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5 Minutes Read

Choosing an Effective Marketing Budget

Choosing an effective marketing budget

In order for any business to thrive, you need customers. But customers don’t magically flock to your business just because your open sign is lit up. You need to reach the people that are interested in what you offer… And marketing is how you accomplish that.  

Every business must decide how much they are going to spend on marketing. How do you determine what’s right for you? Marketing budgets vary based on a number of factors. A budget that works for one business may not work for your business.  

You want a marketing budget that is efficient and effective. This decision impacts more than just one line in your bookkeeping: the purpose of marketing is to get that revenue number at the top thicker every day! Marketing exists to grow your sales and increase the number of opportunities you have as a business. But how do you find your magic number? 

The Best Budget 

In a perfect world, an easy one-size-fits-all number could be given to any business creating their marketing budget. But, there’s a little more to it than that. The size of your company, type of industry, and business goals are just a few factors that can change the best budget for you. 

Still, there are general standards you can adopt, assess, and alter to fit the needs of your business. Your marketing budget is communicated as a percentage of your revenue. For B2B businesses, 2-5% of your revenue is the recommended amount for your marketing budget. And if you’re a B2C business, 5-10% is a good rule of thumb. 

This range is a good place to begin, but you can make yours more if it fits with your goals. Some experts recommend having a budget as high as 15-20% of your revenue. This may be for you if you are in a highly competitive industry or are at a point where you’re still a new business establishing your name.  

An Investment, Not a Loss 

It’s important to remember that marketing exists to make you more money. Instead of seeing your marketing budget as a loss for your business, view it as an investment. Successful marketing increases your revenue beyond the price you paid for it. That’s why results are measured as a Return on Investment, or ROI. Cutting your marketing budget to save money will often cost you more money in the end. 

Where to Budget Your Budget 

Just as important as choosing what to budget is choosing where to budget it. Where will you be marketing your business? What channels and strategies will be the most effective for you? How much money do you put into each marketing campaign? 

Answering these questions will require you to think about the following. 

Different Costs: Marketing efforts do not all operate the same. Therefore, their costs will not always correlate dollar per dollar. For example, getting a design package for your company when you’re just starting out – your logo, colors, fonts – is mostly a one-time cost. On the other hand, paying for a website includes not only a high upfront cost but also a regular cost for maintenance and hosting. It’s important to consider more than just the dollar amount spent for each marketing effort, as you’ll see next. 

Your Company’s Goals: You should only pursue a marketing strategy that helps you reach your specific goals. Some campaigns build your brand’s name recognition. Others educate people about your products in more depth. And others exist to stand out against specific competitors. You may find a campaign that can help you reach all of these goals. Know your goals as a company first, so you can choose the best marketing solution for you. 

Study Your Competitors: Understanding where your competitors are advertising can give you a good indication of where you should be too. Maybe they are finding success on a platform because that’s where your mutual audience is hanging out. You may find success on other platforms more than them, but don’t dismiss where they are doing well. 

Marketing Options 

With these factors in mind, let’s look at some of the best marketing options out there to spend your marketing budget. 

Company Image & Collateral: Whether you’re new or ready to rebrand, every business will need to establish an identity through a logo and other design elements including marketing collateral.The marketing collateral best for your business may vary, from infographics to case studies, eBooks to promotional videos. This marketing effort is an upfront cost with typically little regular upkeep involved, aside from creating additional collateral or rebranding in the future. 

Website: When publishing a website you’ll need to keep in mind there will be an upfront design cost and some ongoing maintenance and hosting costs associated. Always connect and stay up to date with your website’s analytics to measure your progress and see where you may need to improve your site. 

Local SEO: Your local SEO contributes greatly to your visibility online. It helps people find you. This marketing effort is an investment that will take time to establish and see results. But overall it is the best long term solution for local traffic. 

Marketing on Social Media: Many businesses today are thriving by running organic posts on social media platforms. While you may not be paying the platform to publish these posts, building a following will take time. You may need to hire a social media specialist to manage your account. Consider the cost of running your social media in house compared to outsourcing to a social media expert. 

Paid Online Ads: Advertise online for instant targeted traffic. Facebook, Instagram, and pretty much every other social media platform today offer sponsored posts on their platforms. Do you already have a strong presence on a specific platform? A sponsored post will boost your reach even further and funnel consumers to your organic posts. You can also opt for search engine advertising options like Google.  

Track, Adjust, Repeat 

Choosing a marketing budget is a cycle, not a one and done situation. It can be tempting to make a marketing budget, decide how much you will spend on each channel, and walk away. But don’t forget to measure your marketing’s success and adjust regularly. This is what will make your marketing the most efficient and effective. 

Did your marketing efforts work on one channel but provide no ROI on another channel? Adjust your marketing budget to spend less money on the less successful strategies and more on those that performed well. An effective marketing budget translates to a successful and steady increase in revenue for years to come. 

