6 Social Media Trends Your Small Business Should Utilize in 2018

| December 28, 2017

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Jake Croman discusses and explains why these are the 6 Social Media Trends Your Small Business Should Utilize in 2018.

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Big Think

Since BigThink.com went live in 2008, our mission has been to help people get smarter, faster. To this end, our free public website provides access to idea-driven video interviews with thousands of global thought leaders – Salman Rushdie, Oliver Sacks, Dr. Michio Kaku, and many, many more. Informed by their collective wisdom, BigThink.com is an evolving roadmap to the best thinking on the planet – the ideas that can help you think flexibly and act decisively in a fast-changing world.

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A Complete Set of Guidelines for More Measurable Marketing Campaign

Article | August 17, 2021

When the term "marketing" is spoken, we immediately think of bright and colorful advertisements, particularly on digital platforms. Setting goals and working toward them is vital to marketing. The success and failure of marketing campaign goals must be measured as part of the overall process. Unfortunately, the campaign's results can be measured using only a few measurable markers. As a result, here are detailed instructions for creating a more measurable marketing campaign. Marketing accounts for a sizable portion of expenditures, so making it precisely measurable is a critical component of every digital marketing strategy. In addition, marketing is the backbone of every campaign, and effective marketing may result in a positive return on investment. Why is Measuring Marketing Campaigns Essential? Measuring campaigns provides you a clear view of your success and failure, as well as what is and is not working with your efforts. In addition, analysis of campaigns provides insight into whether you are scaling at the appropriate rate and maximizing the efficacy of your online efforts. You may believe that your marketing effort has been a success, but this may not be the actual case. Regular campaign measurement enables you to re-evaluate your objectives for the ad campaigns and adjust your marketing approach accordingly. Often, small business owners overlook marketing analytics, yet they are critical for evaluating your marketing efforts and performance. Measuring your success is contingent upon gathering data on marketing actions and tracking campaign data and performance. However, the term "success" is subjective and varies according to the company objectives of each owner. Therefore, assess the success of your campaign in light of your company objectives. Below is the list of tips for a more measurable marketing campaign. Make List of Marketing Objectives To begin, establish and compile a list of objectives for your ad campaign. This is the first step in creating the most measurable campaign possible. This one step determines both success and failure. Marketing objectives are the goals that businesses set to market their products and services to their customers, which aids in campaign planning. In addition, setting marketing goals entails developing a plan for the business's overall growth. Keep in mind that your marketing objectives should be linked with your business objectives. So, first, determine your campaign's objectives: are they to acquire new consumers, promote a new product, improve brand loyalty, or increase ticket sales? The more precise your objectives are, the more measurable will be your marketing campaign. Set Realistic and Achievable Objectives for the Ad Campaigns Having no reasonable and measurable goals, you will lose direction. Instead, learn how to create marketing targets using the SMART (Specific, Measurable, Achievable, Realistic, and Time-related) framework theory. The effectiveness of an online campaign is highly dependent on the SMART framework; this framework provides transparent performance metrics for your efforts. SMART goal benefits are: They direct you appropriately They emphasize the need to measure results, which is essential in digital marketing They ensure that your goals align with your vision Consider the list of goal-setting criteria to help you create more effective and attainable objectives. Below are a few common and realistic goals set by many small business owners: Increase brand awareness More lead generation Improve conversion rates Increase web traffic Increase sales Increase product demand Find out Your Target Audience Identifying your target audience is critical for building a measurable marketing campaign. First, evaluate your marketing objectives; to boost brand loyalty and encourage repeat purchases, you must first establish your present consumers. Likewise, if you want to increase your reach and attract new consumers, it's critical first to understand the nature and preferences of your current clients. Target marketing educates firms on how to effectively offer their products and services and increase their customer base. Finding out your target customer acts as a crucial point in your marketing roadmap. It allows your business to focus on marketing efforts and enables you to generate business leads in an organized and affordable manner. Set Marketing Budget After establishing the objectives of campaigns, establish a marketing budget. Next, outline your sales funnel; this will provide you with a clear image of your clients' purchasing power and, in turn, contribute to estimating the return on your marketing expenditure. This calculation helps you to opt for the campaign's budget while still earning a profit. Your marketing budget must be realistic to convey your message successfully to your audience while still maintaining profit margins. When planning a budget for marketing, contemplate all expenditures involved with promoting your firm, including paid advertisements, marketing tools, staffing charges, and website upkeep fees. Develop Marketing Strategy Once your marketing objectives have been established, develop a marketing strategy that is linked with them. Finally, create a marketing strategy that allows for effective campaign planning. Before developing a marketing strategy, make sure you have the following data: Market segmentation Qualitative market data Competitive analysis Quantitative market data Keep your overall strategic goals in mind when developing a new marketing strategy or using a digital marketing tactic. Then, after you've established clear, precise goals, consider the strategies that will assist you in achieving them. A good marketing strategy helps you attain a measurable marketing campaign. You can choose any combination of the 7Ps (product, price, promotion, process, people, place, and physical evidence) of the marketing mix to achieve your marketing strategy. Measure Your Progress Measuring the effectiveness of marketing campaigns is pivotal to measure the success of your ad campaigns. There are various metrics to measure online advertising effectiveness. For example, sales and engagement effectiveness consists of several metrics in use to be measured. Metrics of sales and communication can be: New leads generated Total website visits Click-through rate (CTR) Website traffic to lead ratio Metrics of engagement are: Brand mentions Reach Brand name search Average time spent on page Scroll tracking The outcome of keeping track of these metrics and analysis of the campaigns determine the success of meeting the marketing goals. If not successful, analyze the aspects that prevented you from reaching your goals and do better next time. Thus, using metrics serves as a post-campaign evaluation and turns it into a most measurable marketing campaign. Every hour of the day, marketing as fundamental changes and evolves. Making measurable marketing campaigns assures and expands chances for success and enables you to make modifications to strategies that are not generating success or growth. The above are a few techniques that can help you create more quantifiable marketing initiatives. Frequently Asked Questions: How are campaign metrics measured? Metrics are measured through tools such as Google Analytics. For example, Google Analytics provides information like: Who visited your webpage? Which customers are coming back? From where do they come? Traffic generation Conversion rate Click-thru rate (CTR) Cost per click (CPC) What are the benefits of a campaign evaluation survey? Here are few benefits of a campaign evaluation survey: Demonstrate your efficiency or accomplishments Determine whether you are on track Regular campaign evaluation enables you to maximize the effect of your efforts. In addition, monitoring and assessment will aid businesses in planning future campaigns and initiatives. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How are campaign metrics measured?", "acceptedAnswer": { "@type": "Answer", "text": "Metrics are measured through tools such as Google Analytics. For example, Google Analytics provides information like: Who visited your webpage? Which customers are coming back? From where do they come? Traffic generation Conversion rate Click-thru rate (CTR) Cost per click (CPC)" } },{ "@type": "Question", "name": "What are the benefits of a campaign evaluation survey?", "acceptedAnswer": { "@type": "Answer", "text": "Here are few benefits of a campaign evaluation survey: Demonstrate your efficiency or accomplishments Determine whether you are on track Regular campaign evaluation enables you to maximize the effect of your efforts. In addition, monitoring and assessment will aid businesses in planning future campaigns and initiatives." } }] }

