Marketing Strategies for Online Business

Goals

To determine the main marketing startegies used by most online businesses, with a description of the best forms of marekting used in different industries (include common strategies for startups). Determine the marketing platforms that work best for online and startup ventures.


Early Findings

  • Companies, specifically online entities, use personal and business branding, content marketing, search enging optimization (SEO), pay-per-click (PPC), conversion optimization, social media (digital marekting), and email marketing to radically transform and build businesses.
  • Word of mouth marketing accounts for $6 trillion in annual consumer spending- approixamtely 3% of econsumer sales while 82% of marketers expect this to increase brand awareness.
  • Many industries have found which marketing channels work better (trade shows, conferences) where other industries prefer paid search.
  • Investment in web design adds value as a marketing tactic that influences the amoutn of time a user spends on company sites.
  • Affiliate programs are a strategic marketing adavantage of most online businesses- full-time, part-time, side-line affiliates that promote products and services for a company.
  • Opt-in email lists allow companies to immediately connect with potential and existing customers; companies aim for a goal of 25%.
  • Digital marketing strategies are very cost effective for small businesses.
  • PPC campaigns are 50% more likely to urge customers to purchase than organic visitors with 41% of clicks going to top three paid ads in search results.
  • Social media use has surpassed the 3.8 billion mark, an increase of more than 9% suince last year.

Proposed next steps:

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We begin our research by performing an analysis of the marketing industry in the US including a deep dive into the online platform of eCommerce and marketing strategies used today.
To determine the best used marketing strategies across different industries, we will research which strategies work best for the top two performing companies in each industry.