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The internet really is a marvel. It has been a boon for both individuals and businesses alike, but for the former, it has managed to generate the kind of revenue for an SME that was previously unattainable conventionally. While the internet has been around long enough now for us to treat it more as a part of life than the technological accomplishment it is, it’s fair to say that not all businesses make full use of what they have available at their fingertips. When set up and managed correctly, a company website, online storefront, or simply a personal branding site can make those who have invested the resources properly very rich indeed.
In fact, around 80 to 90% of modern consumers now begin their search online when seeking out things to buy, and this number will likely approach 100% as the latest cohorts of Generation Z and Alpha start to transition from passive users into customers over the next several years. In this post, we’re looking at just how rich a robust presence on the web can be.
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How Online Visibility Impacts Revenue Streams
There are many ways that one can make money online, from an e-commerce operation to a simple blog (although this is largely going the way of the Dodo unless you’re able to exploit very niche corners of the web). According to this ad network for bloggers, you can monetize in various ways, from setting up ads on your site to selling digital products or even your services as a freelance expert in a specific field. However, not all are created equally, and even with the many metrics that can dictate the amount of revenue an online business can realize, without visibility, they’re all kind of for naught. The more eyeballs that you’re able to get to your website (that are relevant to whatever it is you’re selling), the more likely it is that they will convert and add to your bottom line.
Direct Revenue Channels
When it comes to the various channels you have to make money, the options and opportunities have never been higher. It’s true that there is now far more competition than ever before, but if you have the right attitude and willingness to put in the resources (both financially and elbow grease), you can carve out a very successful operation over time. When it comes to the channels open to you, you can choose between (or combine) the following:
- E-commerce sales: With almost everyone and their mothers now heading online as their first port of call when searching for and buying something, it makes sense that starting an e-commerce business is a fantastic chance to not only make money but also develop a long-lasting business. And, when paired with a highly tuned digital marketing campaign, it’s possible to build it into something far larger than you might ever anticipate.
- Online bookings and subscriptions: If you operate a real-world business such as a hotel, medical practice, or really anything that has a physical location, having the right online presence can massively boost your bookings via various lead generation tactics and smart use of social media.
- Lead capture and conversions: Some businesses require advanced bookings to manifest, and if you’re able to capture the right leads and successfully convert them, you can bring in more business than ever.
- Advertising: Ads are still an incredible money-maker…just ask the likes of Alphabet and Meta! However, to gain the most from ads, it pays to combine them with other, matching methods.
Indirect Financial Benefits
When you can capture more visibility for your website or online presence across whatever channels you use, you can discover other indirect benefits, such as reduced sales cycles and the chance to turn each initial customer into one who will come back for more. Obviously, this highly depends on what you’re offering and how you treat your customers, but if you do it right, it’s possible to reduce your spend on acquiring new customers over time while still bringing in revenue.
Cost Efficiency Compared To Traditional Marketing
When reading posts about related topics to the one we’re discussing, you usually find all sorts of damning notes regarding how traditional marketing is dead when compared to the all-encompassing online world. The reality is, though, that traditional marketing can still work very well, but the differentiating factor is the ease of entry for incumbents and the ability to see your ROI jump to incredible heights.
- Digital vs. traditional spend: Digital marketing spend is often dramatically cheaper than its offline cousins, and can provide far more bang for the buck. However, inexperienced marketers and business owners can find that without the requisite understanding of how it works, and without morting it effectively, that ad spend can spiral out of control.
- Long-term ROI advantages: Perhaps the main advantage of having and nurturing an online presence is that your marketing spend will either go down or stabilize while you still see an increase in customers. Or, if you’re willing to scale up faster, the more you put in, the more, exponentially speaking, you will get out of it.
Social Media’s Role In Revenue Growth
Having an online presence isn’t only about having a website. In fact, following this train of thought will see your business stall at a certain level, leaving tremendous amounts of money on the table. Instead, you really ought to combine it with a robust social media presence that aligns with your industry. For instance, you might find great success with platforms like YouTube or TikTok if you operate a lifestyle kind of business. Conversely, options such as Facebook et al.
Brand Awareness And Top-Of-Funnel Impact
Nowadays, your brand is probably your most important asset, and the more that you can create awareness around that, the more you can prove credibility to customers and build a much larger operation than without. The idea is that by incorporating your brand colors, fonts, mission, etc., into your marketing and spreading it over the various channels you operate with, you can build a business that is instantly recognizable to those you market and remarket to.
The interest can provide a huge revenue source for all manner of businesses…as long as you’re able to utilize it correctly. By building your brand and opting for the channels that fit your requirements, you can create a lasting and highly profitable operation.