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4 Ways Small Business Owners Can (Almost) Guarantee Their Success

Posted by Jenna Bruce on Mon, Jul 24, 2017 @ 10:59 AM

Starting a small business is akin to ice skating on mud – it’s really, really hard. Actually, to be more accurate, starting a small business is hard, but getting that business to grow and succeed is next to impossible, or so it seems.

According to the U.S. Small Business Administration, roughly two-thirds of businesses survive their first 2 years in business, half of all businesses will survive about 5 years, and only one-third will survive 10 years. Those numbers can be intimidating.

So how can small business owners ensure they’re one of the “lucky” ones? While there are no guarantees in life, there are things small business owners can do to set themselves up for success.Small Business Strategy. Green Chalkboard on the Gray Concrete Wall in the Interior of a Modern Office with Hand Drawn Small Business Strategy. Business Concept with Doodle Style Elements. 3D..jpeg

  1. Start Your Business for the Right Reason

The most successful business owners created their business not to make money, but because they had a passion. They wanted to somehow solve a problem or provide an incredible service. Some want to do this while creating jobs in their local community.

If you start a business simply because you want to be your own boss and make a lot of money, you are setting yourself up for disappointment and heartache.

  1. Focus on Building and Maintaining Customer Relationships

No matter how great you think your product or service is, if your customers aren’t happy, they won’t stick around for very long. This is why it’s important for small business owners to focus on building and maintaining customer relationships.

How do you do that?

  1. Anticipate your customers’ needs
  2. Maintain contact (nurture the relationship)
  3. Be completely transparent

Your goal should always be to build a mutually-beneficial relationship with your customers. Spend some time educating them on your business and then focus on helping them achieve their goals.

  1. Invest in Technology

The businesses that succeed are the ones that leverage the power of technology to gain a competitive advantage. Small biz owners are expected to wear too many hats. They must be experts in finance, accounting and legal aspects of their business.

While you may not yet have the budget to hire in-house professionals, or even outsource to lawyers or accountants, you can invest in technology that will help you automate repeatable tasks and provide valuable insights into your business’ finances. Consider using solutions like CRM and recurring payment systems to help you succeed.

  1. When You Can Afford Help – Get Some

Far too many small business owners don’t recognize the point at which they should begin to hire more help. They are so used to doing everything themselves, they have a tremendously hard time letting go and handing the reigns over to other people.

But, just as a bodybuilder needs to lift more weight to grow muscles, business owners need to delegate more responsibilities to grow their business. The more tasks you can give others, the more you’ll be able to focus on ways to improve your products and customer relations.

One of the best ways to hand over the reins is to hire a professional media buyer who can help you develop and launch your advertising campaigns. Handling this task on your own for any length of time may result in poor ROI and ads that land with a thud.

Mediaspace Solutions has spent years working with small business owners, assisting them with their national, regional and local media buys. With newspaper and digital media buying as our specialties, we help small business owners get the ROI they need to be successful.

If you’d like hep with your advertising, get in touch with us today.

 

Topics: advertising, benefits of print, media planning, small business, marketing goals

Determining the Right Media Mix for Newbies

Posted by Jenna Bruce on Mon, Feb 20, 2017 @ 01:53 PM

 

Small business owners share one common goal: to employ highly-effective advertising that works within a limited (read: shoe-string) budget. The best way to achieve this goal is to get the right offer in front of the right audience at the right time. And the right way to do this is to use an optimum media mix.

But when it comes to determining the right mix of media, confusion generally abounds. How exactly do you integrate multiple channels to generate new sales and sustain customer value over time?

By following some specific guidelines.

  1. Understand Your Product or Service Value Proposition

Before you can determine what marketing mix is best you’ve got to understand the value proposition of your specific offer. Ask yourself a few questions:

  • What problem are you solving?
  • How do you solve it?
  • What other solutions are currently in the marketplace that you must differentiate yourself from?
  1. Use Discretion When Allocating Your Marketing Budget

Many business owners spend most their time focusing on what channels to use. While mixing channels cohesively is a big part of a successful integrated campaign, you’ve got to think about budget allocation as well.

Use any historical benchmarks you may have collected to plan your budget. Analyze this data to determine whether or not certain channels helped you reach your campaign goals. This will help you plan your budget accordingly.

  1. Know Your Audience

You’ll never pick the right marketing mix if you don’t know who it is you’re trying to reach. Who is your target market? What kinds of media do they consume? How do they like to be reached? How do they NOT like to be reached? Are you a B2B or B2C company?

It’s important to create a generic profile of your ideal customer. Jot down the different personas you wish to reach, then research which channels will most effectively get the job done.

  1. Mix it Up

They don’t call it a marketing mix for nothing. Get out of your comfort zone and get creative when it comes time to choose your channels. Take a look at the research you did on your target market. Where is the best place to reach them? Online? At trade shows? In the newspaper? Via flyers or direct mailers?

The list of marketing tools you can use today is almost endless, so don’t just pick one method or channel. Think bigger and combine print ads with social media, flyers and coupons with TV ads. And finally, be certain your brand is cohesive across all channels so that your audience instantly recognizes you.

  1. Set Realistic and Measurable Goals

In order to determine if your integrated campaign has been successful, you’ve got to be able to set realistic and measurable goals. Don’t assume that after the first run of a print ad you’re going to have 30,000 prospects calling your store. That’s not realistic. But having 100 new prospects call after the third run and using a customized 1-800 number will do the trick.

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In today’s global landscape, where brands must fight for consumer attention, marketers must be savvy and strategic in order to get their message heard. Using the right media mix will go a long, long way to reaching your marketing objectives in the coming year and beyond.

 

Download the CMO's Guide to Integrating Print and Digital MediaDownload our guide to hiring a media provider

 

Topics: newspaper, target audience, print media, marketing, Media Mix, marketing goals