For someone like myself who has had a long career as an entrepreneur, the pre-internet era feels like a distant memory. Back then, success revolved around local businesses, and building a loyal following meant establishing a strong presence within your community.
Today, geographic boundaries are a thing of the past. With the power of online marketing, we now live in a world where building an audience for your products and services is limited only by what can be effectively sold online. Even if a product is not sold online, it's still imperative that a business promotes its brand through a mobile-responsive website and social channels. Consistency in messaging is key to maintaining customer relationships.
The digital world presents exciting opportunities but also new challenges. How do you build a loyal fan base across various platforms? How do you translate that audience into revenue? Let's explore these questions and strategies for success.
Building Your Online Community: Likes, Follows, and Beyond
The concept of building a following has evolved from friendly faces at the local store to likes, follows, and engagement on social media platforms. While these metrics provide valuable insights, they're just a piece of the puzzle.
Here's how to cultivate a loyal audience:
Become a Thought Leader: Share valuable content related to your industry. Post insightful articles, infographics, or videos that educate and engage your audience.
Embrace Two-Way Communication: Don't just broadcast messages. Respond to comments, answer questions, and participate in discussions. Foster genuine connections with your audience.
Target the Right Platforms: Understand where your ideal customer spends their time online. Focus your efforts on platforms like LinkedIn for B2B connections or Facebook and Instagram for B2C engagement.
The Power of Storytelling: People connect with stories. Share your brand story, customer success stories, or behind-the-scenes glimpses to create a personal touch.
In media, the Rule of 7 is often used as a marketing principle that suggests a potential customer needs to be exposed to a brand's message at least seven times before they convert into a sale. It originated in the 1930s within the movie industry, where studios observed moviegoers needed to see advertisements or promotional materials several times before deciding to see a film.
However, it's important to understand that the "7" is not a rigid number. Modern marketers acknowledge this and consider several factors that can influence the number of touch points needed for conversion:
Product Complexity: Complex products like software or financial services might require more touch points for education and trust-building. Simple products like clothing might require fewer interactions.
Customer Journey: Someone actively researching a specific product might need fewer touch points compared to someone casually browsing.
Marketing Channels: The mix of channels used (social media, email, ads) can impact the frequency of exposure.
The core idea of the Rule of 7 remains valid – repeated exposure to your brand through valuable content builds brand recognition and increases the chance of conversion. The key takeaway is to maintain consistent brand messaging across different channels and ensure your content provides value to your audience.
Turning Fans into Revenue: Monetization Strategies
Building an audience is crucial, but ultimately, you want to convert that following into a sustainable business. Here are some effective monetization strategies:
Affiliate Marketing: Partner with individuals or platforms who promote your product/service through unique tracking links. They earn a commission for leads, sales, or clicks generated. Affiliate networks like Commission Junction or ShareASale offer access to a vast network of affiliates. Developing your own program using software or website plugins allows for more control over commission structures. Statistics show the effectiveness of affiliate marketing – a 2023 study by Invesp found that 81% of brands leverage affiliate programs, and the global affiliate marketing industry is projected to reach $17 billion by 2027
Paid Advertising: Utilize platforms like Facebook Ads or Google Ads to target specific demographics with laser focus. Paid advertising allows you to reach potential customers who may not have discovered you organically.
E-commerce Platform: If your product/service is suitable for online sales, establish an e-commerce platform to directly sell to your audience. Platforms like Shopify, Wix, or WooCommerce offer user-friendly solutions to set up your online store.
Subscription Model: Offer exclusive content, services, or benefits through a subscription model. This can be a great way to generate recurring revenue from your loyal audience.
The key takeaway: There's no one-size-fits-all approach to monetization. Explore different strategies and analyze what works best for your business model and audience.
By building a strong online presence, engaging with your audience, and implementing effective monetization strategies, you can transform your local business into a thriving global force in the digital age.