Running a business in a vastly competitive scene can be quite overwhelming, but when the right techniques are deployed, the business will thrive. As an entrepreneur, your foremost aim is to rake in profit for your business at cost-effective rates but if you are not armed with the necessary knowledge on how to navigate this seamlessly, all your efforts will be counterproductive. So, what strategies do you intend to deploy with your stringent budget?
Here are some affordable strategies you should consider as a small business owner:
Know Your Target Audience
You need to have a firm grasp of your audience as this will help you channel your strategic efforts effectively. If your target audience is a mixture of Gen-Z, millennials, Gen-X, and the baby boomers, then you will have to create specific techniques to arouse their various interests and convert them into your customers.
That persuasive, converting strategy that worked seamlessly for the baby boomers you approached will most likely not work for the millennials you pitch next to. You can conduct an online customer survey to know the areas you should be focusing on. You need answers to the following questions:
- What is the demographic of your customer base?
- What is their psychographic?
- What influences their purchasing decision?
- What are the products they readily buy online?
The answers to these questions will help you develop effective marketing strategies that can be tailored to each customer’s unique buying behaviour.
Email marketing is a low-cost digital marketing strategy that has proven, over time, to be highly effective in attracting new clients and retaining old ones. According to recent research, there are over 4 billion email users worldwide, while 72% of customers prefer email as their main channel for business communication. This is a medium of communication that can be used to promote the services you render, inform your clients of the new discount you are offering, and also connect you with potential customers. Email marketing all boils down to lead generation.
You need to offer something captivating to your customers, in exchange for their email addresses. It could be a free e-book of about 15 pages on a topic you have deep insights on that they have to download but first have to input their email address before they can access the free material. You can also render services for free by setting up a webinar to coach your potential clients to generate your email list. You will be using these techniques as baits to get email subscribers for your business. Afterward, you will have to follow up with these subscribers by sending them compelling newsletters frequently to ensure maximum communication and also establish solid relationships with them.
Partner With Similar Businesses in Your Niche
The importance of teamwork cannot be underestimated. Associating with complementary businesses will provide you with the visibility you truly seek. For instance, if you sell hair products, you can collaborate with hair salons in your locality by selling these products at discounted rates, to convert their customers. You have to map out a plan that will be beneficial to you and the other businesses you intend to partner with. Be intentional about your business circle and always ensure you all have the same goal, which is getting the needed visibility for your respective brands via collaboration.
Publishing PR for your business is very essential regardless of its size. It will earn you the social proof you need to thrive, create that formidable reputation for your brand, and also give you the visibility to help maximise your efforts effectively. Third-party validations always work well for small businesses, as that will earn you the trust you need to convince your potential customers on why they should patronise you.
Build A Strong Social Media Presence
Entrepreneurs who have mastered the optimization of social media channels for their businesses over the years are reaping greatly from it today. The world has gone digital, as every piece of information can be gotten at the snap of the finger. This is why as a smart, small business owner, it is of utmost importance that you have a solid online presence for your brand. You should also create specific content for each of these channels to get your desired result.
For instance, on Instagram, you can make use of carousels to educate your audience and share positive feedback from your customers, while on Facebook, you can write a long copy about your brand without worrying about the character limit, unlike Instagram. On Twitter, you should always keep your Tweets short and straight to the point. Remember, you are dealing with a mixture of audiences, hence the need to be strategic when marketing your content for these various channels. You don’t have to be a compelling writer to achieve this feat, you can actually outsource this service to a proficient social media manager who will do an amazing job for you. Your primary goal is to rake in profit right? Now think about the number of leads you can generate with a foolproof social media strategy.
Have A Functional And Captivating Website For Your Business
Your business’ website can be otherwise known as a brochure that is meant to showcase the services you render, the past projects you’ve worked on, and what you are doing differently to solve the never-ending problems in your industry. The benefits of having a user-friendly website are inexhaustible. It can help you attract new clients, improve your SEO strategy, increase your lead conversions, and produce other amazing results. If a customer needs any information about your brand, the person will definitely check out your website.
Now, how captivating is this website? According to research, 75% of consumers admit that they rate the authenticity of a business based on its website design. Customers these days have a short attention span, so, if they visit your website, make it worth their while. Your website is supposed to arm them with the necessary information needed about your business. Make sure you design a functional website for your business today.
Your small business can blossom irrespective of your marketing budget. Just make sure you carry out a feasibility study before you start, have enough patience, and also deploy the right strategies required and watch how it will thrive in a short while.
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