If you’ve been in business before, you understand the challenges of getting customers through the door. In theory, it sounds easy. But in practice, it’s tough.
Luck has nothing to do with your success in marketing a new business or making sales. Incorporating creative ideas into your marketing strategies is the way forward.
The internet has broadened the options for new businesses hoping to reach more customers. In addition, it’s made it easier and more affordable. A simple Google search will reveal numerous case studies of successful start-ups. Many prospered by driving thousands of sales on a shoestring budget. However, the success stories don’t reveal what goes on behind the scenes – how innovators used their creativity to attract customers.
Whether you run a brick-and-mortar operation or an online business, the following ideas can help you pull in customers. The plan is to entice potential customers to inquire about your new business.
1Invent a viral hashtag
Brands today are likely to make more sales via social media than any other channel. Instagram and Facebook are two platforms customers use to discover new brands and products to follow. Those who find a way to go viral have the best chance to be discovered.
A business that invents a trendy hashtag can become the social-media darling everyone wants to patronise. Here are just two types of hashtags:
- Controversial. If you think it could work for your brand and customer base, follow in the footsteps of Daniela Bregoli. She now has more than 8 million Instagram followers who key in to her #cashmeoutside catchphrase (still a popular meme).
- Sensual. Nusret Gökçe is known for treating his meat affectionately. It earned him the nickname “Salt Bae.” His #saltbae Instagram videos attracted global attention when they went viral and earned him 5.9 million followers.
2Guest-post for free
You can extend your reach by seeking out and contacting top online publications in your industry. Offer to guest-post in exchange for having your name and business featured in their bio. This will expose your content to a larger audience and direct more attention to your website or preferred platforms.
3Cold-call potential leads
Reaching out directly to new customers might sound scary at first, but cold-calling is a proven way to make sales to customers who might not even know they needed your products or services.
Just identify your target buyers and hit them up. Practice your sales pitch until you perfect it.
4Meet new customers at events
Because people are curious about new businesses and what these companies have to offer, attending events can be incredibly beneficial. Moreover, events often offer the opportunity to meet journalists and secure some much-needed press.
Find out how to set up your own booth or stand. Display your products, hand out business cards, and distribute flyers advertising your services or products. This is your chance to chat with the crowd, network and exchange contact details with potential customers.
5Start a blog about your business
Business blogging is similar to regular blogging. The difference is you’re sharing details of your company’s products or services with your readers.
Your business blog is an ideal platform to answer customers’ questions and give discounts, freebies and special offers as incentives and rewards. Sharing high-quality, compelling content targeted to your ideal customers will drive traffic to your website.
6Use Facebook ads to reach customers
Facebook ads are an effective means to reach new customers. Even better, these ads are cheap. Start with a daily budget of $5 and target a very specific audience to keep your costs down.
To nail this platform, learn how to run a successful Facebook ad campaign.
7Build email funnels
Email marketing remains one of the most effective ways to get repeat customers. Use your business blog to build a mailing list by encouraging your readers to subscribe. Nurturing your subscribers prepares them to become paying customers in the future.
Ideally, you’ll start collecting emails before you launch your product or service. This allows you to start building a relationship with these ground-level potential customer base and move them down the sales funnel as soon as possible.
8Speak at events
New business founders can get exposure by speaking at events. It’s easy to get a speaking gig if you’re able to demonstrate a great understanding of the event organiser’s goal.
This tactic not only creates value-added exposure for your business but also builds your credibility as a founder and a trusted resource in your industry or market space.
9Rent a festival booth
Cash in on spring and summer festivals. Start by researching local festivals, and speak with organisers to learn whether your customers are likely to attend the events.
It’s rare for a business to get a booth at Comic Con and come back without being swamped with sales and requests for press interviews.
Entice customers by giving out freebies in exchange for their email addresses. Promoting your brand at a booth while employing ingenuity and marketing savvy could produce a significant turnaround for your business.
10Volunteer under your brand’s name
Doing good for your community also benefits your business. Through a corporate social-responsibility campaign, your new business can open new doors to opportunity.
For example, give something free to your community. Helping people in need will get the attention of local newspapers. They’ll write about you and showcase your brand in the process, attracting even more supporters for your worthy cause (and your leads file).
11Give away samples
Costco knows the power of giving away samples. The retail giant has gained long-term customers from this practice.
You might offer a free trial (e.g. “first month free”) or send a free sample in the mail. Bite-size versions of the real thing can prompt people to spread news about your brand, resulting in free publicity and personal testimonials.
