- Nearly every 1 in 12 businesses (both old and new) close each year in the US. On the other hand, over 4 million businesses were opened in the year 2020 alone.
- Approximately 80% of the new business houses successfully complete their first year of existence. It might be a surprising statistic, but it is a much better fact to put light on.
Note: The figures in the above statistics may change as per the field.
Setting up a business and running it successfully are two different sides of the same coin. Various factors determine the success of your business, and marketing is just one of them.
However, it is noteworthy that marketing is still one of the most influential factors of all.
That being said, there could be myriad reasons why businesses might crash down. It could be poor marketing, poor customer service, high competition, and some more.
If you don’t want your business to suffer from the same, want it to reap the higher returns and maintain its success, this article is just for you. You will also come to know a few marketing tactics to widen its reach.
Research the market and set OKRs – Conducting thorough market research before any business activity is vital for any organization. Hence, keep accurate data on your current customers, existing competition, demand and trends, and other market aspects. The insights on these things will help you make apt and practical decisions.
Additionally, be clear about setting up OKRs, which stands for Objectives and Key Results. Answer the two questions – What do you want to achieve, and how will you achieve that? The answers to these two questions will clarify your priorities. Also, get every employee to set their OKRs so that their personal goals incline with the company’s goals.
Set revenue and profitability goals: There is no denying the fact that the ultimate goal for any organization is to earn maximum profits. Thus, it has to make enough money to carry out its operations and earn a profit. Experts recommend revisiting the pricing structure at regular intervals. How are the products priced? How many units do you need to sell to reach your monthly/quarterly goals? Know the answers to these questions to keep the business thriving.
What staff benefits you can offer – How can employees work well if they don’t feel motivated? This is the reason that offering staff benefits are crucial. Whenever you hire anyone, check how much amount can you alot to cover employee benefits. You can provide the following benefits according to the budget –
· Worker’s compensation
· Health Insurance
· Paid vacation
Moreover, keep track of what benefits other business houses are offering to their employees. In this manner, you can better understand what to offer and what not to.
Learn the right time to delegate – Learning to delegate the right task to the right person is not easy. If you are the owner of a company, you might want to monitor everything with your own eyes. But the reality is - as you will expand your business, monitoring everything will become difficult with time. Besides, if you want to enjoy the weekends and spend quality time with your family, you should know to whom you can delegate the tasks.
Right tools for growth: There are multiple applications and products available in the market that can help optimize your business. For instance – Customer relationship management software forms an ideal foundation for an effective growth strategy. It gives you the facility to store the customer’s data, sales opportunities and service issues at one place. Any employee can use this information whenever they need it. This provides the employees with ease of access to data where they can easily find the buying patterns of the customers, thereby driving the growth.
Additionally, if you are looking for other effective measures to enhance brand awareness and ultimately take your organization to the next level, you can’t ignore the power of digital marketing tactics. It is not only an indispensable tool for promotion, but it also optimizes your online assets that are important for the success of the company.
Some fruitful tools to market your product/service are -
- Implementing SEO: Do you ever turn up to Google and search for your product/services online? Have you ever wondered why your services are not on the top results? If so, this is the place where the power of search engine optimization comes in.
The key factors that play a role in the search engine results page are relevant keywords, quality content, page load speed, etc. Search engine optimization strategies include a mix of keyword research, on-page SEO and buyer persona research. These areas will make you know how your audience is searching for things online.
Ultimately, you will be able to put your organization in a better position to be identified by the right people.
- Social media – Social media is not only a fun platform to socialize but also a fantastic business tool.
Use this platform to enhance your domain authority, improve the ranking and grab the attention of potential customers.
- Content marketing: You have written an impeccable piece of content, but how will it reach the clients if you don’t promote it well? Therefore, promote it with content marketing strategies.
For instance – Form catchy headlines, write long content (3000-10000 words as these posts generate the highest number of shares), upgrade your images, and the list goes on.
In short, don’t overlook this aspect and market your content in the best possible manner.
Keep developing yourself – If your business is going to great heights, don’t think that you are perfect. Let’s face it – you will have to keep getting better.
Attend as many conferences as you can and have productive discussions with the people related to your industry. Keep your eyes and ears open to the world around you.
In this way, you will have creative ideas flowing inside you.
To sum it all up
Running and maintaining a successful business takes time and effort. Marketing the same also requires smart work and commitment.
Build credibility and cultivate a reputation or trustworthiness among your audience. Start executing the steps as mentioned above, and you will be good to go.