consider pricing differences, product variations, process strengths, turn-around time advantages—all of these things, and more, will give you a competitive edge, and should be highlighted in your marketing and promotion efforts.
Price Your Products Right
The laws of supply and demand dictate your pricing strategy. Ignoring reality is a business owner's downfall. The higher the demand, the more you can charge. As demand sluffs off, you'll need to reduce your price to insure you sell your product. Things get more complicated for an Internet business, however, when shoppers can instantly compare your price with a dozen others. Thus, pricing on the Internet demands constant attention and research. A couple of dollars' difference between you and a competitor will cost you a sale.
Also, care should be taken to insure your shipping policies and pricing strategies are competitive. Shop around yourself on your competitors' sites to make sure your policies are in line (or better) than theirs. If you charge unreasonable fees and don't discount shipping (or offer free shipping for certain price breaks), then you will lose customers.
Timing
Before you jump the gun, your marketing analysis should consider whether now is the right time for you to start your business or introduce a new product or service. What market factors indicate possible success? What about your target market? Has its mood changed, making the field more fertile for your business? Are your potential customers actually ready for your products? Do your products match those preferences? What are their spending patterns? Have you built in time in your strategy to work out any kinks?
Are your customers influenced by seasons or locality? Seasonality of products is important to consider when pricing them. Take advantage of high-demand times and increase your price accordingly—don't leave money sitting on the table. Then, when the peak season passes, reduce prices and offer coupons or specials to clear out your inventory. Remember, every shopper loves to feel like they are getting a special deal and great savings, so design sales and limited-time promotions to attract bargain shoppers. When is the right time to introduce advertising, promotions, or public relations events?
Promoting Your Product
Getting people to your site and enticing them to buy is the main marketing challenge for Internet business owners. If you've done your homework on the market, the product, and the pricing, you'll be that much more ahead. But, your tasks don't stop there. Now, you have to promote your site and build your clientèle.
Offering sales and product price reductions to attract buyers is not your only weapon, thankfully.
HIT Offers Specialized Products to Give You the Competitive Edge
There are many techniques you can employ on your website to make it more competitive. Many of these features are available by contacting HIT Web Design. Using these products as part of your marketing campaign is essential to success. These marketing products have been carefully designed to capitalize on Internet habits and buying tendencies. Without such products, your website is not going to effectively capitalize on the traffic you do receive, and you'll find your profit being eroded because you aren't able to consistently sell your products at top dollar.
For instance, you can use HIT Convey, which immediately puts up important messages and promotions when someone arrives at your site so they get your most important message quickly. Research shows that many people know in seven to ten seconds whether or not they will stay at your site, so you have precious little time to capture their interest.
Constant contact with your customers is essential to keeping them. That's where Stay-N-Touch comes in. This product allows you to launch and manage multiple e-mail campaigns so you can provide your customer base with new, useful information about products, industry trends, and other important updates. HIT Web Design recently posted a series of four articles explaining how to make the most out of an e-mail campaign.
E-mail Marketing Tips, Part I: It's Time for a Newsletter Campaign
E-mail Marketing Tips, Part II: Offer More than One Newsletter
E-mail Marketing Tips, Part III: Boost Your Open Rate
E-mail Marketing Tips, Part IV: Get More Clicks
Other features include Web Traffic Director, a tool that steers people to your site, guaranteeing a certain number of site visitors. Additionally, target marketing becomes more precise with HIT Convert which allows you to get real-time information from you site visitors so you can fine tune your target marketing efforts with strategic insight.
In conclusion, careful attention to preparing a marketing strategy will help propel your business to greater profits because, in the process of putting the plan together, you will identity the strength of your products and the unique qualities possessed by your company that you can capitalize on.
For more information, please visit http://www.hitwebdesign.com or call 1-866-211-0743.
© 2010 HIT Web Design, L.L.C.
