Small business marketing should be creative, fun, and profitable. When a small business (SMB) markets, they can take more risks and be more innovative than large companies, which must follow the business plan ideas that cater to the masses and investors. Advertising can lead to a national treasure worth of business.
A marketing campaign for small businesses may have a low budget, but the small budget doesn’t mean that the company can’t make a high ROI.
Five business ideas that can turn bland, annoying marketing into marketing that reaps massive profits are:
Business Marketing Through Content Marketing
What is marketing in business? Small business owners have had to evolve their marketing overtime to meet the demands of an ever-evolving market. One of the critical methods of promotion that has a high ROI but takes a while to be fruitful is content marketing.
Content marketing requires you to publish content that is engaging and can drive organic traffic to your site or social media profiles. You can even create business-to-business marketing with your content assets, which include:
- Blog posts
- Social media posts
Over the long-term, all of the content that you create can help generate interest in your business. With organic leads and search traffic, you can use content to create one of the biggest ROIs possible. The critical issue with content is that a lot of business owners do not notice an immediate ROI, so the business owners will stop their content marketing before it can really become fruitful.
Market Alongside Other Local Businesses
Your business may be related to the restaurant industry, and instead of promoting your business alone, you can join forces with other companies in your area. For example, perhaps you run a pizzeria and want to hold a significant event.
You can take on all of the promotions on your own, but your business may decide to work with a bakery that makes delightful desserts.
Advertising alongside the bakery, you’re able to combine budgets while leveraging your customer bases. Since it’s not uncommon for pizza to be followed by dessert, you can hold joint events and both profit from it.
Splitting the costs can save your business money while also providing a hefty ROI.
Consider Influencer Marketing
Influencers are an exciting opportunity because you’re able to reach broad audiences that are highly targeted and responsive. Of course, there are influencers in every niche, but you’ll need to do your best to locate them and their platform of choice.
Instagram influencers may be a good option for promoting:
- Beauty products
- Fitness products
But if you want to promote in other niches, you may have to choose influencers on other platforms, such as Facebook, Twitter, or LinkedIn.
You’ll need to decide how you’ll want to promote your business through this channel. Product placement, text posts, stories, or other forms of promotion may be available. One thing to remember is that an influencer is not all about the number of followers.
Some influencers have millions of followers, but no one engages with their posts, leading to less revenue for you. It’s better to market through an influencer with high engagement rather than someone with a lot of followers that aren’t targeted or engaged.
On the low end, marketers are preparing to spend $1,000 to $10,000 on influencer marketing, while less than 10% of marketers will spend over $1 million on influencer advertising in 2020.
Invest in Email Marketing
Email marketing fits perfectly with content marketing because it allows you to build up a following that content has driven to your site. You may offer a free eBook or capture email addresses when a consumer purchases a product of your website.
eMarketer states that the median return of email marketing for a business is 122%.
You’ll be able to earn over $1 for every dollar spent on this marketing channel. The nice thing with lists is that you’re ready to segment them and narrow down your list for different buyer groups.
Lists are highly targeted and profitable.
Email marketing provides an ROI that is four times higher than other digital marketing channels.
Build a Social Media Following
You don’t need small business loans to begin building your social media following. Every marketing plan for small business should include social media. The percentage of your marketing budget that social media accounts for will vary depending on market research.
Since most business’ demographics are on social media, you shouldn’t have a problem leveraging these platforms for profit.
You’ll have to decide if you’ll:
- Pay for advertising to build followers.
- Build followers naturally.
- Choose one platform to target, or many.
If you’re trying to reach seniors, it may be better to focus on Facebook rather than Instagram because Facebook has a higher portion of users in the 65+ age group. Twitter may be better for millennials, and business-to-business sales are best made on platforms like LinkedIn rather than YouTube.
Building a social media following is a great way to promote highly targeted groups and can lead to a high ROI when done properly.
If your business is only focusing on the number of followers rather than your target demographic, you may be wasting money on your advertising.
Small businesses have a lot of opportunities to market their business and make a healthy ROI in the process. If your business is trying to maximize its advertising dollars, the points above may provide you with a high ROI.
What ideas is your business following to reach a high ROI?
Thomas Quarry is a data scientist, treasure hunter, and small business owner that spends his time helping other businesses find success with unique marketing opportunities. He has helped hundreds of small businesses grow their operation with high ROI marketing opportunities.
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