All Business.com is quickly becoming one of my favorite resources for business information. And if you're a business owner, you'll probably think the same.
Where to market and advertise your business is a personal decision. One that requires thought and Results!
The all important ROI that comes into play. Here's a short sample of what AllBusiness had to say…
“According to the Small Business Administration, small businesses that bring in under $5 million should devote 7 to 8% of their revenue to marketing. It would be a shame to waste your marketing spend on poor strategies. If you want a high marketing return on investment (ROI), you can’t afford to pour money down the drain.”
Set a marketing and advertising budget for your business. Monitor how it's working and adjust as you run campaigns over time.
Failing to find your target audience
“How you market depends on who you’re marketing to. And if you don’t know who you’re marketing to, you’ll be preaching to (and throwing money at) the wrong choir. You need to find your target audience.
Once you know who your target audience is, tailor your marketing strategy to them. Create offers that resonate with them, market on the platforms they use, and highlight why your product or service is something they need.
But again, you need to pinpoint your audience first before you can do all of that. To find your target audience, ask yourself these questions:
- Who are my potential customers?
- What do my potential customers need?
- Where are my customers located?
- When will these customers buy from me?
- Why would they buy from me?
- How do they make purchases?”
Have a web presence! Very important in today's business.
Not setting up a website
“Over one-third of small businesses don’t have a website. If you fall into this statistic, you could be making a major marketing blunder.
Small business websites build brand awareness, establish credibility, and create sales opportunities. Marketing only on social media or using traditional marketing is limiting. Consumers searching for businesses in search engines will never get the chance to know about your company if you don’t have a website.
Create a website to get in front of online consumers. Display your business’s contact information and hours of operation so customers can easily reach you.
But that’s not all. When setting up a website, consider establishing and regularly adding to a blog. Successful blogging, publishing 16 or more blog posts per month, can get you upwards of 4.5 times more leads!”
Again, monitor your results. Have something you can compare to measure your ROI.
Refusing to measure results
“A successful marketing strategy is born from failed ideas. I’ve never known a company to create perfect marketing materials off the bat. Instead, businesses continually try out new ideas.
The not-so-secret sauce to effective marketing is measuring the results through key performance indicators (KPIs). However, measuring marketing results can be a challenge. According to a study by HubSpot, 40% of businesses cited “proving the ROI of marketing activities” as a marketing struggle.
Measuring the results of your online marketing efforts is generally easier than print marketing. You can measure click rate, open rate, and conversions when you send emails. And, you can gauge how many people read your blog posts or engage with your social posts.
To effectively measure the results of print marketing, include coupons or promo codes that identify how customers heard about you.
Some essential key performance indicators you should be tracking include:
- Cost of customer acquisition
- Click rates
- Open rates
- Lifetime customer value
- Social media traffic”
These are just a few of the things All Business presents. You can find the entire article following the link below…