Demonstrating its commitment to small business owners, HIT Web Design continues to provide insights aimed at helping you start or augment your online business. One of the biggest tasks you face is to write a business plan. We've been sharing with you tips and suggestions on important business topics that make the difference between success and failure. These articles are full of information and suggestions intended to help you in the writing of your business plan—something every business owner, whether new or seasoned, needs to do. In fact, many businesses take the opportunity at the first of each year to redo their business and marketing plans.
The information provided so far has focused on things like branding, identifying your competitive advantage, and many other subjects.
Now, we'll cover another important topic, marketing.
Every business plan needs a marketing strategy, and here we'll provide guidelines for you to follow so you can quickly grasp the importance of your Products, their Pricing, and their Promotion—the three Ps of marketing.
Get Information from Many Internal Sources
Before writing, you'll need to analyze a lot of information in order to create a viable marketing strategy for your business. Therefore, start internally, and work outward. If the company is yours, take time to reconsider your visions and goals for the year. Dream big. Ask yourself, “If money were no issue, and nothing was holding me back, what would I like to accomplish this year?” If you are working for someone and your task is to write the marketing plan, interview the company owners and top executives to find out what their expectations are for the business.
Next, talk to your sales staff. What goals are driving them this year? What are their sales expectations? If you are the sales force, what are your monetary aspirations for the coming year?
Armed with the big picture of your organization, your next step is to put together a marketing and promotion plan that will enable the overall vision of your company to merge into an accomplished goal by year's end.
Now, let's get started!
Identify Your Market
The first thing to do is research your target market. It's a big world out there. Who is it that you plan to sell your products to? Start with a broad description, then narrow it down to subsegments, and then analyze those segments—who are they, where are they, what do they like, what is peculiar about them, what do they read, where do they go?
There are volumes of information available about the Baby Boom Generation, Generation X, Generation Y, the Baby Bust Generation, the Echo Boom Generation, and the Sandwich Generation, just to name a few target markets. Your target market may consist of parts or subparts of these categories, or may be defined by your locality, your industry, or other categories. Figure out who it is you want to sell to and get as much information as possible about them from news articles, marketing forums, posts, and other sources. You'll want to know how much money they are spending collectively, what their ages are, how much money they make, their average family size, their common religions, their neighborhood details, what their occupations are—anything about them.
Next, you'll want to pry into their minds. What are their needs, attitudes, interests, lifestyle, and preferences?
MACRO Analysis
If you can ascertain the total market size in dollars for your target market, you can then determine what percentage of market share you can reasonably expect to capture. This is a top-down approach. For instance, if your online business sells to furniture buyers in a certain city where historically the market has totaled 600 million annually, and if you capture just 1.5% of the market, your online sales need to be at the $300,000 mark. Is that doable? What kind of a campaign do you need to organize in order to sell $300,000 worth of furniture to meet your goals?
MICRO Analysis
On the other hand, you can analyze your market from the bottom up. If your sales invoices have averaged $350 per sale, you can figure out that to hit the $300,000 mark, you'll need to make 867 sales this year. That's 16 sales per week. Can your website produce that? Do you need help your website out with some promotions to make sure?
More importantly, however, do people actually want 867 units of what you have to sell?
Analyze Your Product
Making sure you have a product that meets a demand and fulfills a need is a big part of any marketing plan. If your product is not reliable, is of poor quality, or simply isn't wanted, you'll either have to compensate with excessive marketing expenditures to create a hype and a large number of up-front sales, or you'll have to change your product mix. An example of creating a hype online recently occurred with the movie Paranormal Activity. The promotion marketing team realized they would need to create a huge hype to promote the film, because initial audience screenings indicated a lukewarm response, so they ran trailers on social networking sites showing not clips from the film, but reactions of the audience. This generated a huge “demand it” following that resulted in good initial revenue for the film, insuring that the producer were able to make a good return on their investment. That's the power of good marketing, and smart business owners never minimalize their marketing teams or obstruct their creative endeavors, even when there is no “bottom line” impact that is immediately obvious.