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06.05.2022

How to Deal with Negative Comments on Social Media Like a Pro

Social media has undoubtedly become a powerful communication and marketing tool. Not only does it allow businesses to connect with their customers on a more personal level, but it also gives customers a voice to share their thoughts and experiences about a company or product.  While this two-way communication channel is beneficial for businesses, it can also be challenging. Negative comments are bound to happen, and when they do, you should handle them in a way that won’t damage your brand or reputation. Let’s discuss how to deal with negative comments on social media like a pro. Make Sure You Respond Although dealing with negative comments can be difficult, it’s important to remember that ignoring them is not an option. When customers take the time to reach out to you with a complaint or concern, they expect (and deserve) a response. Not only will a reply show the customer that you care about their experience, but it also shows others that you’re willing to listen to feedback and address any issues. Of course, it’s not always possible to respond to every negative comment. But if a comment is public and could potentially damage your reputation, take the time to craft a thoughtful response. Handle Issues Promptly In addition to responding to negative comments, quickly take care of the issue that caused the comment in the first place. This may involve refunding their purchase, exchanging an item, or simply apologizing for any inconvenience they may have experienced. Whatever the matter may be, it’s important to take care of it promptly and efficiently. Customers appreciate it when companies own up to their mistakes and try to correct them. If you take too long, customers may think you don’t care about their issue or that you’re sweeping it under the rug. Delaying will only damage your reputation further, so it’s crucial to nip the problem in the bud as soon as possible. Be Professional Although it may be tempting to lash out, remember that what you say can be used against you. Therefore, always err on the side of caution and keep your responses professional. This doesn’t mean that you can’t defend yourself or your business – but you should do so in a respectful way that doesn’t make the situation worse. Try saying things like: “We’re sorry to hear that you had a negative experience. We appreciate your feedback and would like to make this right with you.” “Thank you for bringing this to our attention. We take these issues seriously and would like to look into this further. Please DM us your contact information and order number so we can investigate.” Taking the Conversation Offline In some cases, it may be best to take the conversation offline. This is usually the case when a customer is angry or upset or if the situation could escalate if only addressed publicly.  When you take the conversation offline, you’ll have a chance to diffuse the situation without worrying about making it worse. You can reply to the comment publicly and let the customer know that you’d like to discuss their concerns further in a private message or over the phone.  This shows that you’re willing to listen and help resolve the issue in a way that is considerate of their privacy. Address the Issue Directly When responding to a negative comment, address the issue directly. A straightforward response shows the customer (and anyone else reading) that you take their concerns seriously and are willing to resolve the problem. For example, if a customer is unhappy with your product, you might say something like: “Thank you for your feedback. We’re sorry to hear that you’re disappointed with our product. Can you please provide more information about what you didn’t like? We’d like to pass your feedback along to our team and see if there’s anything we can do to improve the product.” This response shows that you care about the customer’s experience and want to help resolve the issue. It also gives you an opportunity to learn more about what the customer didn’t like so that you can make improvements in the future. Don’t Be Afraid to Apologize  In some cases, the best way to deal with a negative comment is to simply apologize. An apology shows the customer that you understand their frustration and want to make things right. Of course, you shouldn’t apologize for something that wasn’t your fault. But if there was a mistake on your part, or if the customer had a valid complaint, an apology would go a long way in diffusing the situation. Some people just want to feel like they’re heard and that their concerns are taken seriously. In these cases, a simple apology may be enough to resolve the issue. Use Positive Language It’s essential to use positive language when responding to negative comments. However, this doesn’t mean that you should ignore the problem or act like everything is fine. Instead, focus on finding a resolution rather than dwelling on the negative. For example, instead of saying, “We’re sorry that you had a bad experience,” you could say, “Thank you for bringing this to our attention. We want to do everything we can to ensure your next experience is better.” This response shows that you’re committed to resolving the issue while also setting a positive tone for the rest of the conversation. Don’t Scrub Your Social Media Page of Negative Comments While it’s tempting to delete negative comments or hide them from your feed, this is usually a bad idea. Not only does it make you look deceitful, but it also makes it seem like you don’t care about your customers’ concerns. It’s okay to delete comments that are abusive or that don’t add anything to the conversation. But in most cases, it’s best to leave the comment up and respond directly. These comments show that you’re willing to listen to feedback, even if it’s negative. Use Negative Comments to Improve Your Business Finally, it’s important to remember that negative comments can actually be a good thing. They provide you with an opportunity to improve your products or services and show your customers that you care about their experience. As a business owner, you should always look for ways to improve. So, if you’re getting a lot of negative feedback about a certain aspect of your business, use it as a chance to make positive changes.  So next time you get a negative comment on social media, don’t panic. Instead, just follow these tips, and you’ll be able to handle it like a pro.

