Every year, there are hundreds, if not thousands, of small businesses that are established. There are around 30 million small businesses in the USA alone that add to the economy, with 543,000 new businesses being established each month.
These businesses are often created with growth and expansion in mind. Sadly, not every small business will be able to achieve their dreams of growing. This is due to many factors: the changing economy, failure to meet market demands and expectations, and simply, potential customer’s lack of awareness of their brand. We’ll specifically tackle the last factor, as it is something that is often overlooked but is actually a major factor in whether your business succeeds or not.
Get Your Name Out There
Brands are important. It’s a simple reality that can sometimes feel unfair. Major brands like Mercedes, Disney, or Apple are all benefiting from being popular and well-known. Everyone knows their product and brand image, and to a certain degree, people trust these brands.
Even if you’re a small business owner, your company’s popularity is something that you shouldn’t take lightly. After all, it will be the primary way you can expand your customer base. Getting your name known in your target demographic is the only way to create a wider customer pool and is something that you should put considerable effort into.
Marketing Needs a Budget
A common mistake many business owners make is putting very little resources into marketing. Many assume that they can survive simply by existing and relying on word-of-mouth. The truth is, even word-of-mouth needs to be driven. Your company won’t be well-known if you can’t generate enough interest to warrant your customers to share it with their friends and family.
While you may feel that your product or service is enough to leave an impression, putting some effort into your marketing will benefit you tenfold as the awareness that your brand exists will increase. Hopefully, putting enough resources into getting your name out will pique your target demographic’s interest and hopefully get them curious enough to try out your services. Think of it this way: your marketing is your first contact with future clients and customers. It won’t do to skimp on your first impression with them.
Take Advantage of the Power of the Internet
Everyone and everything is on the Internet now. From individuals to major companies, everyone’s using the Internet in one form or another. It is a wise move to utilize this as the Internet often allows for relatively cheap (and sometimes free) marketing.
You can make use of social media to showcase your products and services. Popular websites like Instagram allow you to highlight your wares, and Facebook even allows you to directly link purchasing information. You can even opt to increase visibility by using SEO services to target a wider range of audiences. The Internet is among the best ways to get your name known, and it is definitely something that should be included in your business plans and strategy.
Narrow Down Your Target
Another common mistake is targeting a wide audience. While there is some merit to general marketing, a major downside to it is that you’re effectively spending money on trying to reach people who aren’t interested in your business in the first place.
By knowing who’s most likely to avail of your services, you put your resources in a place where you can actually see leads turn into customers. This is done through target marketing or advertising in places and websites where your demographic is most likely to be. To execute this properly, you need to know your target demographic through measurable statistics and analysis of your services. You can look at the gender, income level, age, and even education of the people who are most likely to buy your services.
Consider Using Direct Mail
While sending letters vial snail mail may sound outdated, you shouldn’t discount them as a medium of advertising. Only 25% of emails are opened, as most of us know that most contain spam or even dangerous viruses. However, a staggering 90% of traditional mails is opened, increasing your chances of being seen by consumers.
Direct mail still has a considerable presence that is too serious to be ignored. It is a great way of reaching your market segment and is a cost-effective way to advertise if you’re not indiscriminately sending direct mail. Putting effort into your brochure will also go a long way here, as you can make a solid first impression through this. Ultimately, direct mail is a great way to make a personal connection to potential consumers, so don’t write it off just yet.