In 2021, the conversion rate on your website will be the most important factor to consider when running a business. This is why it’s so important to focus on conversion rates from the very beginning of your business strategy. In this post, we’re going to talk about an effective and proven method that you can use for building a converting business strategy in 2021. You’ll learn tips and tricks on how to make sure that your plan has enough conversions built into it right from the start!
What Is an Effective Business Strategy?
Before we begin, it’s worth making it clear what exactly can we describe as an effective business strategy. It’s a strategy that is built around a goal and aligned with your core values. It has been well thought out before being put into action, but it also needs to be flexible enough for you – the entrepreneur or business owner- to adapt as necessary, based on new information learned from the experience of running the said company.
Your goals should be clearly defined, measurable by KPIs (Key Performance Indicator) that you can track over time (to know if your strategy is successful or not). One way to measure it is revenue growth, as it’s something that you can hardly argue with. If your strategy is working, then your numbers are rising.
They also need a deadline set for them – an end date where the goal will have been met successfully (or at least attempted, but failed miserably).
If all the information mentioned above matches your personal business strategy, then you can definitely call it effective. But is it converting too?
Business Strategy That Converts
Let’s make it clear- creating a business is mostly all about money. And a good conversion rate will bring you exactly this. Whether your goal is to have as many sales as possible, or new email newsletter signups, or maybe just a good click rate on your website- conversion is the way you can measure if what you do is bringing you closer to your goal.
That’s why it’s crucial to have a goal set for your business strategy and to have it as clear-cut (and measurable) as possible.
So how can you measure conversion? There are many ways:
– Number Of Sales Per Month/Week or Year – this measurement gives you an exact number of sales you’ve made.
– Number Of Website Page Views – this measurement is another way to measure conversion rates, it’s an indirect indicator that your content and website are interesting enough for people coming back or visiting more than once a month/week
– The number of new email newsletter signups – since it’s hard enough to convince people to sign up for a newsletter, as they are mostly seen as spam, seeing a high number of new email signups is a good sign that your business is catching the attention of new customers.
Depending on the profile of your business, the conversion rate will signal success in different ways. The most important rule is that your conversion rate measurement should be based on your business profile and strategy so that it can give you a real insight into the condition of your business.
Now that we got that clear, it’s time to discuss the best strategy that is both effective and converts in 2021.
Effective and Converting Business Strategy
In the past, business strategies were used to determine what products or services a company would offer and how they would be priced. Today, however, companies are looking for ways to create long-term competitive advantages in an ever-changing marketplace. They need to find new ways of doing business that will allow them to stay ahead of the curve and grow as their industry changes.
The first step to building an effective business strategy is understanding your current position in the market. You should ask yourself these questions:
- What can I do better than my competitors?
- How am I different from them?
- What are their strengths and weaknesses relative to mine?
- Where do they have opportunities that I don’t currently serve, but could feasibly create a new product or service for?
- Who is my target audience and who has the most potent influence in making decisions on the purchase of this type of product or service?
Once you’ve answered these questions, you’ll be able to identify what areas need improvement and which ones are strong points.
To help you out in building your strong business strategy, we will now go over some tips to make it easier and ensure it all goes according to your plan.
In 2021, lack of authenticity is going to make things very hard for you, especially if you’re just getting started with your business. Customers are no longer looking simply for affordable products – they are looking for something they can identify with. Being authentic in your business is powerful in its ability to create a sense of belonging and togetherness.
Provide excellent customer service
Having good customer service is a perfect way to create a converting business. If your customers feel heard and understood, they are more likely to stick around and get back to you, even if something went wrong with their order.
Dismissing your customers and not paying attention to their needs is a sure way to destroy any business. Especially in the era of social media, where people are more than willing to share their negative experiences with your company’s customer service.
Create a product or service that solves the problem of your target audience
Probably the most effective way to create a converting business model is to sell or offer a product (or service) that solves the problem. Selling things that are simply good-looking, but otherwise useless is hard. But if you sell something that your customer needs to improve their life?
That leads to situations where your potential buyer no longer thinks of their wishes, but of their needs. And that is a sure way to make them more decisive in buying from you.
