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With the digital world booming today, your understanding of online marketing strategies can essentially make or break your business ventures. Practically every form of commerce has a corresponding (if not central) online presence nowadays, but the reality is, not all business owners are also digital marketing gurus.
The good news is, you don’t have to be a marketing whiz to operate a successful online presence for your business. Understanding the basics of digital campaigns will help you navigate your way through the web; and it all begins with knowing the lingo.
Digital Marketing Terms
The first step to tackling digital marketing is to learn the terminology behind it. There are a lot of various anagrams and terms out there that can be quite confusing – but they don’t have to be. Once you familiarize yourself with the lingo, you’re well on your way to improving your business’s online presence.
“The better you familiarize yourself, the easier it is to understand and speak discerningly, whether it’s within internal departments or the agency building your website.” – Forbes.com.
There seem to be no shortage of acronyms when it comes to digital marketing terminology. Consider it the shorthand of the day, or the texting lingo of the business world. However, you look at it, acronyms are here to stay, so it’s best to get familiar with them – at least, the most widely used phrases.
Some of the acronyms should be fairly understandable once you learn what they represent. In fact, many of them are just abbreviations of common business terms you likely are already familiar with.
Most Common Acronyms
Here is a look at some of the most common acronyms used in digital marketing today, along with a brief description of their meaning:
- B2B: Business to Business, or commercial operations
- B2C: Business to Consumer, or traditional operations
- SEO: Search Engine Optimization, or knowing how to drive customers to your site
- SMM: Social Media Marketing, or utilizing Facebook, Twitter, and other social media platforms
- WOM: Word of Mouth, or advertising via client praise
Essentially, the bulk of the terms are fairly self-explanatory. If you’re a business owner, chances are you are already familiar with terms like “word of mouth” and know whether your business is focused on B2B or B2C transactions.
However, it goes without saying that the more you know, the better off you are. Especially when it comes to familiarizing yourself with current trends and successful digital marketing tactics.
SEO knowledge, for example, is a highly sought-after commodity in terms of creating a booming virtual business. Why? Well, since the bulk of all internet traffic flows through search engines (such as Google) first, the businesses who rank in the top findings for each search are the ones with the greatest visitors. It doesn’t take a genius to understand that greater website traffic equates to a wider client base.
“Having your online business searched, found and ranked is not only about how you are marketing and messaging to online audiences but also how it is in observance of the latest rules and algorithms.” – Forbes.com.
The More You Know
There are multitudes of acronyms out there when it comes to digital marketing, but don’t let that dissuade you from getting your business out there digitally. These terms are critical parts of running a successful business venture of any kind today. The more you learn, the easier it will be to navigate your online presence.
When it comes to running a business, few things concern owners more than achieving a successful return on their investment (ROI). It’s not an issue that disappears after you’ve officially reached a profitable term or a well-developed client and customer base. In fact, it’s a concern that will dictate your business decisions for the duration of your operations.
Whether you’re an established entity with decades of experience or just starting out and toying with the idea of a new business, you’ll be focused on generating ROI. Why? It’s more than simply earning back the basic start-up costs. As you will continually invest in your business, you’ll be continually focused on the ROI of those investments.
What Is ROI?
In order to understand how to maximize your ROI, you must first understand what it is. Most business owners are already familiar with the definition, but a refresher never hurts.
In layman’s terms, your ROI is quite simply, the probability of recouping the costs of your investment, and the potential profitability ratio. According to Business News Daily, “ROI is used to calculate how much of a value an investment is.”
There is a basic formula that is used to determine the ROI of any individual project or business investment. In short, your ROI is calculated by dividing your net profit by the overall cost:
ROI = Net Profit (Profits – Investment) / Cost (Investments, Maintenance)
It goes without saying then, that in order to increase your ROI, you need to increase your net profits – which, let’s be honest, is the whole purpose anyway. The higher your net profits, the higher your ROI and the greater your investment is worth. So how do you go about boosting profitability?
Well, for starters, you need to fully understand the overall costs of any particular venture. Whether it’s advertising, investing in a new product or service, or developing new merchandise lines, using the ROI formula will be your first step in understanding the likelihood of a successful endeavor.
“Understanding the return on investment of any project or marketing campaign helps in identifying what is a successful business practice versus what isn’t.” – BusinessNewsDaily.com.
Tips to Increase Your ROI
Once you are confident you’ve got a successful concept for investment, the next step is to optimize your profitability in order to increase your ROI. Determining what factors will positively impact your ROI isn’t a cut and dry process, as every investment venture has its own unique set of influences. However, there are tips to help increase the ROI of many ventures as a whole:
It may seem like a given, but electronic communication is a highly efficient method of increasing the ROI of any given investment. Why? Because it cuts the cost of generating hard copy mailers and takes a significantly lower amount of time to complete. It also gives the invaluable insight of digital analytics which allows you to fully grasp which markets are working best for your investment.
With marketing campaigns focused largely on digital platforms, it makes sense to track their success rates digitally as well. Online analytic programs will take the guessing out of your ROIs by tracking all traffic and success rates for you.
Another concept that is crucial to the equation is to ensure you maintain competitive pricing. While it may be tempting to stay conservative on pricing options in order to increase your profits, experts say it’s best to remain competitive.
