If your Cambridge based small business offers a great product or service and you want more customers knocking on your door, this short article will give you a formula to help get you close to your goal.
Lots of the businesses we come into contact with struggle to find the right mix of marketing for their business, which usually translates into frustration and wasted money. With these 3 steps below, you can make informed decisions to maximise the return on your marketing investment.
Build & Experiment
Your business will be different to ours which will also be different to someone else's. There isn't one golden strategy to help grow your business. Your product, your location and your customer will all impact the effectiveness of the various marketing strategies out there. Start by setting up a marketing experimentation budget and launching some trial activities but ensure you record the results. A few examples of these strategies are outlined below.
Send out an e-mail newsletter to your customers offering incentives to share it with their friends
Print out fliers about your business and distribute in your community
Start a blog and write a new article every week for two months
Setup a Facebook page and offer a coupon for people who join
Track & Measure
After settling on one of the marketing activities you would like to experiment with, you must put the right consider how you will be monitoring the results. This way you will be able to tell what works and what doesn't.
You can track and monitor the results in a variety of ways but for example, if you choose to move forward with an e-mail newsletter you can use tracked e-mails to tell you when they're read and opened or with a flyer, you can use a unique phone number and monitor how many calls you receive. You truly need to collect as many results from as many data points as possible from each marketing activity. At a minimum this should include total cost, number of leads and response rates. You can then subsequently compare these results and understand the average amount spent per lead for each activity. This will then help you understand how cheap or expensive it has been to collect these leads.
After collecting all of these results, you will be able to tell which strategies work for your business. Set a monthly budget and develop your campaign, monitoring cost of lead and customer feedback to understand the impact and Return on Investment. Always remember to allocate a small budget to experiment with other types of campaigns/strategies.
As this is a continuous process of improvement, trying and re-trying, it can be time consuming for a small business to pursue. If you want to reduce the time you invest on these types of strategies, contact the Idea Factory inc and talk to your Growth Architect about Marketing subscription services for small businesses.