ParetoPrinciple

Rinse and Repeat: The 80/20 Rule in Your Advertising Strategy

 

My Unfair Advantage

 

As you develop your advertising strategy, it is important to understand that some of the things you do will work, and some will not. Some will work a little bit, and others will not work at all. It is imperative to check your results, in order to find out what is profitable and what is failing. That gives you a good indication on what you should do more of, and what you should drop. In addition, you may want to consider alternative ways to spread your message, and start testing those, while you continue doing what is succeeding.

* Conduct A/B Testing – Whether it is a landing page, a shopping cart system, or Facebook advertisements, it is important to try out at least two different versions of any page that is meant to make sales. Change one little thing on each of them, such as a headline or an image. This will enable you to improve your advertising tremendously.

* Study Email Metrics – Getting people to sign up for your email list is only part of the plan. You need to ensure that your email is converting to actual sales. If not, you need to know why not. The only way to get better is to try different things while testing against another thing. For example, different email subject lines, or a different format of content inside the email.

* Check Your Website Conversion – When people come to your website, what percentage converts? How many sign up for your email lists, how many buy your products or services? How many visitors take any action?

* Study Social Media Metrics – When you embark on a social media marketing campaign, it is important that you check the stats. How many people are following you? Liking you is not as important as the engagement you get and the conversions that occur.

* Track Website traffic Before running any advertising campaign, check your traffic. Then before, during and after the ad campaign starts, do it again. That way you can tell whether the ads you are running have an effect.

* Compare Sales – Check your sales before, during and after your new ad campaign, in order to find out how well it is doing, compared to prior sales efforts. Set up a system so you can tell where customers are coming from, and which of your campaigns are giving you positive results.

* Survey Customers – Set up an automated survey to go out to each customer within two weeks of their purchase. This is a great way to find out how they found out about you, what made them want to work with you, and if you met their expectations.

* Survey Newsletter Subscriptions – Some conversions are not customers yet. They got your lead magnet, and they are on your email list. Survey them too to find out more about them. Why did they sign up for your list? Did they just sign up for the freebies, or are they impressed with your email content? How can you serve them better, and get them engaged?

The fact is, more times than not you will get 80 percent of your good results from just 20 percent of the work you do. As you test alternatives, and keep track of what is working, you will be able to tailor your advertising to become more successful with each new campaign.

 

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