We get asked constantly, what is the "best" this, and what is the "best that. People are so inundated with information over the internet, that many just want to cut through the clutter and find out what the "best" actually is. If it was only that simple. Right? For starters, there really isn’t a good, better, or best. Marketing depends on your industry, time in business, branding, geography, goals, budget, etc, etc. It’s important to do your research to to find out what the cost of customer acquisition is in your industry. Most people skip this step and it winds up costing them more for marketing campaigns than their margins bring back in. Another words, if your marketing campaign costs X, and it’s not making you Y, that’s not a prudent form of marketing for your particular business. If I say a PB&J is the best sandwich ever, and you're deathly allergic to peanuts, I'm sure you wouldn't agree that a PB&J is the best sandwich. One size fits all, never fits. So figure out what works well for your industry, and go from there. There are a myriad of factors that must be taken into consideration, before making a leap into any specific direction.
DO YOUR RESEARCH AND MAP OUT THE COSTS OF ALL MARKETING EFFORTS TO FIGURE OUT WHAT THE COST OF CUSTOMER ACQUISITION IS. IT’S ALL ABOUT ROI.
With that being said, many experts say inbound is by far the best form of marketing you can do. It may take a bit longer to see results, but slow and steady wins the race. Content. Content. Content. And more content….
When planning your business’s key messages, you likely spend a good amount of time thinking about how to promote your products, services and specials. Informing your potential customers about all you offer might sound like a good plan, but it’s self-serving and should only account for a small portion of the information you share.
Content marketing is a valuable strategy that keeps your brand top of mind with your customers without overselling your business. Your audience can only handle so many posts, emails and other pieces of content that highlight the work you do. When companies continuously beat their own drum, the messages begin to feel like spam and customers are more likely to tune them out or un-follow the business altogether.
With content marketing, businesses begin to share fun, interesting and industry-adjacent information that they think will keep their audience engaged. A real estate agent might share “10 tips and tricks for streamlining your spring cleaning,” or an auto mechanic might post “5 summer road trips you need to take.” The information might not highlight what your company can do for the customer, but it keeps your brand in front of your audience, making it easier to recall your business at the time of purchase.
RELATIONSHIPS! There is simply no substitute for relationships with members of the community and other local small business owners. Organic growth is sustainable, marketing campaigns typically are not - not to mention very costly.
Here are a few more tips you might find useful:
- Local small businesses should have different approaches to capture data. One has to obtain the data, which is called data mining. Only then can one prepare a database and then churn it to crack sales. Let us explore some simple ways to generate leads. You can capture data from people who walk-in to your store. Just a phone number or email would be good enough. You can use online inquiries or calls to capture the required data. You can be at local events, circulate fliers or brochures and use newsletter subscription on your website and at the store or office to generate data. Remember, these are not leads but data. And you have to begin with a database to generate leads.
- One of the most effective lead generation strategies for any small business is a referral program. Employees can be incentivized to refer, customers can be offered rewards to refer and people who aren’t your customers but can refer should be offered some perks so they feel motivated to walk that extra mile. We often think of talking about a product or service with our friends or in our social circles but we forget. Having a few perks will keep people motivated to talk about the small business.
- Networking is the absolute key to exploring new avenues. Local small businesses find large networking events futile as there is little scope to grow the business into a massive scale. However, cross selling and networking with companies that have some shared interests would always benefit small businesses. A vendor that supplies essential items to businesses in a neighborhood can always tie up with another company or vendor that supplies other items. There can be an exchange of customers, leads or database so to speak.
- There’s no denying the importance of a strong social presence in today’s marketing world. Your brand absolutely needs to be present on major networking sites like Facebook, Twitter and Instagram. B2C interactions have evolved from “you need this” (where the business drives the market) into “but we want this” (where consumers are king). Many purchasing decisions are made before customers ever step foot inside a store. Consumers expect to be heard, to have input and, more recently, to interact with the companies they do business with. Social media provides businesses with the platforms they need to have these interactions and foster more meaningful relationships. As social sites change, grow and multiply, it’s vital for businesses to try their hand at emerging networks. Did anyone believe that Snapchat would skyrocket to popularity the way it did? Most did not. And now it’s believed to be one of the most important up and-coming social marketing tools. What does this mean? The idea of “fringe” sites no longer exists, and instead, businesses need to be willing to try new things and spend time figuring out what new social networks work best for them. A realtor might have a lot of success using Instagram because of the visual elements of his or her job, but that might not hold true for a criminal defense lawyer. Every business matches up differently with various elements of social media, so try things out and find your own recipe for success.
Small businesses throughout Detroit are growing and thriving, thanks to LVRG Funding. Don’t let another day go by without the financing that could do the same for your business. Unlike other firms, we are fully committed to providing the best financing options available that benefit your bottom line, not ours. We know that time is of the essence when it comes to obtaining financing and our quick closing time will ensure that you get the money you need, when you need it. Headquartered in Detroit's Historic Ford Building, we are a local finance company dedicated to helping the local small business community thrive and grow. With a dedication to our clientele and a reputation for excellence, you'll understand why LVRG is such a respected member of Detroit's small business community. Give us a call today (855) 998-LVRG. As always, we’re here to help