Is marketing your business worth it for a small business owners?
Believe it or not there are still business owners out there who treat marketing as an afterthought. To cut to the chase, the answer to the title is simple: yes, marketing your business is completely worth it for small business owners. It’s time to debunk the myth that small businesses shouldn’t bother marketing themselves because they don’t have the bottomless budgets of bigger companies. In this blog we’ll explore the reasons why marketing is necessary for all enterprises, but particularly small businesses.
Word-of-mouth is still a great and irreplaceable way of getting your name out there, but it has never been enough on its own. Especially today, when consumers are bombarded with advertising from all directions, getting a piece of their already thinning attention is a race every business needs to be running. If people aren’t aware of your business and your brand, they won’t be likely to support it. Marketing, therefore, actually feeds small businesses instead of draining it. Brand awareness might be intangible and difficult to quantify, but it has long-lasting benefits.
FIND YOUR NICHE
Casting a wide net and hoping for the best is the rookie marketing strategy that most businesses default towards. Unfortunately, it’s only effective to certain extent. Serious businesses want marketing that has guaranteed results, so they opt for marketing that is aimed exactly at the consumers with the most potential to buy. Targeting your marketing is the only way that you will ensure that you’re reaching the people who really care about your product. As a small business, you probably don’t have that much to spend on marketing, so why not ensure that it’s money well spent?
GATHER VALUABLE METRICS
This is closely related to targeted marketing because it allows you to gain valuable insight into your consumer base. For instance, you can know what your customers’ median age and income is, where they live, what sort of employment they have, among other things. More than that, you also get to figure out what actually works and what doesn’t. This goes a long way towards informing future marketing campaigns and improving your product offering.
That’s the ultimate goal of any business at the end of the day, right? To widen your profit margins, boost your revenue and grow your business. Marketing your business is a fundamental way to achieve this. The logic is easy to follow: the more people know about your business, the more customers you’ll get and that, eventually, leads to increase in revenue and the growth of your business. If you reverse the logic, if no one knows your business, all the other steps crumble and, predictably, your revenue suffers.
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