12Hire affiliate marketers
When done correctly, affiliate marketing can boost sales considerably. It’s one of the most cost-effective types of marketing because you only commission only after a successful sale. Affiliate marketers do the work for you by linking up with appropriate websites to promote your products or services.
You part with your cash only after they’ve managed to convert visitors into paying customers.
13Give samples to product critics
Criticism usually is perceived as negative. Instead, try to think of it as constructive input – a positive element. Criticism can become an effective way to refine or reinvent your product. If all you hear is good reviews, how can you tell if your product is faulty or missing a vital element?
Offering product samples to critics enables them to do a deep dive. Use that feedback to improve your product or fix components that don’t work as well as they should.
Workshops bring you face-to-face with potential customers. Use these events to share your professional expertise. Surely, there are aspects of your business you can tap into to connect with people on this level.
Providing value, increasing knowledge and sharing good practices raises brand awareness and builds trust. You’ll be viewed as an authority in your industry while developing the skills of potential customers.
15Post a video review of your product
A number of platforms feature video or live streaming content options to help you educate prospective customers about your products. Facebook Live videos are trending. One of this platform’s benefits: Viewers can comment and give feedback in real time. While they’re seeing you live, they’re beginning to develop a relationship with you and your brand.
You also can create a YouTube channel dedicated to your product. Incorporate these videos in your business blog and create circular references: Drive traffic from YouTube to your website by embedding a link within the video and its YouTube description.
16Secure a spot on product-review sites
Positive reviews can boost your brand’s credibility. They highlight your products and pique potential customers’ interest. Reviews based on unbiased opinions are the most likely to influence prospective customers.
Investing in review sites such as Yelp typically yields a healthy ROI. According to a BCG study, business owners who paid to advertise received typical yearly profits of $23,000, generating $15,000 more than those who used only the free Yelp Business Page.
17Post your services on Craigslist
Established in 1996, Craigslist has grown to become one of the most popular advertising websites. The average monthly page views in November 2016 were 50 billion, with a turnover of 60 million users.
Capitalise on this free platform to get your brand out there. Post your ad under the Services section to reach customers in your niche. You can list your ad under a specific region, city and type of ad.
Still, be aware you’re up against competition. Study Craigslist to find out how to stand out from the crowd, and position yourself accordingly.
18Send cold emails
The beauty of sending cold emails is that your customers can access them wherever they are. No longer are they restricted to a desktop computer. Modern technologies – mobile phones, laptops and iPads – make it a breeze to check emails on the go.
On the other hand, people are bombarded with emails every minute. How do you make yours stand out? Develop a strategy, and carry out A/B split tests to figure out what works and what doesn’t. Research your target audience, then use the right language and the right messages to make sure they click.
19Hire a human billboard
Human billboards are a growing craze. Although they certainly won’t work for free, part-time help won’t cost an arm and a leg. You’ll want to target students, retirees or anyone looking to earn extra cash.
A human billboard in colourful, full-body paint can craw attention to your brand – provided it’s an appropriate move for your company’s persona. Even wearing a sandwich board instead of the Pantone rainbow, your human billboard will be available to answer questions from potential customers.
20Wrap your car
Imagine the number of people who will see your brand as you drive your local streets and high-traffic areas.
Your car becomes a moving billboard, that drums up notice wherever you go. Even when parked, it attracts attention. Vehicle wraps help your brand gain recognition, and that top-of-mind awareness could drive a high percentage of direct sales.
21Hand out flyers
Although businesses started using handbills to promote their brands as early as the 18th century, flyers still are having a marketing impact in the 21st century.
Don’t limit yourself to handing out flyers to passersby in your neighbourhood. You can display these versatile materials in shop windows, mail them to specific contacts or leave them in shops where members of your target audience are sure to show up.
Flyers raise awareness of your brand and provide ample “real estate” on the page to give the reader or viewer a picture of who you are.
In addition, if people tuck your flyer away in pocket or snap a quick photo with their smartphone, they can refer to this info when they need to contact you.
22Run viral contests
Regular contests can ramp up your business quickly and build engagement with your audience. Plan them properly to ensure success.
Qualified winners should get free products as prizes. Contests should involve participants who can highlight your business on their social-media channels, so shares and likes quickly can go viral.
Another option: Invite participants to enter a contest with their email addresses. Follow up by sending sales emails.
23Build a product-page website
A product-page website is essentially a landing page. Showcase your product with images that display its best features. Choose a design that complements your brand, and include captivating copy that emphasises how your product or service solves a problem.
