When you are running a small business, every dollar spent matters. This is true even when you just got some funding (or are looking to get some) and have some extra cash in the bank. Knowing where to allocate your fund to best increase return on investment (ROI) is crucial to your survival.
The best way to increase your ROI is to generate more revenue through sales, while making sure your costs don’t skyrocket along with it. Wondering which things can improve your ROI and increase your sales? Here are a few to consider:
Take it to the Net
The internet has changed the way business is done. You have an amazing opportunity to reach millions of potential customers through your website, social networking accounts, and email outreach at a relatively low cost. Investing in your online presence and marketing efforts is not a trend; it is a smart place to focus funds for continued growth.
Your Website is Your New Business Card
Your company’s website makes a valuable first impression on prospective clients. You only have seconds to capture the attention and trust of a new visitor to your website. Not only should your site be relevant, easy to navigate, and visually appealing, it also must be responsive.
94% of of buyers do some sort of online research before they buy, and more than half of those searches are done on a mobile device. Even if you have already invested in your initial website build, investing in regular updates can be a wise choice for funds to make sure users are happy with it.
Your web copy, blog, and content marketing efforts must be targeted and constantly updating. A blog is not enough to deliver ROI. You must know who your target audience is, and use the right language to speak to your ideal customers. Offering valuable content in the form of written and digital content that speaks to the pain points of your specific audience can help convert leads to sales. You may have a dedicated team of content creators on-staff, or you may outsource this task to a professional agency. Either way, effective content that converts is constantly analyzed, updated, and presented in a variety of forms and media.
Promoted Content Fuels Marketing Efforts
Promoted content like pay-per-click campaigns can help you reach a targeted segment of potential new clients. This can be an extremely cost effective way to fuel your marketing efforts and should be part of your marketing budget.
Direct Connect with Social Media
Having social media accounts for your business is not enough to bring in new leads from the internet. Using your social media accounts in the right way, however, can create additional exposure, help define your brand, and allow you to directly connect with current and potential new customers.
Social media has become a cornerstone of marketing strategy; it doesn’t matter what industry you’re in, social media is a tool you should be using everyday to interact with consumers.” –Hubspot.com
To effectively use social media, you need to listen to what your audience is saying. Time must be invested in starting relevant conversations, engaging with your community, and making your customers feel heard and valued. Posting on Facebook or LinkedIn a few times a day about your latest product or promotion will not turn social media into a successful lead generator. You need a dedicated staff member to engage and grow your audience, or you need to outsource this part of your online marketing efforts.
Investing in your online presence and marketing is as important as investing in the right people and equipment for your business. Regardless of what you want to do to grow your business, you need to make sure what you do is giving you the ROI you need to grow.
Do you know where to go to increase your business ROI? Find out what type of funding is available to you through the Crestmont Capital and you can be on your way to growing your business today.