Importance of Marketing for Small Business
When it comes to advertising for both large and small businesses, the advantages are undeniable. That’s why global ad spend will hit a record high this year—$605 billion—which is up over 4% from 2019.
US businesses understand the importance of digital marketing, hence the high numbers. In fact, companies will spend more on that than TV ads and print ads combined. When it comes to modern marketing tactics, these methods are a proven success.
But when you’re running a small business, it can be hard to justify any purchases because you’re likely operating on a tight budget. Does small business marketing sound like something worth your time and money? Can you afford to include these practices in your operations?
We think so, and here’s why. Please keep reading for our informative Q&A.
What’s the Point of Marketing for Small Business?
Think about your own buying practices. Whenever you’ve considered a product or service, what steps did you take?
You likely asked around to your friends and family. Then you probably took your hunt to the internet. You Googled reviews and testimonials, read blog posts comparing products, or searched for services “near me.”
If this sounds like you, you’re not alone. Most consumers do the same things—use the internet for help in their purchasing decisions. Why?
Because most people trust the internet to be honest. If the product you’re interested in is boasting five-star reviews online, you’ll be more satisfied spending your money on it. But if you notice that many people are having trouble, putting one- and two-star reviews, you’re bound to be a lot more skeptical.
So, help your consumers out in this process. Have an online presence that’s consistent, communicative, and clear. Let people know how to reach you, where you’re located, why your business can uniquely solve their problems.
8 Types of Marketing Business Owners Should Consider
Luckily for you, the scope of marketing is a massive one. There’s no one-size-fits-all approach. Instead, you can use multiple strategies in tandem or double-down on your favorite, most profitable ones.
What are some of the most well-known types of digital advertising? Those include:
- User-friendly web design that utilizes CTAs
- Social media, including Twitter, Facebook, LinkedIn, Instagram, Pinterest, and more
- Email marketing
- SMS advertising
- Blogging, i.e., content marketing
- Video marketing
- Search engine optimization
- Paid search
Don’t think these efforts are worth your time? Think again. Check out some of these statistics that highlight their importance.
58% of Facebook users become more interested in a product after seeing it advertised on this platform. 90% of the 1 billion active monthly Instagram users follow at least one business on IG (but likely, much more!). 83% of Pinterest users have made a purchase based on the content they saw on the platform.
Social media aside, what else is essential?
Well, businesses spend $110 billion on digital advertising every year in the US. When it comes to email marketing, 91% of consumers say they want to hear from the companies they support via email.
As you can tell by these numbers, internet users are actively using online platforms to sift through the many companies and gather information on what they want. They’ll consult the internet for testimonials, recommendations, informative blog posts, and more. Shoppers wish to confirm their decisions by checking out what the web has to say first.
So, say someone Googles, “spa near me,” and your spa doesn’t come up—but your competitor does. Where do you think that person will go? These marketing tactics allow your business to have a corner of the internet where people can find you and spend money with you.
How Do You Include Marketing Into Your Budget?
What should be included in your small business marketing budget? And what mistakes have other companies made that you should avoid?
Creating a budget, like anything else, requires a few steps. In general, to understand where you stand, you should consider the following:
- Researching what’s working and what’s not working for your competitors, i.e., competitor analysis
- Making wise decisions on spending, for budgeting and otherwise
- Measuring metrics as you go, correcting course or doubling-down as needed based on results
- Getting to know your customers and what platforms they use, where you should be advertising
- Utilizing best marketing practices as outlined by a digital marketing agency
You should also consider all parts of the funnel, where your customer will be looking before making a purchasing decision. When it comes to a sales funnel, you’ve got:
- Awareness and interest, which comes from marketing
- Consideration and intent—also stemming from marketing
- Evaluation and then purchase, which are the last part of the sales funnel
So, your budget should include the initial steps of the sales funnel, targeting people from the very beginning, and following through with them until the end.
Spread the Word of Your Company With These Marketing Tactics
Your small business isn’t likely to thrive without employing some advertising techniques. It would be best if you got the name of your business out into the world, so (local and/or global) customers know what products or services you’re offering.
If you don’t add marketing tactics into your business plan, your prospective audience will move on to another company that does!
Don’t know where to start? We can help with that.
How To Choose A Marketing Agency
Forward Push is a research-oriented marketing firm that can strategize on a winning campaign for you. We keep your vision in mind while employing status-quo-pushing tactics that stand out from the crowd.
Click here to get in touch with us and get a free consultation!