A combination of professional design and appealing images will attract target visitors and can help convert leads into sales. Make sure your product page includes an opt-in offer so potential customers can access your giveaway in return for giving up a few contact details.
24Create a punchy elevator pitch
Know how to sell your brand, and entice potential prospects in 30 seconds or less. Create a short, memorable elevator pitch. Then, practice until it’s perfect. Make it punchy, relevant and full of benefits. Use it to impress likely customers when they ask you about your brand. You never know when you’ll have an opportunity to pitch your products or services. Always be prepared.
25Send out press releases
What news can you share? What’s interesting? How do you differ from your competitors? Write a compelling story about your business. Submit it to various free public-relations sites to let the world know about your business.
Marketing your business doesn’t have to cost you a fortune. With creative thinking and a few tips in this article, you can grow your business more quickly. Choose which tactics would be most at-home in your industry. Plan properly, and don’t be afraid to step a bit out of your common comfort zone.
This article was originally posted here on Entrepreneur.com.
The Facebook Ads Strategy That Can’t Lose
It’s a numbers game.
Running a profitable Facebook Ads campaign is simple. Not always easy, but simple.
There is a formula that can guarantee a profitable Facebook Ad campaign. Once you know the formula and the values to plug in, you’ll never sink money into a losing digital ad campaign again. I know it sounds too good to be true, but stick with me…
The Guaranteed Growth Formula
Here’s the entire formula: CPA < AP
Were you expecting coefficients, remainders and dividing by polynomials? Nope, there are only two values that matter when assessing your digital marketing funnel.
1. CPA – Cost Per Acquisition
2. AP – Average Profit Per Client
If your Cost Per Acquisition, the amount you pay to generate a paying customer using Facebook Ads, is less than the Average Profit you make from each new customer you’re guaranteed a profitable campaign.
Calculating Average Profit
To get average profit per client, sum your total revenue from new clients and subtract what you spent to serve them. Divide the result by the total new clients. For example, if you made $75,000 from 10 new clients over the past year and it cost you $40,000 to serve them, your average profit is:
($75,000 – $40,000) / 10 = $3500 Average Profit Per Client
If your average acquisition cost for similar future clients is less than $3500, your campaign will technically be profitable.
Of course most businesses won’t want to spend all of their profit on acquisition. An average business can expect to invest at least 7 percent but no more than 15 percent of revenue in sales and marketing. If Cost of Goods accounts for 60 percent or more of total revenue, your low profit margin may make it difficult to afford successful advertising. Decrease operating costs by increasing efficiency or adjust your margin by raising prices.
Don’t make the mistake of calculating Average Profit based on revenue only from the first sale. Use at least six months of revenue or your lifetime client value as the basis for your calculation, or you risk underfunding your marketing and sales budget.
Calculating Cost Per Acquisition
Let’s assume you’ve considered all of your marketing and sales costs and determined you can spend $350 per new client on Facebook Ads. Let’s reverse engineer your ad campaign to see if a $350 cost of acquisition is reasonable.
The simplest Facebook ads funnel includes four metrics that build upon each other to determine your acquisition cost. I’ve included standard benchmarks for use as a starting point, but your results may differ:
1. Click-Through Rate (CTR) – Percentage of people clicking on your ad. Your CTR should be near or above 1 percent.
2. Cost Per Click (CPC) – The cost of one website visit. CPC should generally be below $3.
3. Lead Conversion Rate – The percentage of site traffic that becomes qualified leads. This value should be 20 percent or above.
4. Sales Conversion Rate – The percentage of leads that convert to a sale. Aim for sales conversion at or above 5 percent. (E-commerce companies often skip the Lead Conversion stage and have a Sales Conversion Rate of 1 percent or greater.)
If 10,000 people view your ad at a 1 percent CTR, you’ll get about 100 website visits. At a $3 CPC, you’ve spent $300. Since 20 percent of your traffic will become leads and 5 percent of those leads become closed sales, we can calculate that you’ll generate approximately 60 leads and three new customers.
Your estimated acquisition cost using Facebook Ads is $100 per client, which is well within your budget of $350. This cost may rise as you scale and target less optimal prospects, but as long as your acquisition cost is less than $350 you’ll make an acceptable profit.
Complex funnels can include several ads and conversion points, but the Guaranteed Growth Formula of CPA < AP still applies. There’s no immediate reason for concern if your metrics differ from the benchmarks. You can and should split test ideas for improvement if your numbers are far from what you expect, but don’t mess up a good thing until you’ve got a better one.
