How to Grow Your Business and Maximize Your Marketing Budget
Any business needs more customers to grow. One of the biggest challenges for a company is in growing the business in a sustainable way and maximize the marketing budget to make sure they get the best return on investment and maximize their growth opportunities.
Here are some strategies you can implement to make sure you’re investing your marketing budget wisely:
#1: Get some feedback from your customers
If you’re running a website or an e-commerce store, you can easily have a small form after your customers make you a purchase and ask them how they found you. You can also do it easily by sending a survey to your newsletter readers.
But even if you’re running a local store without much web presence, you can still gather feedback from your customers. A smart way to do it is to have a tablet or an iPad at the counter and let people interact with your app and give you some important feedback. Make it as interactive as you can, and be sure you ask them how they found you. With this information, you’ll easily evaluate which marketing channels are sending you most of the traffic and most of the customers.
#2: Get closer to your customers
The smartest businesses have been trying to get closer to their customers for some time. They invest on customer support and they make sure they keep in touch with the previous customers.
The goal of getting in touch with your previous customers is in getting more business from the same customers, without spending any portion of your marketing budget. If a customer bought something from you in the past and he had a good experience and support, he might be interested in buying from you once again.
You can implement for example loyalty programs to reward your current customers and to make sure they’ll be interested in buying from you once again.
You can also invest some time and some of your marketing budget on social media so that you can interact with your potential customers and your current customers, and keep them updated on your new products, services, and special discounts or sales.
#3: Be consistent and diversify your investments
On average, a customer has to see your image or interact with your brand up to 10 times before he buys something from you. So, you need to try to get exposure on multiple channels and keep interacting with your potential customers as much as you can to make sure they get to know you and your brand. This way, they will more likely to buy from you.
#4: Old school marketing might give you the best bang for your bucks
While most businesses are focusing their marketing strategies online, and spending most of their money on PPC or social media advertising, there are some old school marketing opportunities with much less competition and that deliver a much better return on investment for most businesses.
A great example of one of the best marketing strategies that your competitors might not be using yet is to hire a marketing company to post flyers for you, door to door. That’s a highly targeted marketing strategy for local businesses since you’re spreading your message and brand locally. It can be an effective way for growing your business and is typically less expensive than other marketing methods.
You need a little creativity and try to think outside the box. While all your competitors probably use Google Adwords or Facebook ads, probably not many of them use old school marketing strategies. And that’s where your opportunity lies.