Many Malaysians are still suffering through this endless lockdown. What more is that over 100,000 companies have ceased operations and a further 30,000 SMEs have permanently closed since the first Movement Control Order (MCO). It has never been more important to create and implement new strategies in order to keep your businesses afloat during these unpredictable times.
1. Evaluate Your Current Business Environment
In order to decide what strategy or change you need in your company, you must first research or evaluate your current business conditions. There are a few simple and strategic ways that you can do so. You may start by carrying out a situational analysis in order to evaluate your internal and external environment.
For the internal environment, you can assess the strengths and weaknesses of your company. Highlighting these factors will enable you to see which areas your company will be able to use as leverage in order to have a unique selling point. For the external environment, you can evaluate by using the PESTLE analysis. This analysis is broken up into 6 different factors which are Politics, Economy, Social, Technology, Legal and Ethics. Your company may evaluate these external factors that are important to you. After collecting data on the factors that can affect your company, you should be able to identify your company’s threats and opportunities.
Furthermore, you may also use the Porter’s five forces model in order to identify your company’s strengths and weaknesses and how they may impact your company’s profitability in the long run. There are 5 elements to this model which are competitive rivalry, supplier power, buyer power, threat of substitution and threat of entry. This assessment will also enable you to adjust your company’s industry position for better profitability.
2. Retargeting
The act of retargeting enables you to reach customers that have shown previous interest in your company. For example, customers who have visited your website before. Reaching out and advertising to this set of people enables your company to maximise sales and profitability. Why? This is because you are targeting your potential customers who already have some interest in your company. Research has also shown that consumers are 70% more likely to convert with the simple use of retargeting.
Retargeting can be done by using social media ads, like Facebook ads. To create a retargeting campaign, you will need to create a Facebook pixel in order to track and set up events in order to retarget people. If you are an e-commerce website, you may also take advantage of dynamic retargeting. This means that your potential customers can see different versions or products that you are selling through your advertisements, making your ads less repetitive. To do that, you will need a catalogue. You can decide to retarget people that have viewed or added to cart but have not purchased, upsell products, cross sell products or customise a combination of options.
You may also use Google display retargeting ads. This is an important tool to remind potential customers of your brand. At the same time you gain exposure and trust from people making them more likely to purchase from you. Retargeting this way will also see an increase in click through rates and conversion rates as compared to normal display ads.
3. SEO
Search Engine Optimisation (SEO) is a long term marketing strategy in which you increase your website authority, relevance and trust. This is a non payment method which takes time to build to rank your website organically. You can effectively rank your website by inputting relevant keywords to your website. This is so that people who use those keywords are able to find your business.
One very easy way to get started is by registering your company on the Google My Business portal in which you can easily manage your online presence on google search and maps. Providing more information that is up to date will enable your company to appear more on SERPs.
Another effective way of doing so is by doing some keyword research and optimising your title and meta tags.You may also look into your competitors best performing pages. Through this method, you can identify keyword links and gaps which will enable you to determine the areas of improvement from your own strategy. You should start by optimising your existing content.
You should also earn backlinks in order to improve your optimization further. Backlinks represent one of the three factors that Google will look into when they rank on their SERP. We recommend publishing unique and relevant content so that you can organically gain popularity from the internet. Content such as videos, infographics and expert insights are considered unique and shareable. Through creating quality content, you can also gain more traffic, engagement, brand awareness and trust. All of which will aid in generating sales in the long run.
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