Positioning for Success
Positioning your product is a critical area of concern for your business and marketing plan: what makes you different? How have you taken steps to set yourself and your company above the competition? Consider pricing differences, product variations, process strengths, turn-around time advantages—all of these things, and more, will give you a competitive edge, and should be highlighted in your marketing and promotion efforts.
Price Your Products Right
The laws of supply and demand dictate your pricing strategy. Ignoring reality is a business owner's downfall. The higher the demand, the more you can charge. As demand sluffs off, you'll need to reduce your price to insure you sell your product. Things get more complicated for an Internet business, however, when shoppers can instantly compare your price with a dozen others. Thus, pricing on the Internet demands constant attention and research. A couple of dollars' difference between you and a competitor will cost you a sale.
Also, care should be taken to insure your shipping policies and pricing strategies are competitive. Shop around yourself on your competitors' sites to make sure your policies are in line (or better) than theirs. If you charge unreasonable fees and don't discount shipping (or offer free shipping for certain price breaks), then you will lose customers.
Timing
Before you jump the gun, your marketing analysis should consider whether now is the right time for you to start your business or introduce a new product or service. What market factors indicate possible success? What about your target market? Has its mood changed, making the field more fertile for your business? Are your potential customers actually ready for your products? Do your products match those preferences? What are their spending patterns? Have you built in time in your strategy to work out any kinks?
Are your customers influenced by seasons or locality? Seasonality of products is important to consider when pricing them. Take advantage of high-demand times and increase your price accordingly—don't leave money sitting on the table. Then, when the peak season passes, reduce prices and offer coupons or specials to clear out your inventory. Remember, every shopper loves to feel like they are getting a special deal and great savings, so design sales and limited-time promotions to attract bargain shoppers. When is the right time to introduce advertising, promotions, or public relations events?
Promoting Your Product
Getting people to your site and enticing them to buy is the main marketing challenge for Internet business owners. If you've done your homework on the market, the product, and the pricing, you'll be that much more ahead. But, your tasks don't stop there. Now, you have to promote your site and build your clientèle.
Offering sales and product price reductions to attract buyers is not your only weapon, thankfully.
HIT Offers Specialized Products to Give You the Competitive Edge
There are many techniques you can employ on your website to make it more competitive. Many of these features are available by contacting HIT Web Design. Using these products as part of your marketing campaign is essential to success. These marketing products have been carefully designed to capitalize on Internet habits and buying tendencies. Without such products, your website is not going to effectively capitalize on the traffic you do receive, and you'll find your profit being eroded because you aren't able to consistently sell your products at top dollar.
For instance, you can use HIT Convey, which immediately puts up important messages and promotions when someone arrives at your site so they get your most important message quickly. Research shows that many people know in seven to ten seconds whether or not they will stay at your site, so you have precious little time to capture their interest.
Constant contact with your customers is essential to keeping them. That's where Stay-N-Touch comes in. This product allows you to launch and manage multiple e-mail campaigns so you can provide your customer base with new, useful information about products, industry trends, and other important updates. HIT Web Design recently posted a series of four articles explaining how to make the most out of an e-mail campaign.
E-mail Marketing Tips, Part I: It's Time for a Newsletter Campaign
E-mail Marketing Tips, Part II: Offer More than One Newsletter
E-mail Marketing Tips, Part III: Boost Your Open Rate
E-mail Marketing Tips, Part IV: Get More Clicks
Other features include Web Traffic Director, a tool that steers people to your site, guaranteeing a certain number of site visitors. Additionally, target marketing becomes more precise with HIT Convert which allows you to get real-time information from you site visitors so you can fine tune your target marketing efforts with strategic insight.
In conclusion, careful attention to preparing a marketing strategy will help propel your business to greater profits because, in the process of putting the plan together, you will identity the strength of your products and the unique qualities possessed by your company that you can capitalize on.
For more information, please visit http://www.hitwebdesign.com or call 1-866-211-0743.
© 2010 HIT Web Design, L.L.C.
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