Optimising Your Guaranteed Growth Funnel
If unhealthy metrics cause your acquisition to cost more than what you’ve budgeted, start with these adjustments:
Click-Through Rate Too Low or Cost Per Click Too High
If your CTR falls far under 1 percent Facebook may stop showing your ads or show them to second-rate audiences causing your traffic to tank and CPC to increase. To improve your click metrics, adjust your ad copy (headline and body text), ad creative (image or video) and highlight the benefits in your offer.
Refine your audience. Tailor your copy, images and call-to-action to the audience you’ve selected and ensure that your audience has the desire and means to act.
Lead Conversion Too Low
If leads aren’t converting at 20 percent or more, either the promise made by your ad isn’t congruent with your landing page, or the process of moving forward is too difficult. Try using the same image and headline in your ad and reduce the form fields in sign-up forms to the bare minimum. Also try retargeting visitors who don’t sign up with ads stating the benefits of acting now, or with a different offer.
Sales Conversion Too Low
If you’re an Ecommerce brand with sales conversion below 1 percent your shopping cart or sales process may have too much friction. Simplify the sales process to decrease clutter, or increase trust by adding testimonials and trust signals near important calls to action.
Your sales process may need improvement, but that is beyond this article. In the meantime, you can still increase revenue by cross-selling and upselling those who convert. You may also improve client retention with recurring contracts. Yes, that’s why many software companies are switching to cloud-based subscription models.
When used properly, The Guaranteed Growth Formula of CPA < AP makes Facebook Ad marketing an investment, not an expense. Using the formula, the most you should ever risk is a small initial budget to test whether your estimated calculations hold true in practice.
If your net profit is 3X your acquisition cost, your funnel returns $3 for every $1 you invest. Instead of asking “How much should I spend on marketing?” The question becomes, “How much do I want to make?” I’ve built a Facebook Ad Growth Calculator that incorporates the Guaranteed Growth Formula to help execute your growth strategy. Input your revenue goal and it will estimate the Facebook Ad impressions and traffic required to reach it.
This article was originally posted here on Entrepreneur.com.
How Is Influencer Marketing Going To Change In The Future?
How is influencer marketing going to be in the upcoming time? Read on.
Influencer marketing is definitely not a new story. It’s been more than a decade now that it is immensely dominating the world of digital marketing. While being extremely cost-effective, influencer marketing strategies have very soon ended up with a great exposure. The businesses are building an immense level of reputation and earning various links with the help of this innovative marketing concept. In fact, the influencer marketing agencies are coming up with new approaches of implementation with each passing day.
Moreover, like any other type of marketing, the trends of influencer marketing are ever changing. Like how the story was five years back is not the same now and it is going to further evolve in the future.
The anticipated influencer marketing challenges
With the continuous growth of social media, influencer marketing is definitely going to face a myriad of obstacles. A few of the most expected ones are as follows:
The demand for influencer marketing is continuously on the rise and eventually, the cost is going up. If you want to enter into the market of influencer marketing and establish yourself as an influencer then you need to give a lot of efforts while building a personal brand and earning the reputation for yourself.
You want to become one among such influencers who’ve already amassed a great following means that you’ll need to make it worth it- sometimes paid promotion could be the right tactic. In the future, this scenario is going to be even more prominent as people will have to spend huge bucks to be a worthy influencer.
In recent times, consumers have gradually started distrusting the huge brands when they realised that the corporations are working for only profit without having the user’s interests in the mind. So, for them, influencers are now no more than some mere conduits for big commercial names. So, it is going to be really tough for the influencers to get the trust of consumers back.
High level of competition
Social media is no doubt such a place now which is teeming with massive competition and threats. Many influencers who are already thriving and the people who have an urge to become influencers turn it into a complicated scenario for you to enter in this space as an influencer in your own right.
How can influencer marketing unfold in the future?
Of course, there are multiple ways in which the entire story of influencer marketing can change in the coming years. Let’s check out some of the most expected developments:
Exchanges will be ahead of favours
The chapter of influencer marketing is probably going to be a pretty much an impartial marketplace in the coming time. The brands are more likely to enter into a mutual collaboration with the influencer marketing agencies in terms of interchanging shares, posts, audience visibility while being more organic rather than asking for the favour of mentioning the brand’s name to the influencers
Networking will be preferred over individuals
Gone are the days when influencer marketing used to be the story of respective individuals. Now, markets are assumed to start focussing on the entire networks or industries. The future influencer marketers can get rid of the problem of being based on individual interactions by getting the insights of blog comments, forums etc.
