How many new businesses pop up each year? The numbers have been trending up for the past decade. In 2020 alone, over four million new business applications were submitted! While that means the market is more competitive, it doesn’t mean there aren’t steps you can take as an entrepreneur to get yourself ahead. Let’s take a look at some tips for marketing your new business.
Your Website Matters
It’s almost impossible to think of a business that could succeed without a website. Regardless of the industry in which your business lies, a website lends credibility, provides brand expression, drives traffic, and generates leads. Perhaps more telling is what your website can’t do for your business, rather than what it can do.
More than 80% of customers research a brand or product online before buying. If you don’t have a website, they’ll have to rely on other less credible sources to reinforce or dissuade their buying decisions. Moreover, it takes visitors to a website less than half a second to form an opinion on that website. If your website is slow, lacks design, or isn’t mobile-optimized, you not only lost credibility, you lost a potential sale.
The goal of your marketing efforts should be to drive traffic to your website. As the face of your brand, it’s the first place your customers will turn to in search of information. A poor user experience is a common cause of failure for small businesses; start marketing your new business right by making sure you have a responsive, well-designed, informative website.
Know Your Market
While this was probably part of your business plan, knowing who might be most apt to buy your product isn’t the same thing as knowing how to authentically connect with them. In many ways, making connections is more important than making sales. While filling a physiological need may net you a sale, filling more complex needs, like esteem or safety, will net you a customer for life.
To assess how to reach your customers authentically, assess the demographics of your customers. Instead of telling them to buy your product, think of ways to show them not only how buying your product would be to their benefit, but why they should buy it from you. This means espousing relatable brand values, establishing an authentic brand story, and showcasing the human side of your business whenever possible.
The simplest way to find out what makes your customers tick is to communicate with them. Establish and maintain a responsive social media presence and be sure to respond genuinely to any reviews on Google and other public forums. If you get a bad review, reach out to the reviewer and ask both what you can do to make it right and how you can avoid making that same mistake in the future.
The better you know your market, the more you can tweak your marketing efforts to ensure optimal ROI. Plus, while larger brands may be able to get away with a broad marketing approach, small businesses need to target their major demographics and appeal to them in order to stand out. Knowing your market means you can streamline your marketing efforts and avoid making trial-and-error mistakes. The more strong connections you make with your customers, the more you’ll be able to build a loyal customer base.
Reward Your Customers
Your customers aren’t just looking to fill a void. They’re looking to feel seen, heard, and valued. The most surefire way to build loyalty to your brand is to reward your customers for choosing to do business with you. But wait, does this mean you actually have to bribe them to be customers?
Absolutely not. Rewarding your customers can be as simple as providing competitive pricing, stellar customer service, and being genuinely courteous and helpful at all turns. It can also be more complex, like establishing a loyalty or rewards program, something done by over 90% of American businesses.
Establishing your point of differentiation can help attract new customers. Providing a rewarding experience will set you apart from the competition and impact your customer retention like nothing else. Almost three-quarters of customers would recommend a brand with a good loyalty program. Be the brand you would recommend and reward your loyal customers for choosing to do business with you. After all, there’s a lot of competition.
Marketing Your New Business
The number of small businesses in America has doubled since 1982. While this means there’s ample opportunity to carve your own way through entrepreneurship, it means there’s more competition than ever before. As such, it’s imperative to ensure your marketing efforts are effective.
One of the most common reasons new businesses fail is mistakes in marketing. While marketing your new business isn’t easy, it can be done effectively. By building a stellar website, knowing your market, and rewarding your customers, you can give yourself an early leg up on the competition.