We all know how difficult it can be to grow a business, but what’s the most important thing you need for success? It’s not just about making sure your customers are happy and coming back again. That would help if they knew where their next purchase was going to come from. What does give us an edge though…is getting out there in front of everybody else.
As marketers or business leaders, we should work on awareness non-stop – generating marketing campaigns that speak straight into people’s fears or concerns and solve their needs.
Brand awareness is the driver of customer acquisition. Without it, you’re just spinning your wheels. But the challenge of small businesses is not just awareness. It’s also generating quality leads.
Businesses often struggle with lead generation because they haven’t figured out how much to invest in order to acquire those new customers. Lead generation is the outcome you’re expecting from the inquiries coming in regularly from the people who are already aware of your brand, so make sure both fronts get equal attention.
You need a healthy pipeline of prospects so you can build up and expand, but you also need your customers on board. The growth formula is very simple. Acquisition + retention = growth. If you want to generate more business, make sure you acquire new customers while retaining the old customers at the same time. It is important to do both because if you only retain customers, then your company will remain stagnant.
The website is the most important digital marketing tool you’ll ever have. It’s like your business’ best sales rep – it makes money while you sleep. So naturally, when someone is wondering whether they should invest in their own company’s web properties, the answer is obviously YES!
The truth is that business owners start taking the website seriously based on how much traffic the website gets. That’s not the most productive way to look at things. It’s not just the number of visitors or the amount of clicks, but the quality of those interactions.
Digital marketing is an investment. Besides, the price of the acquisition has been lowering over time. It’s not as costly to get new clients via digital compared with traditional methods like TV commercials or print ads where you’re literally putting cash into the air hoping someone will catch sight of your brand.
With digital platforms, all those dollars saved can go toward building trust via content, which helps create utility among prospects – something worth investing into because every customer counts! Making sure you have a very strong brand people recognize is key to reducing the cost of acquisition and total lifetime customer value.
Our VP and Chief Growth Officer Samuel Thimothy has been invited to the Entrepreneur MBA podcast to talk to Stephen Halasnik from Financing Solutions about small business marketing and the key to your business growth.
In this episode, Samuel and Stephen discussed different types of business strategies and why they are important to a company’s success. Furthermore, they discussed the challenges of having a business plan and why people tend to start small businesses.
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