In order to start building a client base, small businesses have to compete with the massive marketing budget of corporations. Having said that, entrepreneurial innovation has made the playing field much more even. For example, Forbes reports that more companies are investing in social media and other more affordable tools to make their marketing campaigns more effective. Let’s take a look at some of the most important factors to consider when planning your marketing strategy.
Explore the Advantages of Referral Marketing
While most businesses are dreaming about massive, costly marketing campaigns, successful businesses tend to prefer cost-effective solutions. And truth be told, there’s no better way to market your company than asking a satisfied customer if they know someone who would also enjoy your services.
One of the main advantages of referrals is that your messages will probably get to the right people. The person or business targeted in a referral are more likely to be people who will find your business useful, and financial incentives can convert the most reluctant clients. BDC recommends maximizing referrals through social media, emails, and word of mouth for the best results.
Try Meta Advertising at Least Once
Meta (or the social network company formerly known as Facebook) is one of the biggest players online. Billions of people browse, post, and communicate through their platform, providing excellent opportunities for marketing at relatively low prices. Meta’s advertising power is incredible, with ad revenue in Canada and the U.S. alone boasting five times the ad revenue of the entire U.S. newspaper industry.
Meta allows any business to set up a page for free and design marketing campaigns capable of placing text, image, and video ads on both Facebook and Instagram. But things get a lot more interesting when you use their proprietary targeting tools, which allow companies to focus their advertising business on audiences that show specific behaviours and interests while browsing the web, producing valuable advertising analytics.
Plan Your Marketing Budget
Business owners planning their budget may be tempted to restrict marketing expenses considerably. Fortunately pinching pennies with marketing doesn’t have to be the answer, as marketing expenses can be deducted from your business taxes anyway.
Adding another variable to your taxes calculation can be a bit stressful, but there are a couple of online tools that make this process particularly easy and precise. Business owners in BC, for example, can use a tax calculator specific to British Columbia, and seamlessly add variables like capital gains and dividends. The rates are also updated regularly to ensure businesses get the best estimates possible. Finding a tax calculator specific to your city or province can help you better plan your marketing strategy and budget for future campaigns.
Consider Mobile Local Advertising
Most drivers try to avoid looking at street ads, and the few who don’t drive by them too fast to even read them or recognize the brand. However, when a truck with side advertising is driving on the next lane for a couple of minutes, there’s more than enough time to understand the message.
This form of marketing used to be based on analog technology, with companies waiting much longer for results, but Movia’s truck side advertising offers real time impression numbers. It also provides owners with data analytics, and integrated mobile device retargeting. The future moves fast, and Movia’s mobile ads are moving with it.
Small businesses are in a much stronger position to compete, especially in this new era of marketing. Sure, not everyone can pay for an international campaign, but as long as your company equips itself with the appropriate marketing tools, there’s nowhere else to go but up.