The first step to creating such a product is to think of the problems your target audience is experiencing. What is making their life uncomfortable right now, that could be easily eliminated by you? Read customer’s feedback on different products or services, try to “walk in their shoes” or maybe even use your own, everyday life experiences. This should give you enough ideas to create a product or service that will be a breakthrough and revolutionary.
Make sure you have a plan for how to reach and communicate with your target audience
Once your problem-solving product is ready, you need to be sure that you know how to communicate it to people. This is the only way to have a converting business. There are many ways to ensure your message gets through, such as:
- Find the best way to get your message out there by using a combination of marketing channels,
- Make sure you have a clear call to action on every page of your website and social media channels, so people know what they should do next,
- Make sure you have an easy customer service process so that people know how they can contact or return products if needed
- Offer freebies to get people’s attention, but make sure they’re valuable enough to convert them into paying customers,
- Offers discounts for buying in bulk or by subscription (such as monthly).
The more people know about what’s on offer and why it is superior to your competitor’s product, the more likely they are to buy from you again. And that will raise your conversion numbers!
Use social media channels like Facebook, Twitter, LinkedIn, Instagram, Pinterest, and YouTube to reach more potential customers
Nowadays it’s nearly impossible to create an effective and converting business strategy without using social media to promote yourself. But don’t fall into a trap of simply trying to sell your product.
Use social media to create long-term connections with your customers. This way, when you release a new offer, they are more likely to buy from your business. Connecting with people, sharing relatable content, and engaging in discussions is a sure way to raise the conversion rates for your business.
However, don’t use every social media channel in the same way.
For example, Facebook is a perfect place for your business because it is a place where people share their personal life and interests. Once you see what your target audience needs, you can give them exactly that.
But other channels (such as Instagram or Pinterest) work better when promoting products and generating followers for your business. Because of their photo-oriented design with limited text, you can show off the beauty of your product in an eye-catching way.
When choosing the right social media channel, take into account many factors, such as age, interests, and typical activity of your customers.
Then you can choose which platform will work the best for your business.
As another example, many businesses underestimate the value of TikTok, seeing it as this weird place for kids to dance. Wrong! There’s a lot of potential for your business in 2021, that’s why you might want to try to understand this platform better and see how it can bring you more conversion. (However, if you target older groups, that might not be the best place to promote yourself).
Build relationships with influencers in your industry
A trend that’s only growing – hiring influencers to promote your products. The role of an influencer in your business strategy can be very specific, and the goal is to use the audience they already have to promote and scale your business.
The process of working with an influencer can be easy or complex, depending on what you want from a relationship. Some just post about your products if it’s for a one-time deal, while others might make different deals that include other promotional tasks, like posting pictures wearing your clothes, making videos using your products, etc.
The role of the influencer in your effective business strategy shouldn’t be underestimated, as they can bring you a real boost in conversion rates. That’s why you might want to spend some extra dollars to promote your product to an audience you can’t reach on your own.
Establish yourself as an expert in the field
By providing high-quality content and resources to your customers on an ongoing basis, you can create a great and converting business model that will give you a long-term advantage in the marketplace.
This, however, can be only accomplished if you follow all of the steps mentioned before.
Being an expert in the field will make your customers think that you know what you’re talking about, and it will make them trust your company. The fewer doubts your potential customers have about your company, the smaller is the chance that they won’t buy from you. That’s why it’s so important to have all your bases covered.
One of the most common ways to do so is by creating blog content that’s related to your field. If your customers see that you’re not only selling some product, but you also know a lot about it, they will automatically see you as an expert. As a result, a) they know they’re buying from someone qualified and b) they know that in case there’s something wrong with their product, you will be able to help and solve potential problems.
Creating an effective business strategy- final words
Once you’ve made it through all the things mentioned before, there’s a good chance your business will become a very convertible one. In today’s world of high, throat-cutting competition it can be very hard to establish your position in the market and not lose that race. It takes work and dedication to create a business that will bring you great revenue and that will be scalable. That’s why you need to have a plan that will stick with you and make your business grow.
Having an effective business strategy in 2021 requires lots of different skills and preparation for the many difficult moments in its implementation, but it’s definitely worth it. Now, get to work and create your own convertible business!
Author: Roy Goldstein is the founder of netbooksreview.net, a website that teaches people how to make money online so they can live life on their own schedule and achieve freedom.