Change in the concept of disclosure
Why has not native advertising sustained over the long term?
It’s because the publishers always negate to disclose which posts are the paid promotions. In such a scenario, influencer marketing strategies can move a bit ahead of this transparent problem in the future. All that they are expected to do is formally announce the sort of partnership or arrangement that is existing behind each and every content. The experts believe that this process might end up being quite a tedious one. Howbeit, the consumer trust will not be hampered at all.
Limited and sensible partnerships
Influencers might lean more towards self-preservation in the coming days. Rather than establishing a relationship with hundreds of marketers or products, influencers are expected to focus more on developing authentic professional relationships which really make some sense. For examples, the influencers are intended to concentrate more on such relationships which can be profitable for themselves as individuals and also seem to be appealing to their followers. Say, a move towards quality over quantity!
No doubt, the evolution of influencer marketing is not only dependent on the aforementioned factors. There’s much more that can happen. The time can only reveal that. Influencer marketing is certainly going to change on its own in either of the two ways, a more sophisticated one or become a mere peripheral strategy which won’t be completely accessible.
Let’s just wait and watch how it comes up to us in the future!
Aren’t you taking an advantage of the current extraordinary status of influencer marketing in the meantime?
Top Marketing Trends For 2019
When you reflect on marketing trends that have taken centre stage in 2018, what stands out?
Maybe it’s the proliferation of Instagram stories or influencer marketing? Or the fact that video content has become even shorter and simpler with the rise of GIFs.
The real question is how have you incorporated these trends in to your marketing strategy, and what should you focus on in 2019? Here are six up and coming trends that you don’t want to miss:
1. Say hello to the social CEO
Customers want ‘real’ brand stories and to know what drives them. Leaders who are successful on social media show their companies’ human side and give their brands’ credibility and personality. This builds loyalty and, in some cases, an emotional connection that goes beyond the product or service.
Customers who feel this connection may even go on to become brand ambassadors.
Tip: Share stories that demonstrate your leadership style as well as company culture.
2. Initiate conversations
While 2018 brought the chatbots, the trend for 2019 is really using these bots to gather information about consumers by engaging with them on a personal level and steering them towards a sale. Bots are being trained to be authentic and sound more like people than the robots they are.
For example Facebook Messenger becomes more and more useful for brands as the platform allows customisation of automated messages and the ability to initiate a conversation at the right time.
Tip: You can also integrate this with Facebook shopping and increase conversion rates by enabling the bot to sell products to a consumer through the Facebook platform.
3. Keep it local
Influencer marketing can be short lived or a little superficial. So try to identify and partner with local influencers that are happy to work on long-term campaigns. Also use multiple touch points including podcasts, YouTube and Snapchat as well as Instagram and Facebook.
Tip: Before you reach out to an influencer, follow them and learn a bit about the way they represent brands and engage with their fans to see if they’ll be a good fit.
4. Try Instagram ads
As Facebook ads continue to dominate our feeds, advertisers are looking for a new place to stand out and get noticed. Instagram ads are on the rise, according to the Merkle report that showed that while Facebook ad spend grew 40% year-on-year in the second quarter of 2018, Instagram ad spend jumped 177% in the same time period.
Tip: Do some A/B split testing with different styles of images and calls-to-action.
5. Personalise email communication
Make sure to use automation and personalisation to really make your customers feel that you are listening.
Using hyper-segmentation, you can target very specific parts of your market. This will ensure that they receive personalised emails based on what they have expressed interest in or actions they have taken with regards to your brand.
Tip: Use automated campaigns after a first purchase; to request a review on social platforms; or just thank customers for shopping and remind them to share their purchase online.
Related: Free Sample Marketing Plan Template
6. Post in real time
In an effort to bring offline marketing into the online world, Instagram TV or IGTV allows brands to create a place for consumers to watch live events or brand content in their own time.
In addition, IGTV replaces the need for YouTube in some cases as brands are able to upload 10 or more minutes of footage directly to Instagram for consumers to watch as ‘episodes’.
This will become more prevalent in the years to come as businesses include this in their strategy. IGTV videos are less formal and will typically cost less than a traditional TV advert to create.
Whatever trends come our way, the key is to remain agile and adapt to how customers engage with your brand. And more than ever before, it’s important for all marketing touch points to align and communicate the same message.
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