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5 Tips for Choosing the Best Small Business UC System

Article | February 12, 2020

Businesses can’t survive without excellent communication and collaboration. Team members need to stay connected so that they can share knowledge, work together on complex problems, and keep the company running smoothly. Indeed, 98% of executives believe that lack of communication is the cause behind the biggest failures in their business. A unified communication or “UC” system provides today’s enterprises with all the tools they need to encourage positive interactions between team members, in a space that’s easy to monitor and manage. However, it can be very difficult for companies to determine which UC strategy they need when there are so many vendors out there claiming that their tools are the best. The following tips will help you to ensure that you’re choosing the right SME UC system for your needs.

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Ingredients of a Marketing Plan That Are Essential to Make an Impact

Article | August 18, 2021

Each business endeavor begins with a well-defined business plan and, more crucially, a marketing strategy. An effective marketing plan is chock-full of different marketing selections for your firm and is a must-have if you want to get to your destination. But, unfortunately, the market is full of competition and uncertainties. It is estimated that about 20% of small businesses fail in their first year as per the US Bureau of Labor Statistics. After five years, 50% fail, and after ten years, 80% fail. Here are a few ingredients of a marketing plan that help you outshine in the diverse and competitive markets. A marketing plan is the first stage in establishing a successful marketing program. In addition, a marketing strategy serves as a road map for efficiently allocating precious time and resources to prevent wastage. A marketing plan includes a written document that describes an organization's advertising strategy, marketing techniques, tactics, promotional activities, and marketing efforts over a specific time. Market research, SWOT analysis, thorough information about its target consumers, competition positioning in the market, marketing plan budget, target market profile, distribution methods, promotional tactics, and marketing objectives are just a few of the ingredients of a marketing plan. Importance of Marketing Plan A marketing plan is vital because they make sales easier for any small business owner. When you target your ideal target customers, you increase the chances of generating leads and converting them into sales. Below is a few more importance of marketing plan: It aids in the effective management and accomplishment of your business objectives It facilitates cross-departmental collaboration and communication It contributes to the avoidance of future dangers and uncertainties It contributes to the success of marketing activities It contributes to reducing the chance of failure It enables the efficient and prudent use of resources while taking market opportunities into account Extensive Market Research Market research is one of the crucial ingredients of a marketing plan. Market research is the act of collecting and analyzing data to have a better knowledge of your consumers and the current state of the market. For marketing success, you must conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis compared to your competitors and a PESTND (political, economic, sociocultural, technological, natural, and demographic) analysis to better understand your competitors business's operating environment. Marketing research involves certain areas to be given utmost importance: The dynamics and trends of the market, including seasonality Vendors in whom you will place your trust Demographic information about customers, market segmentation, target markets, product needs, and purchase decisions Industry benchmarks What is presently available and what competitors are providing Current industry sales Robust Market Strategy The marketing strategy is the overarching company plan for attracting and converting new customers. It would be best to do a scenario analysis to understand your market position concerning your competitors clearly; only then can you develop a solid and successful market strategy. Market strategy plays a key role among all the other ingredients of a marketing plan and contributes to marketing success. A marketing strategy covers the 4Ps of the marketing mix: product, price, place, and promotion. In addition, a marketing strategy entails brand messaging, its value proposition, demographic information about its target customers, and other advanced elements. Below are few B2B marketing strategies: Social media marketing Search engine optimization Content marketing Search engine marketing/PPC (Pay-per-click) Referral programs Industry events Appropriate Financial Planning Another crucial element of a marketing business plan is financial planning. Marketing your campaign is a costly aspect of the business; it is necessary to have an appropriate and realistic budget plan to avoid financial wastage. Allocate your budget for each activity planned and manage your cash flow. For 67.4% of respondents, a limited marketing budget is the top marketing challenge facing