Two More Key Marketing Concepts Every Freelancer Should Know

If there’s one that I’ve learned in the past two years to be most important in Internet Marketing is conversion. Start thinking in terms of conversion from now on.

So What is Conversion And Why Care?

Every place you’re online, you should have a desired end. What do you want your visitors to do?

To give you an example, I run an audio products site, my desired goal is to drive traffic to purchase products and sign-up for updates so I can stay in touch with our list. If a percentage of those visitors complete this goal, the site is doing it’s job or in other words “converting”.

A random person that buys a speaker represents one conversion. The more people that convert the more successful your site is.

In this case it’s good to pay close attention to your “conversion rate”. Conversion rate represents the percentage of people who complete the desired goal on the site.

conversion-rate-equation

It’s a good idea to know the conversion rate of any marketing effort not just your websites.

I’ve been using Google Analytics. I like using it because it lets you set goals, view the conversion rate on specific pages and where is your traffic coming from, and it’s the most user friendly tool I’ve used from metrics.

Opportunity Cost Made Simple

Knowing where to spend your time and money is a tough decision for businesses and freelancers, that’s where opportunity cost can help manage those decisions where, for example, a magic bullet marketing opportunity comes up.

There’s a cost associated with NOT doing something, that’s the revenue you would get out of a specific task.

So, you incur an “opportunity cost” by staying focused in what you’re already doing while you’re letting pass the revenue from the other activity.

Let’s use Facebook, Twitter and Cold Calling as an example. The time you’re putting into social media vs. cold calling. The opportunity cost would be the revenue you’re rejecting while focusing a certain task.

If you see more money coming from social media then calling people might be a bad decision. But if it’s the opposite then the payoff might be worth it.

The following post we’ll discuss The Online Marketing Funnel and Your Online Presence. Don’t forget to read about how to designate your time and measure your return on investment as a freelancer if you missed it.

These are two other marketing concepts that businesses and freelancers should carry in their back pocket.

Have a question? Hit me up in the comments and I’ll answer as many as I can. Thanks for your time