Welcome to today’s live blogging from the Reykjavik Internet Marketing Conference here on OptimizeYourWeb.
We are getting under way right away, as is often the way of things. The welcome speech from Ingvar Hjálmarsson was light and entertaining but now the keynote speaker Rand Fiskin is on stage.
He is starting with something of a summary of methods used in internet marketing: blogging, SEO, PPC and the like. Which of these channels is appropriate for me as a company?
Rand’s personal feeling is that Conversion Rate Optimization is the crème de la crème of internet marketing…despite the fact that he works in SEO. Landing Page Optimization is important in bumping up the conversion rate. In fact, a simple experiment SEOmoz conducted increased the CR from 1.8 to 2.2 – meaning several million dollars extra revenue per year.
On SEO, he says that using the search engine analytical tools allows you to find out the query volume, and their relevance. SEO is fundamentally linked to links – three quarters or more in fact.
Affiliate Marketing is of moderate importance only, because your product simply has to appeal to your affiliates. Affiliates are just looking for the biggest pay outs with the smallest effort, so it’s difficult to get successful there.
Banner ads are great for branding, but much less so for direct click throughs.
Social Media Marketing is great just because most people participate, and getting individuals interested in your community.
The next step is to use web analytics in order to optimise your optimisation. Applying the results to business practice can then be tested with low intensity tests. Although the small scale of the testing is a limit, but Rand loves it because the cost and effort of doing it is tiny – but its results are still an important indicator on what to do with the channel in the future.
The internet is such a trackable medium, the costs and benefits of investments should be easy to keep track of. And that is simply essential. Keep your finger constantly on the pulse of how you are spending money and what it is netting you.
On a similar note, competitor analysis helps too. Are your competitors investing heavily in an area you’re not? Are they stupid, or is it something you should be in? Is there room or is the market full?
In conclusion, Rand is going to make some predictions for the future – despite the fact that he hates doing so!