06.05.2022

10 Most Common Mistakes Small Businesses Make on Social Media (and How to Fix It) 

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Remember that each industry is different, so what frequency is too much in one niche is perfectly fine in another. Not Posting Relevant Content Another common mistake is posting content that isn't relevant to your audience or industry. This can happen if you're trying to be too general in your social media marketing or if you're not sure who your target audience is. As a result, your posts will fall flat and fail to engage your audience. The fix: Take some time to research your target audience and what kinds of content they're interested in. Once you know who you're talking to, you can start creating content that resonates with them. If you're struggling to come up with ideas, try looking at what other businesses in your industry are doing on social media. Use social listening tools to track relevant keywords and see what kind of content is being shared the most. Then, adapt and improve upon it for your own audience. Not Engaging with Your Followers Another mistake small businesses make on social media is failing to engage with their followers. This means more than just responding to comments and @ mentions (although that's important, too). It also means liking, sharing, and commenting on other people's content. The fix: Spend some time each day engaging with your followers and other people in your industry. Like and comment on their posts, share their content, and start conversations. Not only will this help you build relationships, but it will also make your brand more visible to new potential customers. There are many tools that can help you organize and consolidate all your social media profile into one dashboard. These listening tools can single handedly change the game if you’re trying to increase your engagement across all social media platforms.  Sprout Social, Salesforce’s Service Cloud, and Reputation are the best at this. 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Respond to it in a constructive way and use it to make your business better. Negative feedback can be painful, but it's important to listen to it and use it to improve your business. Bonus tip: Remaining in your comfort zone can kill your social media marketing efforts If you're not comfortable with change, you'll never be able to take advantage of new opportunities or reach your full potential. The fix: Be open to change and willing to try new things. Social media is constantly changing, so you need to be too. Conclusion  These are just a few of the most common mistakes small businesses make on social media. By avoiding these mistakes, you'll be well on your way to social media success.

06.03.2022

7 Ways to Expand Your Business with Content Marketing 

In 2022, content will continue being king. But what does this mean for your small business? It means you haven’t added content marketing in your marketing mix yet, you need to start implementing smart content marketing strategies to stay competitive.  Content marketing is one of the most effective ways to reach new customers and grow your business. In this article we will discuss seven ways to use content marketing to expand your business in the coming year as well as give you actionable tips so that you can get started right away! 1. Start Testing Your Website Content To ensure that your website is converting as well as possible, you need to start A/B testing your website content. This strategy will help you to determine what content is working and what needs to be improved. A/B testing compares two parts of content to see which one performs better. To do this, you will need to create two separate versions of your content and then track the results. 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This is a great way to give clients a behind-the-scenes look at your business. There are many ways that you can use video to market your business. For example, you can post videos on social media, your website, or even YouTube. 3. Put Customer Testimonials to Work Customer testimonials are a highly effective marketing practice. When potential customers see that other people have had success with your product or service, they’re more likely to try it themselves. This is called social proof, and you can never had too much of it.  If you don’t already have customer testimonials, now is the time to start collecting them. You can include testimonials on your website, email marketing campaigns, or social media. When you’re asking for testimonials, be sure to ask specific questions that give you the information you need. For example, you might want to ask customers how your product or service has helped them, their favorite features, or what they would tell their friends about your business. By collecting and sharing customer testimonials, you can increase your sales and grow your business. 4. Get Personal In 2022, customers will be looking for more personalization in their content. They don’t want to feel like they’re just another number – they want to feel like you understand them and their needs. One way to personalize your content is to segment your audience and create distinctive pieces of content for different groups of people. For example, you might create one piece of content for first-time visitors to your website and another for returning customers. You can also use personalization to customize the user experience on your website. 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People are bombarded with content every day, and they’re always looking for ways to consume it more quickly. One way to make your content more enticing is to use infographics. Infographics are a great way to present data in an easy-to-understand format. They’re also shareable, which can help increase your reach. Using visuals on social media is also a great way to stand out. People are more likely to stop scrolling and take notice of an image or video than they are to read a block of text.  Canva is an excellent resource for creating visuals. They have a library of free templates that you can use to create infographics, social media posts, and more. 7. Focus on Local SEO SEO is more vital than ever for small businesses. In 2022, small businesses will need to focus on SEO to be visible online. Here are some things you can do to improve your SEO: Find relevant, local keywords and create content around them Optimize your website for mobile, as well as voice search Take part in and write about local events and activities Build backlinks to your website from authority websites like your local chamber of commerce, and local directories If you’re a total beginner when it comes to SEO, check out this video below by SEMRush for more information.  Conclusion Content marketing is a powerful tool that you can use to expand your small business’s visibility online. By following the content marketing tips above, you can start implementing content marketing strategies that will help you to reach new customers and grow your business.

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