6 Big Indicators Tell Me If A Business Is At Risk In 2018
Here's a really important summary that I need to share with you! So please read the 6 of the risk indicators and explanations.
1. You're focusing 100% on marketing to your email list. Email has been the go-to marketing online channel for businesses for ages. Please note times are changing. Open rates are plummeting — especially on mobile. People check their social accounts and texts far more often than email. Even if you are managing to get a 20% open rate (which is pretty impressive) you're still not reaching 80% of your target market.
2. Something I posted about before: You're not maximizing your Customer Life Time Value. If your business model is based on selling a single product to new customers your business is going to be challenging., Instead of spending 80% of your digital marketing budget on acquiring new customers (who are only 5% to 20% likely to purchase) you should be doing everything you can to get current customers (who are 60% to 70% more likely to purchase) to buy MORE from you.
3. You're slacking off on social media. It's a major driver for online success and getting more important by the day. But you've got to be in it to win it. That means posting incredibly relevant content every day and really engaging with your followers by quickly responding to each and every comment and question you get. Just think how important that is in our very group!
4. You're in the dark when it comes to data. If that's you you are driving your business blindfolded. And if you don't know where you're going in terms of conversion rates, customer life time value, orders, profits and refunds, you are going to really lose out. Getting to grips with your analytics on your laptop AND phone is absolutely essential to your businesses' existence.
5. Something I've banged on about before: Your site is a mess on mobile. Just a few years ago, when everyone was accessing the web via laptops and iPad, having a mobile-optimized website didn't matter. Now it does. If your site isn't optimized to load really fast and work well and look good on every size, shape and make of smart phone, even the healthiest business could be at risk.
6. You are relying on getting likes to your facebook page. It's all change on FB now and you are going to have to understand paid traffic and invest in it if you want to grow your business using this medium. (see my other posts on this for more info)