February 1, 2018
For any new company, the first few months are critical to establishing a basis for long-term success. And it can be daunting when you consider the number of startups that fail –– and the many ways in which a startup can fall short. The truth is, many new businesses struggle to cover their expenses, and many owners have to dip into their personal savings or else apply for small business loans to manage costs. Even worse, these owners may not have the collateral necessary for a conventional loan. So it’s essential –– especially early in its existence –– that a new company markets itself effectively, and economically. To that end, here are four ways a new business can get the best possible returns on their marketing efforts, and free up extra capital at the same time.
Organic Content Marketing
The temptation might be strong for new companies to splash the cash investing in PPC advertising that will ensure high visibility. The problem is, those advertisement spots can prove costly, and if you don’t get the returns from them quickly, your new business will be burning money without seeing any benefits from your ad spend. Fortunately, an alternative to growing a new brand through advertisements is organic content marketing. By creating blog posts, original content, and other material yourself online, you can open up a whole host of options to increase the visibility –– and the viability of your new business. Furthermore, creating solid organic content is a fantastic way to build up a reputation as a trusted source in your industry. Content marketing might not produce instantly scintillating results –– but it’s fundamental to laying the groundwork to a successful marketing strategy for years to come.
Advertising on Facebook or Google can be a lucrative venture for your new business. Or it can drain your funds and leave you scrambling with a paltry ROI to show for all your work. It just depends on how you approach it. Firstly, you need to consider if pay-per click ads like Google AdWords are going to be effective for your company. Identifying where your customers are likely to visit is the first step to crafting an enterprising ad campaign. If you’ve determined that you want to pursue paid ads, you need then to invest significant time and effort to make your ad headlines stand out. Your space will be limited across most ad platforms, but that actually makes it more important that your ad 1) reaches your target audience 2) conveys the information you need it to 3) stands out from the pack, and 4) generates leads. Simply placing a boilerplate ad in a high-volume area isn’t likely to yield great returns.
Track and Optimize
A marketing campaign is never complete. Rather, if you’re going to create something that helps you achieve your goals, it needs to be able to adapt to a shifting marketplace. That’s why it’s necessary to continually monitor your marketing campaigns –– including blog posts, AdWords, original content, and sponsored ads –– to gauge their productiveness. You can’t fall in love with an ad that isn’t producing results; and you can’t afford to be stubborn in this practice. If something’s not working, scratch it. And on that same note, if a particular angle is generating quality leads, bolster it. However you decide to track the results from your marketing efforts, you need to be willing to act on them. Figuring out where you can save money marketing is obviously going to go a long way in improving your ROI. And with that newly freed up capital, you can reinvest in other areas of need.
Sensible Planning and Realistic Aspirations
If you’re going to market with any deftness whatsoever, you need to understand your business and what it means for your company to generate a lead or land a sale. For companies that produce small, relatively cheap products or services, a single lead isn’t going to be worth as much to them as a potential new client to a law firm, for instance. So comprehending how many leads your company needs, and how many of those leads you need to convert to sales to remain in a healthy financial position is paramount to a sound marketing strategy. Understanding the way your business fits into your market –– particularly in comparison to your direct geographical competitors –– will help you set attainable goals for your marketing campaigns. Lastly, make sure your business is most focused on generating sales from online marketing efforts. It can be easy to get lost in the weeds trying to garner likes, follows, clicks, and even calls. But remember, none of those things matter unless you’re making money either directly or indirectly because of them. Keep that in mind and you’ll be on your way to increasing your ROI.
Chans Weber is an entrepreneur with 10 plus years of experience in a variety of industries including finance, marketing and online technology. As an expert in advanced SEO, paid advertising, and inbound marketing, I am passionate about sharing my knowledge with others and helping businesses reach their full potential.