Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
08 MARCH, 2021
The world is increasingly going digital and businesses have to keep up to remain competitive. Irrespective of whether your business operates in virtual space or the physical arena, you need to have an online marketing strategy in place to enhance visibility and drive sales.
Confused about where to begin? Here are 8 practical tips to grow your business online.
Any business that is serious about enhancing its online presence cannot do without a website. It is the fulcrum around which all your digital initiatives revolve. A website can open up your business to millions of likely customers beyond geographical limitations. From template based, pay-as-you-use options to highly customised and dynamic websites, the choices are endless – whatever your business, product/service, or budget.
Today, people across socioeconomic demographics search, browse, and shop from their phones. In addition to having a mobile-friendly website, you need to integrate communication platforms such as WhatsApp, Messenger, Google Hangouts, or even personalised pop-up chat windows that can be accessed easily by potential customers on the go.
Every day, an estimated 1.73 billion and 500 million people use Facebook and Instagram respectively. The possibility for engagement on social media platforms is extremely high and gives your business the opportunity to personally communicate with the customer and understand their preferences. It allows you to get an insight into your business performance and gain feedback. The key is to generate constant engagement, grow your social media following, and drive traffic to your website.
A content marketing strategy through blogs and vlogs can help you deliver useful and relevant information to attract and build an audience. It also helps get targeted traffic and keeps your website rankings high without having to spend a fortune on search engine optimisation (SEO) efforts.
Email campaigns are one of the most cost-effective and reliable ways of connecting with people who have shown interest in your business. Subscribers can be updated about new offerings, schemes, discounts, etc. to drive direct traffic to your website or point of sale. Remember to use email campaigns judiciously so that your efforts are not mistaken for spam.
For a long-term growth strategy, you need to understand how your online campaigns are working. For this, you need to make sense of user data. Google, Facebook, Instagram, and other platforms give performance analytics in an organised and articulate manner that helps you understand your audience better – what works with them and what does not. Fine-tuning your digital strategy will not only help funnel interactions into sales, but also save money on marketing/promotion strategies that won’t work.
Thousands of potential customers socialise, post queries, and debate on online communities such as Reddit, Quora, Facebook groups, etc. Look for a community that is relevant to your business and offers useful content/information rather than just promote your business. It will help build credibility and drive a targeted audience to your business.
An affiliate program is the digital equivalent of word-of-mouth promotion. An affiliate partnership allows a customer to refer your product or service in exchange for a small commission or discount on your products. An affiliate tracking system will let you know how much business each partner is bringing, and their financial gain. If the incentive is good enough, you can generate a consistent stream of business through referrals alone.
On account of financial limitations, many small businesses do not have a structured marketing and promotion budget. While many digital initiatives are free, you will have to spend some money on your marketing program if you wish to ensure long-term growth of your business. If you are looking to aggressively push your presence across digital channels, or have an immediate need to promote your business, consider a business loan from Kotak Mahindra Bank.
Kotak Business Loans start at Rs.3 lakh and come with affordable interest rates and quick disbursals. Flexible repayment terms allow you to manage your finances and digital promotions without upsetting the basic capital needs of your business. Alternatively, with a Kotak business account you can avail of instant digital overdraft facility of up to Rs.6 lakh that will reflect in your account within 72 hours.
Unlock the digital potential of your business with a host of financial solutions from Kotak Mahindra Bank today!
This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. and its employees. We make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article does not constitute legal advice. Kotak Mahindra Bank, its employees and the contributors are not responsible or liable for any damage or loss resulting from reliance on or use of any information contained herein. Credit at the sole discretion of Kotak Mahindra Bank Ltd and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loans.
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