When it comes to your small business, are you comfortable taking risks?
Have you ever experienced the thrill of successfully trying new marketing channels because of your competition?
Perhaps you enjoy the convenience of your existing trusted campaigns?
You may feel overwhelmed by great business growth strategies, but marketing strategies aren’t for everyone.
Small business is different from big business.
By exploring tested and successful small business marketing strategies, you give your small business a safe way to expand into uncharted, potentially viral territory.
We’re happy to share some good news – risk doesn’t have to be scary, especially if we look at how other SMBs formulate their marketing plans and use that as a guide.
On July 13, I moderated a webinar with Amelia Northrop-Simpson, CallRail’s Director of Marketing. I’ve offered proven strategies tailored to your small business to help you increase your marketing return on investment.
Here is a summary of the webinar. To access the entire presentation, Complete the application.
Why small businesses should try new strategies
Companies like you are experimenting
CallRail surveyed 601 marketers in the United States to find out how they approach risk.
They found out that small and medium-sized businesses have been gambling in the past 12 months. In fact:
- 91% of marketers have tested a new marketing channel or emerging trend.
- 80% of marketers have tried a new test marketing campaign.
As you can see, your competitors may be looking for new ways to get support for you. In their view, the risk is worth the reward.
If you can detect successful risks they took, you can implement their newly tested strategies with little risk.
The risks are worth the reward
The risks your competitors take prove to be worth the reward.
- 98% of marketers agree that testing new channels is worth it.
- 86% of marketers agree that test campaigns are worth it.
The result: 96% of marketers say their risky efforts resulted in more customers.
risk of inexperience
Our brains ask, “What if things go wrong?”
But, “What if all goes well?”
Only 12 marketers out of 601 believe that test campaigns are too risky for their company’s reputation.
This leaves 589 marketers poised to outperform their competitors.
It is important to stay ahead of the curve, as enterprising marketers are.
For companies that don’t take risks, there is a real risk that their competitors will take the lead.
The biggest obstacle to taking risks
Most marketers say that the leadership in their company is reluctant to invest more money in marketing, and it is difficult to get support from the leadership on potential new channels.
85% of marketers say testing new media channels is a good financial investment for their company.
But 15% still think it’s not worth it.
What stops potential risk takers?
Mitigating risk is as easy as making smart decisions when trying new strategies.
Campaign strategies to mitigate risks
Data and organization are your friends for a successful new beta campaign.
Once you have your strategy in place, make sure you are ready to track what works so you can pivot ahead of a potential obstacle.
This is the key to overcoming risks.
Better tracking capabilities may lead to more successful trials.
- 97% of marketers say they would take more risks if they had a way to know right away if their campaign was working.
- 64% of marketers say they don’t have an easy/reliable way to prove something works.
- 59% say the inability to measure which marketing channels are delivering results is a barrier to pursuing test campaigns
Step 1: Find out where marketers are already looking for opportunities
Marketers saw social media channels as a great opportunity to acquire new business.
The top social media channels for acquiring new business are Facebook, Twitter, Instagram, and Tiktok.
Marketers were also experimenting with other campaigns:
- 48% have started using a new logo.
- 41% renewed company colors.
- 41% have started using a new logo.
- 41% have launched a new ad campaign.
- 33% have tried a new offer.
These are great, proven places to start.
Step 2: The New Vs. Proven Channels – Adjust budget according to where competitors are spending money
Take the guesswork out of what works and what doesn’t by looking at where your competitors allocate their marketing budget.
Long story short, if a channel doesn’t work in your industry, your competitors won’t spend money and resources on that channel.
Put your money where your competitors put theirs.
Below is the approximate percentage of the marketer’s annual budget allocated to each category.
Step 3: Have a goal that meets your real business needs
How should you approach your goals?
- Set SMART goals.
- Set expectations with our colleagues – target, pace, and when to adjust.
- Set expectations for yourself.
Step 4: Implement a tracking plan and know your attribution
Evaluate the marketing touch points that the consumer encounters on their way to making a purchase.
- The first touch: the customer is aware of your company.
- Lead Generation: The customer contacted your company.
- Eligible: The customer qualifies as a potential income earner.
You will need master intelligence to determine if the hazard is working well and to give yourself time to focus safely.
- Small and medium-sized businesses are willing to take risks in creative campaigns and new channels.
- The risks prove to be worth the reward.
- Not taking risks is a risky business.
- Playing financially secure is not as important as staying competitive.
- Marketers would take more risks if they could easily measure results.
Download the Marketing Risk vs. Reward report.
[Slides] Small Business Marketing: How to Safely Try New Strategies
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