When you learn how to target your market to your customers, you increase your ROI. This return on investment is your main concern. For instance, a company marketing online using Google AdSense, to increase their ranking on Google, will use pay per click.
To increase their ranking with PPC, the advertiser will spend more than $.50 believing that by spending more money they will earn more money. What they are forgetting is that even though you may be ranked number one on Google, it could be costing you money and not making the money.
For every 100 people that click over to your website only one person buys your product or service. Therefore, the cost for each PPC is $1.00. To make money on a sale you never want to bid more than $.50, to earn money on your sale of your product or service. When you bid higher, it cost you money rather than making you money.
Another way of reaching your targeted market, is to become known as an expert or authority in your niche. You can do this rather inexpensively by writing articles and blogs on social sites, WordPress, and even creating fan pages on Facebook. On your Facebook fan page, you can invite others to like you. You can use this fan page to write articles or ask questions for people who answer.
When you build a following for your articles and blogs, you are creating a relationship with them. As time goes along with this relationship, you increase the opportunity to promote your service or product to your followers.
Using surveys with your target market helps you determine what their needs are. Once you have determined what their needs are and you can develop a product or service to meet that need.
Entrepreneurs don’t always have a strategy in mind for marketing their products and services. They believe their product or services is for everyone. Remember, there is no one size fits all for everyone. Each individual has different needs, so not everyone needs your product or service.
When you devise a strategy to meet your targeted market, you increase your ROI. This is the biggest problem for new entrepreneurs because they don’t understand or have a good marketing strategy. When your expertise is not in marketing it is important to find someone who is an expert in this area. They can help you put together a marketing strategy tailored to your needs.
The job market has changed. More and more people are working from home as so for solopreneurs, therefore, when you contract with someone else for their services, they can refer someone to you who needs your services. This way you are joining together and joint venturing with each other to help each other grow your business a long time.
Refer business, is business you have earned because the person you have worked with has come to respect you and your knowledge and considers you an authority on your topic. This is business with you I have secured without having to pay high advertising fees. Not only can this be secured through a joint venture with someone, but this can also be done through referral services– where you pay a fee to someone for referring someone to you that the time a client.
Finally, when you put all these practices into effect you increase your ROI with out spending a lot of money to do so!