It’s tough times out there, including for the online industry, so how do we make sure that we are getting the most for our advertising buck? Take a look at your current online marketing strategy and see which channels are the most inefficient. Get rid of them! Yes, I know what you must be thinking, if it’s bringing me even one client, it’s worth it…but it’s not. Now is the time to really pay attention to your customer acquisition metrics and conversions and see where you can cut the fat, so you can move over money to the most efficient channels.
Also, pay more attention to your customer retention programs. This is where many marketers don’t take advantage of the database they already have. Make email and viral marketing your best friend. Offer promotions to drive the traffic back to your site. I will guarantee you, by creating unique retention programs, you will increase the LTV (Lifetime Value) of your customer and increase your ROI. This will also help you to decrease your marketing expenses, since its much cheaper to market to current clients than it is to acquire new ones.