Entrepreneur's Delight
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How To Balance Your Marketing Strategy

A survey has revealed that only 58% of small and medium business (SMB) owners spend a significant time on marketing. Even though those who invest more on marketing see higher growth rates, companies put 5% or less of their profits into promoting their business.
Marketing Strategy Finding the right marketing strategy for your business is crucial. Although it is not easy to get the sweet spot, there are strategies you can adopt to ensure that marketing pays off so that your business benefits and grows.

Paid And Unpaid Advertising Campaigns

Advertising is an effective marketing tool to promote a brand, service or product. Pay per click (PPC) advertising enables businesses to show an advert when relevant keywords are searched, and a PPC service charges a business only when a customer follows through and goes to the website of a product or service being endorsed. It works by showing ads when a customer surfs and types in keywords. Therefore, you don’t need to have a huge budget for a paid ad campaign to get the highest return on investment (ROI) possible. It is effective in improving visibility, and adapts to many markets and audiences.

To complement your ad campaign, consider unpaid adverts to establish and grow your business. Add a blog to your website posting regular and useful content that your customers are likely to read. Media and social sites such as Twitter, Instagram and Facebook are also possibilities to promote your business and get the word out there. Shares, mentions or word of mouth are powerful, and can reach potential clients. Customer reviews are influential, and will not cost you anything. People who leave positive reviews are happy with the product or service, and don't have anything to gain from such action except to express their satisfaction. Social media also offers a platform for clients to engage and interact with your enterprise, which can enhance awareness and boost sales.

Marketing Strategy Internet Marketing

Online marketing is another strategy that combines web and email to augment e-commerce sales. It’s also possible to include social media channels to endorse the brand and enhance awareness. Internet marketing may be used with traditional advertising formats such as television, print or radio.
Email marketing is directed at specific customers with the aim of influencing their purchasing decisions. According to a Campaign Monitor report, the ROI of email marketing is $44 for every dollar spent, its success measured largely by click through and open rates.

Point Of Sale Marketing

Another effective approach is point-of-purchase (POP) marketing, encouraging customers to make last minute purchases. For example, it is common for grocery stores to put merchandise shelves in between registers displaying items such as magazines, confectionery and batteries, while soft drinks are strategically placed in small fridges. Other businesses such as gas stations and fast food restaurants employ the same tactic as retail stores.
Online, websites also use a similar strategy, often suggesting products that go well with items that are already in the cart of the customer. Marketing is an essential component of a business plan to promote brand awareness, increase sales, and improve bottom lines. It does not need to cost a lot of money to endorse a product or service because there are different combinations of strategies that can be paid or unpaid.

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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 22nd May 2021.

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