small businesses. Plan your financing considering the organization's budget cycle, organizational events, seasonality, festivities, etc. The following points demonstrate why financial planning is essential. Prudent financial management Long-term view Profit and loss measurements To determine the value of liabilities and assets Utilization of Marketing Channels There are several marketing channels, but they are constantly changing and evolving. Therefore, due to a shortage of time and funds, select the appropriate channels. Choose the channel that is the most effective for promoting your products, services, and brand identification to potential consumers, depending on whether your firm is B2B or B2C. Channels provide a variety of purposes, that includes assisting you in discovering new methods to sell to your ideal client and help you to create experiences for your audience that help establish your brand reputation. Here are few channels that are utilized: Retail or Ecommerce Social media channels Email marketing Websites Referral channels SEO Word of mouth Pay-per-click (PPC) marketing Analyses of Competitors While a marketing strategy entails several analyses that aid in the operation of your firm, a marketing competitors' analysis is conducted concerning your competitors. You should be aware of your competitors and the distinctions between your products and services. Analyses of competitors are a crucial component of every marketing strategy. Conduct a competition analysis to learn about your competitors' goods, sales, and marketing tactics. Marketing competitor analysis is a critical component of any marketing plan since it helps differentiate your product or service from the competition. Competitor analysis enables the following: Identify market inefficiencies Identify market trends Create innovative goods and services Increase your marketing and sales effectiveness Conclusion: A sound marketing plan will help you generate leads. Ascertain that your marketing strategy is recorded. Numerous marketers assess the effectiveness of their efforts in relation to their objectives. This enables you to plan more effectively for the future and provides a clear picture of continuing changes. FAQs: What are the key ingredients in the marketing plan? Here are the critical ingredients of the marketing plan Extensive market research Appropriate financial planning Robust market strategy Utilization of marketing channels Analysis of competitors Clear marketing objectives What is a successful marketing plan? A successful marketing plan generates a positive return on investment (ROI), additional revenue, client lifetime value, and cost per win (sell), among other metrics. A marketing strategy is successful when it maximizes the benefits to your firm. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the key ingredients in the marketing plan?", "acceptedAnswer": { "@type": "Answer", "text": "Here are the critical ingredients of the marketing plan Extensive market research Appropriate financial planning Robust market strategy Utilization of marketing channels Analysis of competitors Clear marketing objectives" } },{ "@type": "Question", "name": "What is a successful marketing plan?", "acceptedAnswer": { "@type": "Answer", "text": "A successful marketing plan generates a positive return on investment (ROI), additional revenue, client lifetime value, and cost per win (sell), among other metrics. A marketing strategy is successful when it maximizes the benefits to your firm." } }] }

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How to Apply a Tax to an Invoice

Article | July 8, 2021

There are currently millions of pages of legal tax law on the books, creating challenges for business owners of all stripes. Even those with relatively “simple” business models are often wondering whether they are paying their taxes correctly and on time. One of the most common challenges faced by business owners is whether or not to apply taxes to an invoice. Invoices often represent a significant portion of all financial transactions. When you issue one, does this create a tax obligation for the issuer? The recipient? Both? Neither? Unfortunately, the answer to this question is one that is highly situational. Whether you need to pay taxes on an invoice will depend on the legal status of both parties involved, the nature of the invoice itself, and a variety of other factors. Having accurate and correctly taxed invoices will help your business improve its reporting and payment cycles, along with other functions like invoice factoring. Because applying taxes to an invoice can be difficult for some people, you may want to consider working with a professional accounting firm.

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Spotlight

Big Think

Since BigThink.com went live in 2008, our mission has been to help people get smarter, faster. To this end, our free public website provides access to idea-driven video interviews with thousands of global thought leaders – Salman Rushdie, Oliver Sacks, Dr. Michio Kaku, and many, many more. Informed by their collective wisdom, BigThink.com is an evolving roadmap to the best thinking on the planet – the ideas that can help you think flexibly and act decisively in a fast-changing world.

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