4 Ways Small Businesses Waste Money on Marketing
Small businesses have a considerable difference when it comes to their marketing budget compared to larger companies. As a matter of fact, many of the tips and tricks that typically work for a mass marketing team are almost impossible for a one-person business to execute. To save and maintain your small business capital from implementing any of these marketing tips, read the list below:
Building A Social Media Following
While this may sound counterintuitive, building a following on sites like Facebook can cause more harm than good for your small business. Due to Facebook’s ever-changing algorithm, it has made it harder for marketers to reach their users organically. In fact, only around 2% of your Fans actually see your posts, based on 500,000 likes per page. The Good news, your business can purchase Facebook ads that boost the number of users who see your posts. These prices aren’t too steep just yet, but with more marketers relying on this avenue it’s only a matter of time before Facebook raises the price of paid advertising.
Try getting your clients emails and sending out weekly newsletters with updates about your small business or offer incentives to those who recommend their friends.
Expecting & Giving Up Too Soon
Like many aspects of business, marketing takes time and effort. Expecting to get thousands of followers on social media accounts within the first few months will likely cause some upset. This lack of engagement causes many small businesses to give up and abandon their company too soon. In fact, Small Business Administration says that 30% of small businesses fail within their first two years of operations. Often caused by unrealistic expectations business owners create especially in their marketing efforts.
Try expecting at least a year or two before your business starts gaining a strong following on social media sites and other marketing platforms before throwing in the towel and calling it quits.
Not Understanding Your Customers
Marketing is all about understanding your audiences' wants and needs, but many small businesses lack this information. If you don’t know who to market your products to then, you’re wasting the time and money of your business.
Try gaining insight on the customers that you think will buy your product or service. Figure out what they want and learn how to give it to them.
Trying To Do Too Much
Creating an account on Facebook, Twitter, Instagram, Pinterest, Snapchat and every other social media site out there is highly ineffective for small businesses. You only have a few employees so why attempt being everywhere online at once?
Choose one or two social media sites that work best for your small business like Facebook or Instagram and devote a few hours per week posting content. Also, don’t forget that other marketing channels could work better for your type of business such as newsletter emails or blogs.
And if your small business has already changed all of these marketing tactics, try adjusting your marketing strategy. With today’s world evolving so fast it may be time to reassess your marketing plans.