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I know what you're thinking. Another marketing agency saying how important it is to market your business. So cliche, right? I totally understand the skepticism you may be feeling right about now.
However, if you could just give me just 5-10 minutes of your time to explain how marketing your business...is...well your ENTIRE business, I promise you won't be disappointed.
You see, most business owners don't fully understand the game that marketing is. The fact is a successful marketing campaign can literally 10x your revenue. No, I'm not exaggerating and I'm not lying.
In this blog, I'll explain exactly why marketing is your biggest opportunity to grow your income and exactly how you can go about doing it.
The biggest reason why marketing your products or service is the #1 MOST IMPORTANT thing that you can do for your business is because...nobody will know about your product or service if you don't.
If you think this sounds obvious, you're right. However, most small business owners have absolutely ZERO money set aside for marketing. And even if a small business does have some sort of budget set aside, they most likely are wasting it because they don't know what they're doing. This allows the businesses that do know what they're doing to dominate their markets.
Write down how much you set aside for marketing. What percent of revenue is that number? The average small business spends around 2-3% of their annual revenue on marketing...
Now, let's look at the world-renowned company, Google. In total, Google spends 12% of its annual revenue on marketing and is increasing their marketing budget by an average of 23% year after year.
Keep in mind, Google is one of the most well-known companies in the world, and they still commit billions of dollars to marketing. So, what do they know that you don't?
I'll tell you: ATTENTION! (You probably saw this word as soon as you scrolled down, right?)
That's right, even a well-established company like Google knows that "Where attention goes, money flows" - Grant Cardone, named the best marketer on Earth by Forbes.
Are you bringing enough attention to your business? If you're not, in this next section I'll share with you some secrets on how you can do just that.
The first thing that you need to do as a business owner is to see what worked for you in the past and what didn't. This will give you crucial information that you can use to launch more effective marketing campaigns in the future.
Most businesses have more failures than successes when it comes to marketing, don't worry it's completely normal. Keep in mind, in marketing failure creates opportunity. It only takes one successful marketing campaign to become a money printing machine for your business.
Here are some questions you can ask yourself:
What platform has produced the most customers for your business?
What content has gotten the most/least engagement?
What type of marketing activities gave you the best ROI?
What type of marketing activities haven't you tried yet?
If you have no experience in marketing, don't worry, most small business owners we work with rarely do.
Market research is a very neglected step many business owners never seem to take. This very important step can save you a lot of time and money. Plenty of other companies in your space, and most likely even in your local market, have taken the time to do this research and are using it against you.
Here are the steps you want to take:
Use Google and make a list of companies that either are direct or indirect competitors
Find their social media profiles
Observe what they do, what works, how often they post, who they post, what causes engagement
keep track of these competitors and their stats on a simple spreadsheet
However, although competitor research is absolutely crucial, knowing your audience is EVEN MORE IMPORTANT.
Knowing your customers allows you to strategically market to them. You'll know what makes them buy and what makes them buy at high prices. This also allows you to narrow your focus which saves you a ton of time and money.
The two main components to creating a solid marketing strategy is getting clear on your mission and your messaging. You want your customers to understand what you're about. Doing this will help set you apart from the everyday company. It gives you the "human touch" and allows your customers to relate with you and build a connection with you.
To do this, you need to get clear on what your business's purpose is, what is the core values you push, why does your business exist, and what makes you unique from every other related business.
If you can't answer these questions, neither can your customers. If your customers can't answer these questions about your business but they have these answers for your competitors, who do you think they'll go to?
Now is when you start creating your specific goals and how you're going to achieve them. Obviously, the point of marketing is to drive more sales. However, there are a lot of other things you can track that can help you get there. These stats need to have the following two criteria:
It's a stat that directly or indirectly leads to a sale
Tracking the stat will indicate a decision
These can be things like, social media likes and shares, video views, direct sales from social media, coupon code redemptions, and many others.
Collecting key stats is extremely important because it allows you to make educated and calculated decisions about your marketing campaigns. Now, you need to set goals for each metric you're tracking and how you're going to achieve them.
Once you get here, you want to start creating content that people will see when they stumble upon your business online. This content serves as a sign for potential customers for whether they trust you or not and if they should choose you or another company.
Whether you like it or not, social media has completely changed how business is done. Nowadays, buyers value the content you put out (or don't put out). Your content, or lack thereof, could be the deciding factor for whether or not a potential buyer chooses your business or your competitor's.
The name of the game is: consistently posting valuable content for your customers to engage with.
If you do this enough times over and an extended period of time you WILL see results.
Here is where you want people to actually engage with your content. A "like" or "comment" is just the beginning of a fruitful relationship with a potential buyer.
Don't forget, people online are people just like you. They don't want to feel sold. They want to feel cared about, heard, understood, and supported. Don't use your social media solely to sell. This is a great way to stunt your social media growth.
Ask yourself: "How can I help this person?", "Why will they want to come back?", "What can I do to make them feel good?". Doing these things will help you build a loyal following.
Last but not least, you want to make decisions based on the key metrics you've collected. This is what will keep your business growing. You should spend a vast majority of your time perfecting what has worked for you.
Always refer to statistics, not your feelings. If something isn't working, stop doing it immediately. If something is working, replicate it and make it better.
I hope you've learned a lot from this short read. Although I couldn't possibly give you my full 7-Step Plan to Explode Sales with Online Marketing, you can click here to access it. In it, you'll find a much more detailed breakdown of what I just briefly went over.
When you click on the link you'll be prompted to enter your email address. You'll then be sent the 7-Step Plan AND a "How It Works" video AND an opportunity to book your own 100% free 30-minute strategy call where I'll personally make you a 7-Step Plan for your own business.
Again, all of this is 100% free and you'll leave with a solid framework of how you can get more attention for your business.
Remember, ATTENTION IS EVERYTHING!
In this blog we have merely scratched the surface of how to market your business. If you haven't already, click here and enter your email if you want to receive weekly free blogs with valuable information just like this.
Next week, I'll talk about how to exponentially grow your business through paid ads. This is an absolute cheat code that can quite literally make you a millionaire if you know what you're doing.
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