Companies big and small face challenges in finding ways to market their products effectively and on budget. For small companies marketing themselves becomes even harder as there is pressure on finances from many quarters.
Whilst there is no magic bullet for attracting customers, a good marketing strategy helps put your business on your target market’s radar. With a solid marketing strategy in place, your customers understand why your product is better than the competition. Additionally, you’ll reach more of your target audience, increase your customer base, and ultimately boost your bottom line.
Jupiter Business Mentors marketing expert and mentor, Lijo Ittoop, offers tips and advice on how you can market smarter and connect with your customer base without breaking the bank.
Traditional advertising vs content marketing
According to Lijo, a business needs to understand their target audience and how they consume media. “The right consumer persona is the first step in defining an effective marketing mix. Then starts the journey on how to communicate in a way that the consumer is most receptive to your message,” he says. “Consumers interacting with data through channels like TV, in store, trade shows, SMS, radio or print are better approached through traditional methods. However, as the use of these channels as a primary source for building awareness is diminishing, online marketing is taking over,” Lijo adds.
In fact, studies show that 93% of online experiences begin with a search engine, where 47% of people click on one of the first three listings. As penetration of smart phones increases, Lijo advises that small businesses look carefully at traditional and digital marketing to better understand the ROI for each. Only then can they use channels that are most useful for them.
Power of digital marketing
Given our digital environment, Lijo believes that being present across many social media channels is now standard marketing protocol. He recommends that businesses be mindful of their objectives when using social media channels and suggests that companies approach marketing through a Paid, Owned, Earned and Managed (P.O.E.M) marketing framework.
Paid or outbound campaigns use digital and offline channels by paying for them and include Facebook, Instagram Ads, and Google Ads, as well as offline ads on media like radio and print. “The benefits of using paid digital channels is that you can do broader testing on creatives and targeting based on analytics, and measure impact immediately. If corrective action is required, it can be done much faster,” says Lijo. Conversely, offline channels take more time in understanding and executing.
Owned media, like company websites, emails and newsletters are predominantly employed for nurturing, retention and advocacy. “It’s very important that all your social media channels are speaking the same values and content,” he stresses. “Many of these processes are now being automated through strong links. It’s important to have analytics show which channels are working best, and then build more effort to exercising those channels,” he adds.
Inbound marketing or earned media works through backlinks or rebound consumer traffic. “It’s basically when other users talk about your brand on their social media pages and website. The easiest example is user generated content on social media channels and backlinks that we typically see in SEO,” explains Lijo. He also suggests that inbound marketing should be a focus of small businesses’ strategy as this builds long term trust. Depending on the kind of products a company sells, bloggers and influencers can also form a part of this kind of marketing mix.Content Marketing can generate leads for your business.
Managed media works through an agency where the above-mentioned strategies are clearly mapped out. Lijo recommends that small companies are better placed to plan and execute their marketing strategies themselves so that they are not spending more money. “All you really need to do is give it the right time and focus as this can make or break a brand,” he says.
Potential of Pay Per Click content
According to Lijo, “PPC works.” He feels that the more important question is what’s the right mix in ad spend. Many business owners benchmark PPC against what their competition is doing. Whilst it’s an indicator, most business owners need to find what’s right for them.
Of the two kinds of PPC, Push and Pull, Push PPC builds campaigns based on the interests of the target consumer. Examples like Facebook and Instagram campaigns are need-based, i.e., in line with the tastes of the consumer. Pull campaigns, like Google Ads or Google Shopping ads, show content based on consumers’ search intents.
“Either way you are closer down the funnel to conversion as consumers have already stated their interest in the product or service,” says Lijo. “You need to analyse and maybe revise strategies before you find your sweet spot,” he adds. “A good way to find that balance is to measure your return on advertising spend as that is a key indicator to what is working.”
Surviving post pandemic
“My biggest suggestion for small businesses is that if you are not part of the conversion, be a part of the conversation,” says Lijo. Whilst potential customers may not buy right now, they are still window shopping. He suggests using this time to rethink marketing strategies, update websites, spruce up SEO and clean up social media channels. “Look at new social channels you need to be part of and spend time on building a network. Think of a mix of tactics and build a long-term strategy,” he concludes.
Jupiter Business Mentors enlist some of the best business mentors in the world to help guide individuals and companies in making smart decisions. Avail the offer of six Free sessions with any of our mentors. You can book a session with our Marketing mentor Lijo Ittoop online.
