High Impact Marketing for New Businesses
If there’s one thing that keeps startup and small business owners up at night, it’s marketing. After all, it’s one of the backbones of a company — without marketing, you wouldn’t have customers, and without customers, you wouldn’t be able to turn a profit and continue running your business.
It’s a fundamental part of any business, big or small, and for many smaller companies a marketing plan can often make or break your chances of success.
For fledgling companies, the ideal marketing plan is three things: fast, affordable, and results in a high ROI. It’s clear that every entrepreneur is looking for the right marketing strategy that’ll hit all three points, but the reality is that achieving that is more difficult than it seems.
Beginners often fall into the trap of going for strategies that are fast and affordable, forgetting that, without a good ROI, fast and affordable can still drain your resources.
In a previous post on the blog, we’ve talked about ‘Why Bloggers Need an Email List‘ and the benefits of email marketing. If you find that email is good but still not pulling in the results that you want, focusing on ROI just might be what could set you apart from the crowd.
Here’s a look at a few high impact marketing techniques that you can make use of in your next campaign.
One thing that beginner business owners might fail to take advantage of is their network of other small businesses. Joint venture marketing allows two or more companies to “join forces”, so to speak.
These companies combine their marketing strategies with the goal of increasing market share and revenues. This allows them to cast a wider net and reach more customers, as well as allowing them to share resources and data with each other to their mutual benefits.
The Houston Chronicle has an article that goes into depth on the pros and cons of joint venture marketing. To put it simply, while linking up with another business has several advantages, business owners will need to take note of anti-trust laws and other safeguards put into place to prevent companies from restricting competition.
On the whole, however, when done well joint venture marketing can benefit your company on a number of different levels.
“LOOK BACK” DIGITAL AD
One of the hardest parts about digital marketing is getting customers to “look back” at your company. The online sphere is saturated with information and advertisements, and in many ways the competition is fiercer than it is in the analog world.
In order to really take advantage of what digital ads can do for you, it’s important to think about what happens next after customers see your ad.
Triadex Services describes a “look back” digital ad marketing campaign as a way to reconnect with customers who already know your brand. It’s one way to utilize both the online and offline spheres, targeting customers who have already been in your stores and just need a little push to continue patronizing you.
“Look back” digital ads are cost-effective, and have the added benefits of generating real time results and data that you can use to streamline your other marketing approaches.
When used well, these campaigns can ensure increased customer loyalty and engagement, and you can keep the campaign running while swapping in and out new promotions and deals.
You’ve probably heard of the strength of word-of-mouth and personal recommendations in getting more customers to patronize your business. While good customer experiences can organically motivate referrals, one way for your business to systematically take advantage of this is through referral programs.
Referral programs are simply programs that reward customers for referring your business to new ones, whether through discounts, cashbacks, or other rewards.
Referred customers are 18% more likely to remain customers, as well as having a higher lifetime value. For startups and other young companies, this loyalty is doubly essential.
If you’re thinking about making this technique your own, it’s important to keep in mind that referral programs should be enticing, community-minded, and easily shareable.
If you’ve been online in the last couple of years, you’ve definitely noticed how video is slowly taking over the Internet. Videos are memorable, engaging, and can keep potential customers hooked in the way that traditional still ads aren’t able to.
While small businesses may shy away from video marketing because of perceived high costs, the truth is that video marketing can often be the missing link towards getting customers to remember your brand.
Social Media Today reports that video marketing is the best digital content type in terms of performance, with Tweets with video netting up to ten times more engagement than tweets without.
Video is able to drive greater responses no matter what the platform, with video posts on Twitter, Pinterest, Instagram, and Facebook receiving more views and engagements regardless of topic. As smartphone and social media use continues to grow, video is one sure way to pull in responses from potential customers.