5 days ago
Building A Strong Brand On A Small Budget
Petr Marek, founder and CEO of Invoice Home, an invoice-generating platform designed for small businesses, freelancers and entrepreneurs.
Marketing is a crucial part of any business, but it's especially important for small businesses looking to build a strong brand and stand out in a competitive market. MailChimp says that "many small businesses aim to spend 2% to 5% of their total revenue on marketing." As the economy fluctuates and consumers pull back on spending, it's critical now for businesses to remain nimble.
I think right now, small businesses should focus on local marketing and use it to their advantage. I find that paid Google ads are a powerful tool for local SEO, helping your business appear at the top of search results and reach customers when they're looking for your services. (But before you start paying for ads, ensure you optimize your Google Business profile and include current business information.)
Overall, taking a mixed approach and utilizing free tools at your disposal is the first step to a successful marketing strategy that supports your growing business.
Customer Loyalty
Customer loyalty is arguably the most important aspect for small businesses in today's competitive business landscape. Therefore, providing quality customer support should be your first priority.
To continue improving and building loyalty, it's essential to track customer satisfaction metrics. Average resolution time (ART) and first response time (FRT) can be the difference between a one-time purchase and a returning customer. This means replying promptly to emails, social media messages, online reviews, etc. Both of these satisfaction metrics show your business cares about its customers and supports them throughout their journey.
Once your response times are optimized, you can leverage that efficiency to cultivate organic feedback. For example, when you receive positive feedback from a customer, following up and inviting them to leave a public review or testimonial is an excellent way to turn that feedback into a powerful marketing asset.
Loyal customers are repeat customers, and your goal should be to keep your customers engaged in the long run. To build loyalty, consider offering early access to new products, special discounts or other customer appreciation incentives.
Another smart way to engage is to offer loyalty programs or community rewards. By partnering with other community businesses, you can leverage their customer base as well to continue growing yours.
Community Involvement
Getting involved with your community as a whole allows you to increase visibility for your business and build strong connections with future customers.
There are a number of ways to get involved locally. I think one of the easiest and most important ways is to join your city's Chamber of Commerce or other local small business organizations. These provide valuable opportunities to meet and connect with fellow business owners, which can be helpful in building a mini mindshare whenever a business question arises. Many of these local business organizations also offer monthly lunch-and-learn type events with guest speakers and other opportunities to connect.
Once you've connected, partnering with like-minded businesses to jointly host an event, such as a workshop, can further your brand awareness even more. You can also host your own event that gives back to the community—think something like a charity golf tournament.
Depending on your business, finding ways to support local farmers' markets or non-profits can help you stay top of mind for customers looking for what you offer.
Social Media
When you effectively leverage social media to connect with your target audience, you, in turn, enhance your brand visibility. I recommend leveraging multiple channels, especially if your business targets multiple age groups. Each social platform has advantages, and finding your audience on the channels they prefer will unlock opportunities at a much lower cost than traditional advertising and marketing.
Most local businesses will benefit from short-form videos or Reels on platforms like Instagram; these short videos are perfect for engagement. Adding Pinterest offers another visual platform to engage audiences and share actionable content, such as how-to guides and infographics, that can also be easily shared across other social media channels. Once your social presence is established, partnering with local influencers or bloggers who align with your brand can help amplify your reach and strengthen your business across social channels.
User-generated content (UGC) is another invaluable asset for small businesses, and for many, it remains untapped. Leveraging UGC on social media is the modern-day version of word-of-mouth advertising.
Customer reviews are also a powerful source for content. The most important thing to remember with reviews (and comments on social posts) is to engage. Customers want to know they are heard, and engaging with your customers whenever they interact with your business will show that you value them and their feedback.
What About AI?
As businesses look to slash budgets, marketing tends to be one of the first expenses in question. With all the chatter about generative AI, is this a viable option for small businesses when it comes to marketing? Generative AI can help generate ideas for content and optimize current marketing campaigns, from concepts for email campaigns or social media posts to searching for consumer trends that your business can leverage.
There are plenty of free generative AI tools available online that small businesses can use to support their marketing efforts. However, when using AI, it's important to consider the sensitivity of the content being shared and to independently verify any claims or insights the AI generates by checking against trusted sources.
You can build a strong brand on a small budget by implementing cost-effective marketing strategies to build brand awareness. The most important takeaway is that with anything, you cannot set it and forget it. Marketing needs to evolve as the market evolves and customer needs shift. Make sure to always directly involve the community, and that your strategy, no matter what, is able to shift over time.
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