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Every business needs to attract potential customers, convert them to buying clients, and monetize them by increasing revenues from them and having them help attract and convert additional clients.
What it is: Attract, convert, and monetize are methods a successful business must establish to grow and develop profitability. Each of the three steps are separate and unique, but they must all work together to grow a successful business. While this process is popular for online businesses, it is just as critical for brick and mortar businesses.
What it does: This process moves from the start-up steps of a new business to gaining a growing customer base and getting your customers to help you grow. Whena business goes viral, they are moving quickly through the steps of attracting, converting, and monetizing.
How it is used: The attract, convert, and monetize method can be used to start a new product or business or to grow an existing business. There are many ways to implement the growth process, but it is valuable to use all three elements. To attract a customer but not convert them to a client is a waste. To convert a customer to a client but not maximize how much you can monetize them is a lost opportunity. If you have the best conversion process, but nobody knows about your product, the conversion can not take place. If you do not monetize your current customer base, you can not go viral.
Where: Every business can attract, convert and monetize, whether they are new or well-established. Some common examples are as follows:
New start-up app for mobile devices: Attract the initial users, then get them to download, buy upgrades and add ons, and refer their friends.New products offered online need to be advertised so people know they are available. You need a compelling story for why people should buy the product and a process to make it easy to purchase. Then, monetize through repeat business, buying larger quantities or more expensive products, referring friends, and leaving reviews and testimonials.
New products sold through brick and mortar stores or services sold through professionals can use all of the same principles as the online product.
Why: You can not grow a product or business without all three steps: attract, convert, and monetize.
Where it shouldn't be used: Any business that can benefit from an attract, convert, and monetize strategy.
Any restrictions: None
Warnings:
Attracting customers before you are able to effectively convert them can make them mad or turn them away from your product and future advertising. It can also create bad reviews and negative feelings about you in the marketplace.
A conversion process that is too aggressive, misleading, deceitful, or manipulative can turn people away from your company or product.
If your monetizing process makes people feel like they are being used, they may turn against you and your products and do more harm than good.
Attract potential customers
Identify the customers you are trying to attract. Break them into homogeneous groupings where potential customers in each group will want to buy your product for the same reasons and will react in similar ways to your attempts to attract them.
Create a persona for each group (an example person whose personality and demographics will represent the other people in that group).
Develop a plan to attract that group of customers, utilizing whatever tools you have available to you (e.g., promotions, advertising, public relations programs, incentives, referrals, call centers, sales forces, search engine optimization, direct mail, social media, and events or programs).
Repeat the process for each customer group.
Implement the attraction activities once the conversion processes are in place.
Convert potential customers into clients
Develop a story for people who come to your website, store, app, offices, etc. for why they would benefit your services or products.
Utilize professional add ons for your website to increase the number of people who buy.
Analyze potential customers who come to your site, store, etc., and survey them or use ethnographic research (take video of how they interact with your product) to determine how you can more effectively convert them to clients.
Interview, survey, or use ethnographic research to find our why customers purchased from you to increase the incident rates of purchase more broadly among potential customers.
Target your customers.The more you can target specific customers, the more likely you are to make a sale.
Monetize your customer base
Try to get your current customers to buy more of the products they are already buying. Offer a lower average price for larger quantities, offer deals (e.g., BOGO), offer a subscription sale to encourage repeat purchases of the same product, etc.
Encourage customers to buy complementary products. Complementary products are products customers can use with the product they bough. For example, a woman may buy a dress, and you can offer scarves, jewelry, belts, purses, shoes, etc. to go with the dress. You can offer menu items at a restaurant, then offer appetizers, salads, drinks, desserts, etc. to increase the total bill for the dinner.
Offer an upgraded product to gain more revenue or more profit. You could offer a 30 inch TV for one price, but a 50 inch for a higher price, or add smart elements to either one for another $200, or 4K HD for another $300. Each upgrade in size or technology is an opportunity to increase the revenue and profit.
Offer a discount or a credit for making a referral where a new customer makes a purchase. This can increase your customer base by making your existing customers salesmen for you.
Encourage customers to give you positive reviews and or testimonials that you can use to convince new customers to buy your product.
Use a business plan, marketing plan, or PowerPoint presentation to cover the attract, convert, and monetize process.
One of the most effective ways to describe and make recommendations for a plan to attract, convert, and monetize is as part of a marketing plan. A formal presentation of the marketing plan should include all plans to attract, convert, and monetize.
This content is provided to you freely by Ensign College.
Access it online or download it at https://ensign.edtechbooks.org/projectbased_internships/attract_convert_monetize.
