An average company spends anywhere from — 2% to 10% of its revenue on marketing. While this may not seem like much, an effective marketing strategy helps ensure that the funds are appropriately spent and not wasted.
“The first thing you should do as a business owner is researching your target market,” suggests Mike Eisenga.
Finding out who the target customer is takes quite a bit of time and effort. But the more business owners understand their customers, customer values, demographics, where they spend time online, etc., the better.
Once business owners do this research, they can create a more targeted marketing strategy with a better ROI and less wasted effort. For example, through research, it's possible to learn which social media platforms are best for reaching the target audience and which techniques will be most effective. Perhaps more importantly, they also avoid wasting time and money on efforts that will bear fruit.
The next step is to DIY in every place possible. Nobody needs a marketing degree to create a simple website introducing their company and products, post regular updates on social media, or start a blog.
“You can easily get your products and services in front of people by putting some effort into your online presence,” says Michael.
Google My Business is a free tool that Google provides to small business owners. They can use the tool to claim their business, then manage their presence on Google. Business owners who use this tool increase their chance of being listed in local search results. Business owners can use the tool to establish business hours and list contact information.
Mike Eisenga also suggests claiming business accounts on Yahoo, Yelp, and other platforms. By doing this, businesses can respond to reviews, provide additional information about their company, and connect with customers.
Speaking of reviews, nothing is quite as important in small business marketing as word of mouth. Consumers frequently read testimonials, reviews, and other insights from customers before making a purchasing decision. The more positive reviews a brand gets, the better.
The challenge is earning those positive reviews. Fortunately, there is an easy solution to that. Besides providing great products and services, the best way to get online reviews is to ask for them. It’s simply a matter of realizing the customer is satisfied and using their happiness as a way to segue into asking them for a positive review or testimonial.
About Mike Eisenga
Mike Eisenga is a successful commercial real estate investor with a banking and finance background and is the former mayor of the City of Columbus. As a President of both American Lending Solutions, a mortgage lending company (he founded and operated from 2000 to 2018), and First American Properties, he has a track record of creating and operating successful businesses. Mr. Eisenga is also devoted to property development and construction, primarily serving smaller local communities. Especially in the senior housing sector.
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