The most important goal of any business is to increase its profit and implicitly its customer base.

There are many strategies to achieve that, and creativity and your marketing budget are the most important variables on which your ability to increase your customer base depends.

But before you start developing your strategies in order to increase your customer base, you need to ask yourself a key question:

 

Do I need to increase awareness about my brand, company, and cause,

OR

Do I need to increase my conversion rate?

 

Any strategy you develop will be driven either by the need to increase awareness or your conversion rate, so it is essential to evaluate where you stand in order to develop a more consistent strategy. And you need consistency, because your marketing budget likely isn’t big enough to “fight” on both fronts, and even if it is, understanding these two different perspectives will help you better understand where you are and where you need to invest more in terms of marketing efforts.

Increase awareness

Awareness is all about who knows who you are and what you do.

Increasing awareness is the first step you need to make in order to drive sales. Whether you just started your business, are trying to open your business in a new location, or you just launched a new product/service, the first step is to develop marketing strategies that build awareness.

Increasing awareness almost always positively impacts your sales.

But what happens when people know about you and your products or services, but you still need to increase your profits?

This is when you need to change your strategy and develop your conversion rate.

Increase your conversion rate

Increasing your conversion rate is all about convincing people to choose you instead of your competitors. And it’s summed up in one simple question:

 

Why and how are you better than your competition?

 

It’s a question you have to answer very carefully and then develop your strategy in such a way that it is very obvious to your customers why you are better than the competition.

Increasing your conversion rate is more challenging than increasing your awareness; it requires a very clear image about who your company is, why your company exists, what needs you fulfill and what problems you solve.

Increasing your conversion rate is the first step you should take after you reached the relevant audience for your business. It’s also something that, if you start to plan and think of, even from the business plan of your startup, will make your company stronger from the start.

A lot of startups fail on this stage: changing their strategies from increasing their awareness to increasing their conversion rate. Because as I said, it’s harder and requires a much deeper, clear and realistic understanding of who your company is in the market, what needs it really fulfills and what problems it solves.

So, maybe, right now is the time to start to review the mission statement of your company, and to analyse its position in the market and then start marketing yourself better and more efficiently!

Thanks for reading my article and I would love to hear your thoughts about it. Leave a comment and let’s start the conversation!

Peace!