CEO & Founder of National Business Capital, the leading FinTech marketplace offering streamlined small business loans.
You may have the best product or service on the market, but its importance doesn’t matter if no one knows about it. That’s why businesses of all sizes must invest time and money in marketing. Marketing helps you build brand awareness and create a pipeline of potential customers.
Regardless of the size of your business or your budget, there is a marketing strategy that’ll work for you. Listed below are the five most effective ways to market your brand in 2023, grouped into low, medium and high cost.
Search Engine Optimization
SEO is a good alternative if you want to increase your business’s search engine visibility but don’t want to pay for ads. SEO involves optimizing your website to be easily findable in search engines. The main difference between search engine marketing and SEO is that SEO focuses on organic search results, not paid ads.
You’ll start by identifying keywords that will bring new users to your website. You can use a variety of tools to do this, but our company works with SEMRush to guide our SEO efforts.
You’ll optimize your site by focusing on three things: the technical setup, website content and backlinks. The technical setup looks at your website’s overall usability. For example, it looks at how fast your website loads, whether it’s mobile-optimized and whether there are broken links.
You also need to provide trustworthy and relevant content to users. All topics should be covered in a way that’s comprehensive and easy to read. Finally, obtaining high-quality backlinks to your website gives your website more authority and helps you rank higher in Google searches.
Email marketing is one of the most effective forms of marketing, with an average ROI of $36 for every dollar spent. It can help you build a relationship with your audience and drive more traffic to your website. And as your email list grows, you can segment your emails to target different demographics.
If you’re new to email marketing, you’ll start by identifying your goals and choosing an email marketing platform. For example, if you want to drive sales, aim for clicks on email buttons that drive to a product page. From there, you can begin inviting people to join your email list. You can do this by adding an opt-in form on your website or a sign-up button on your social media channels.
You can then determine the type of email campaign you want to run. For example, your campaign could include a weekly newsletter, promotional emails or links to recent blog posts.
Social Media Advertising
Another option is to invest in paid social media ads. Social media advertising is a great way to build brand awareness, generate new leads and increase sales. Most businesses advertise on Facebook, Instagram and/or LinkedIn.
The platform you choose will depend on who your target customer is. For example, local businesses and e-commerce companies will likely want to advertise on Facebook and Instagram, whereas LinkedIn is a better option for B2B companies.
To succeed with social media advertising, you’ll need to be very specific about your target audience. You can target customers based on their location, their interests and the types of content they consume. You’ll also want to create multiple ads to see which messaging performs better.
Search Engine Marketing
SEM can help you grow your business and reach new customers by placing paid ads on search results pages. Advertisers buy targeted ad space at the top of a search engine results page, and Google uses an auction process to determine where these ads rank.
To get started, you’ll do keyword research and analysis to determine which keywords will bring new customers to your website. You must also determine how much you’re willing to spend per click for these keywords.
Once you’ve identified the relevant keywords, you’ll enter an ad auction. To determine the winner, Google considers the maximum bid amount and the Quality Score of the ads. The Quality Score measures how relevant your ad is and how likely a user is to click through it.
SEM marketing is a great way to drive traffic to your website and tends to have high conversion rates. Your ad is placed in front of a customer right when they’re ready to make a purchase. At National Business Capital, we use SEM to position ourselves around the terms people search for when they want to explore business financing options.
SEM marketing can be expensive, and newer businesses may not have the budget for it.
Direct mail involves sending unsolicited advertising messages to prospective customers in the mail. Despite what you may think, direct mail is not an outdated advertising strategy.
One of the advantages of direct mail is that it’s less common, so your interactions with prospects will stand out more. Considering a majority of business-to-consumer interactions are done online, direct mail can be a way to stand out in a sea of digital messaging.
Direct mail can get expensive if you have a sizeable list of addresses. You’ll need to pay for the physical mail and the shipping/handling, so make sure to factor costs into your decision before you start.
If you want to grow your business, you have to invest time and money in marketing strategies. But many small-business owners struggle with marketing and have a hard time understanding what’s working and what isn’t. The best way to overcome this obstacle is by tracking your results.
Tracking and measuring your marketing results shows whether you’re progressing toward your goals. That way, you can try new strategies, see how they work and readjust as needed.