The new year has arrived, and it's time to start making resolutions. If you're like many business owners, your goal is to make more money with your online store.
At this point, you likely have a physical product or service that you sell to individuals. Maybe you're making a nice profit, but you want to increase your margins. What can you do?
Well, you're in luck. Today, we are going to explore several strategies you can use on your website to make more money. Our tactics involve putting a spin on existing products, forming partnerships, and much more.
It's important to note before we start that every business is different. You should always take the needs of your customers into consideration before making a major adjustment to your marketing strategy. If one of these tips look useful to you, test the water by creating a poll on social media and your website to see with your subscribers think.
Now that we got that out of the way let's get started.
Look for affiliate opportunities
Affiliate marketing is a strategy used by brands looking to boost their profits. Essentially, affiliate marketing involves promoting products or services from other companies. If you get a visitor to click-through and make a purchase, you get a commission for the sale. This strategy is so lucrative that some people make a living by simply selling products with affiliate codes.
When you consider that 92% of internet users buy goods online, it’s clear that not all consumers will need the product you're offering. But here's the thing, you can still help them and make some money by directing them to someone who has the product they need.
If you want to start selling items with affiliate codes, it's a good idea to find products or services that mesh well with your own. For example, if you offer an email marketing service, you may want to partner with a web hosting company. When a website visitor lands on your blog and needs a hosting solution, they will find the affiliate code and click-through.
Making affiliate connections comes down to understanding your customers’ needs and offering solutions to their problems. Consider companies that compliment your own, and don't forget to sign up for affiliate programs run by each brand so you can profit when one of your readers makes a purchase due to one of your links. Write valuable content that includes the affiliate links, and keep track of your sales.
Create a subscription service
You can also create a subscription service or tier plan if you want to make more money with your online store.
Businesses selling SaaS should consider creating multiple software tiers with new and advanced options in the premium version. This change will allow customers to buy the product that’s right for them. Instead of paying double for something with unnecessary features, they may stick around much longer because there is a cheaper, more practical option.
A whopping 76% of business leaders who use subscription-based models said that it aided in customer retention and improved sales. In other words, when you give consumers the option to buy the perfect solution for them, you stand to impress your audience and increase overall sales.
If you sell physical products, don’t worry. Subscription boxes have grown in popularity and have helped plenty of businesses increase their profit margin. The key to making a good subscription box is to group products together that are already frequently purchased together.
You can use this opportunity to include new test products and get rid of things that are crowding your warehouse. The best part about subscription boxes is they are, for the most part, recurring revenue. You’ll see some customers come and go, but generally, the numbers are positive.
Host online classes
Online classes are helpful and useful for everyone, and it's not hard to see why. As consumers get invested in new hobbies and industries, they have the desire to learn. Online classes can help bridge the gap between consumers and the need for your brand.
Let's go back to that email marketing SaaS example we used earlier. If that business wants people to buy their service, they need to let potential customers know why they should pick their product when there are plenty of competitors out there.
By offering free classes, you’re giving consumers a chance to stick around and see what makes your brand special. If you work hard and make informative videos that provide tangible value to your audience, you’ll see a sharp boost in sales.
You can even create an advanced course designed for people that have already purchased your service. Use this strategy, so consumers get maximum value for their purchase. If you can show them how to get more for their money, they are more likely to continue making purchases with your company.
Use Google AdSense
You’re probably aware of all of the helpful tools Google puts out for web developers. But are you familiar with their AdSense tool? Essentially, Google AdSense lets you put advertisements on your website. When one of your customers clicks an ad, you make a profit.
The strategy is almost like affiliate marketing but has some key differences.
Google is connected to the advertisers that want to put ads on your site. When you work with this program, businesses can compete for your ad space. As a result, you'll usually get a high-quality ad partner, which means there’s a good chance your readers have heard of the company.
As your business grows, you'll open up doors to new paid advertisement opportunities. We suggest that you only promote brands that you trust and that you genuinely believe benefits your customers.
Personalize on-site marketing
Finally, we are going to wrap all of these strategies together by talking about personalization marketing. Did you know that businesses have lost a jaw-dropping $756 billion in the last year due to poor e-commerce personalization?
In other words, you have to show your customers things that appeal to their interests and pain points if you want your business to grow. You can implement personalized marketing across all major platforms, including social media, email and your website.
When personalizing content on-site, we suggest looking at your target audience's behavior and making suggestions that they would find helpful. For instance, if someone is looking at a bunch of products in one category, you can show them a list of curated blog content that dives into the topic in detail.
If you need proof that personalization marketing is the way to go, consider this; marketers that used this strategy in their advertising saw an average boost in sales of 20%.
The way you personalize your content and promotions will vary depending on your customers, product selection, and industry.
There are more revenue streams for online business owners than ever before. We all have our strengths and weaknesses, and it's essential to take these factors into consideration, along with the needs of your customers.
If you excel at building social connections and partnerships, your brand may be better suited for affiliate marketing. However, if you're strong point is marketing, you may want to work on a brand new, irresistible subscription box.
The choice is yours to make, but know this; the more important ingredient in a successful marketing campaign is perseverance.