There are two sections to this missive. Small businesses were urged in Part I to embrace the idea of compassionate marketing and shun aggressive marketing techniques to gain the confidence and loyalty of customers. This would increase sales and boost profitability. Additionally, small business owners must spend their limited resources on client retention techniques rather than pursuing new consumers, because returning customers are more likely to make repeat purchases than new customers.
In this epistle, I lay out the third and arguably most important strategy for small enterprises’ survival in 2023 and beyond. But first, I’ll give you a bonus tip.
Bonus tip: modify your expected outcomes
When the seasons change, you must consciously alter your mode of operation and your expectations. The first mistake most marketers make is relying on expectations and measures set during good times to gauge performance during lean seasons. Be like a river and flow with the current rather than against it. If you fine-tune your KPIs to reflect the new economic conditions, you’ll be in a better position to build a winning marketing strategy. You may then accurately analyse the performance of your marketing strategy by tracking your new KPIs.
Jack Welch – Face reality as it is, not as it was or as you wish it to be
It’s time to look into the most crucial strategy for small enterprises’ survival in 2023.
- Go hard on digital marketing
Digital platforms have grown inseparable from modern culture and are ubiquitous in urban, peri-urban and rural communities.
“The Internet is becoming the town square for the global village of tomorrow.” – Bill Gates, Founder of Microsoft
The covid epidemic and the years that followed have seen an increase in Internet engagement. Also, with increases in global fuel prices, some covid restrictions and job restructuring, some people hardly ever leave their homes. The moment to invest in digital marketing for small businesses has never been better than it is right now. It makes sense to invest in digital marketing when your target audience spends a lot of time online
As defined by the Digital Marketing Institute, digital marketing is the use of digital channels to advertise or market goods and services to specific customers and enterprises.
To remain competitive and retain a consistent flow of business in 2023 and beyond, small businesses need to change their business models and procedures to reflect the new normal of consumer behaviour in the real economy – which is the digital economy. Small businesses must transition online to increase brand awareness, since it is no longer doable through traditional marketing tactics.
Why you should invest in digital marketing
- It is Efficient
There are several approaches to reaching your target audience through digital marketing. You may interact with current customers and find those who are actively looking for your products or services online by using customised advertising, both of which can be done at a low cost.
- It is Measurable
Digital marketing is extremely effective, and it is also measurable. You may track the effectiveness of your digital marketing efforts to determine what is (and is not) working using basic (and free) analytics tools.
- It is Affordable
Many marketing techniques need a considerable financial investment, which means you’re taking a big risk if your approach doesn’t work. There are numerous strategies to promote your business through digital marketing at a reasonable cost. You can try a few various low-cost ways to find what works best. Once you’ve determined the best technique, you can progressively increase your spending.
- It Never Sleeps
One significant advantage of digital marketing is that it never stops working. Even if your company is not open for business, it can sell itself online. If you have a strong digital strategy, you can interact with potential customers no matter where or when they browse for your products or services online.
- It is Perfect for Small Businesses
You probably use a search-engine when looking for a nearby restaurant or a retail store. Your clients are behaving similarly. A solid Internet presence can help potential clients locate you rather than your competitors.
Digital marketing strategies to consider
- Google My Business (GMB) listing
Every small business that wants to improve its Internet visibility must have a Google My Business (GMB) listing. Google searches reveal that individuals visit 1.5 billion locations each month, and 76% of those who look for something nearby visit the business within a day. You must endeavour to establish a robust online presence for your business, so that potential clients can find you when they search online. Your company can gain the extensive visibility and reputation it needs by adding a listing to Google My Business. It ought to be one of your small business’s top marketing methods as a result.
- Digital events
Digital events have grown in popularity dramatically in recent years. Webinars, online conferences, live conversations and podcasts are effective online lead-generation platforms for brands. Furthermore, these online events allow marketers to collect audience data and market directly to them.
As a small business owner, you can attend or conduct online events to familiarise your audience with your products. Interacting with your customers via surveys and polls will also help you learn their preferences and adjust your marketing efforts accordingly.
Social Media Marketing
A subset of digital marketing known as social media marketing leverages the widespread use of well-known social media platforms to further marketing and branding goals. If you’re not active on social media platforms like Facebook, Instagram and LinkedIn, you’re missing out. 4.2 billion people use social media today, and 71 percent of small- to medium-sized businesses advertise online.
Furthermore, 52 percent of small businesses that are successful on social media publish content at least once daily. Effective social media marketing can take your business to new heights by building brand advocates who are devoted to your business and even generate leads and sales. Social media will humanise your company, boost traffic, raise brand-awareness, and foster relationships among other benefits.
Your business is unique, and your marketing strategies should reflect this. However, your company has a very high chance of success in 2023 and beyond by implementing compassionate marketing, cultivating an obsession with client retention, and digital marketing strategies.
Stay positive, for no one knows enough to be a pessimist.
>>> the writer is an entrepreneur, marketing consultant, author of the “Small Business Bible”, host of the “Business Lens TV show” and an MBA candidate at the University of Ghana Business School. He is a thought-leader in entrepreneurship, business development, digital marketing, small business marketing and tourism marketing. You May contact the author by phone (+233 248 426 235) or via email address; [email protected] or @tedorpenyo on Facebook, Twitter, and Instagram