“Consumers view value in different ways and pricing yourself out of competition is going to kill your ROI.” – Chad Reid, Director of Communications for JotForm via Comidor.com.
Lastly, one of the best ways to increase your ROI is to carefully choose the costs that are incurred on the front end. While you don’t want to skimp on critical pieces or strategic campaigns, there are ways you can minimize costs. Determine what pieces of your investment can be done in-house (successfully), and keep your in-house overhead to a minimum. Co-working office spaces are a great way to do this, as are mobile work stations because they allow ample opportunities to develop your investments at minimal cost. Overall, there are a number of ways to increase your ROI at every step. The key is to fully research your costs and carefully determine the best strategies for each particular venture.
When starting your own business, there’s one detail all successful business owners can attest to: create a solid business plan. While this may not be groundbreaking news, your business plan is a crucial step and needs to be taken seriously.
A solid business plan will help you with more than investment pitches (though that is a critical point for most). It will also help you outline everything you’ll need to be successful and will illuminate any potential problem areas.
Creating the detailed plan can be a tedious task but avoid being tempted to rush through it. This piece will be the backbone of all your future business’s endeavors; approach it with commitment.
With your future success riding on a solid business plan, prep work is imperative. To help make this happen, here are 5 steps to your best business plan:
1 – Create a Space
You might be ready to dive into writing, but the very first step should be to create a space. Before you begin your plan, you must make sure you’re prepared to work!
Whether it be a home office, a co-working office space, or an on-site building, you need to have a location that is specifically for working on your future business. Why? Not only does an office space give you a chance to work undistracted, it reaffirms your commitment to future endeavors. By designating a work space for yourself, you’ll be able to cut down on distractions, focus on your commitment to your future success, and get down to business.
2 – Do Your Research
Once you’ve created your working space, it’s time to begin researching. Since a bulk of your business plan will revolve around outlining your intentions, you need to be able to back up your words with action. Research similar businesses, speak with local business owners for tips, and use your research to formulate your intended actions.
3 – Do More Research
When it comes to a business plan, knowledge is key. The more you research, the higher your chances of success. It’s not enough to simply have a dream – you need to be able to make it a reality. You do this by fleshing out an outline of your path. You’ll need to know your market, competitive pricing, thoroughly define what you’re offering and how you’ll stand out from competition.
4 – Business Plan Outline
After you’ve begun your research, create a basic outline of your business plan. You shouldn’t begin writing it entirely, but create a skeleton outline of what to expect. For some, this can come in the form of a generic business plan template. An online search will help you locate one if you’re having trouble and want a basic template for reference. This outline will help you to organize your research and understand what’s needed before beginning your polished plan.
5 – Keep Focused
Lastly, while you want to make sure you have a fantastic business plan to present to potential investors or partners, do not let your determination be swayed by perfection. In other words, no matter how many times you review your plan, know that you’ll likely always find something to tweak, but don’t let that cause you to lose sight of your goals and miss your opportunities. It doesn’t have to be perfect – it just has to be detailed and concise. Stay focused.
“Don’t wait until you think your business plan is perfectly polished and cannot possibly go any further in depth. Otherwise, chances are you will have missed your window of opportunity…” Forbes.com.
Overall, the most important rule to remember when creating a successful business plan is to do thorough research and keep plugging away at it until it’s finished. It all begins with your preparation, so get yourself prepared for success!
Marketing for small businesses may seem like an endless and confusing concept, but there are some basics that can help simplify the process for anyone. In fact, if the idea of marketing your brand or product has you believing you should leave it to the professionals, rest assured, it’s not as complicated as it seems.
Many small business owners simply don’t know the basics of getting their brand out there and are lost as a result. By learning just a few fundamental steps, your small business can boost sales and generate buzz with the best of them. Sound too good to be true? It’s really not. Optimizing the marketing tricks of the trade for your business boils down to a few key components:
1. Know Who You’re Targeting
For starters, the most important aspect of business marketing is understanding who makes up your client base. In other words, your “Target Audience.” Is your product or service focused on a local audience or is it a national or global product? What generational group (Boomers? Millennials?) is most involved with your product or service? Knowing who you’re going to be targeting is the first step and shouldn’t be too difficult to pin down. Chances are, you already know your target audience.
2. Create a Platform to be Seen
So, you know your target audience – now what? Now you need to be seen (and heard). A good marketing 101 rule to keep in mind: “people need to hear or see your message at least seven times before taking any action” (Forbes.com). How are they going to see your message? Set up a website. Create social media pages (Facebook is a great place to start if you’re not familiar). Register with local organizations (set up at community events, register with local groups such as the Chamber of Commerce, etc.). These are all essential to being seen.
3. Run Specials and Promotions
Once you have established an online presence and set up local connections to your community, this is when the marketing fun begins. You can grow your online audiences (and convert them to physical customers and clients) by running promotions, sales, special events or any other form of meet and greet that entices potential customers to check out your business. Try running “Like and Share” contests on Facebook which ask users to like and share your posts for a chance to win a free service or product. Doing this will help expand your presence both online and in the community by generating buzz and giving way to a greater audience for future promotions. (Remember the rule of 7!)
4. Utilize “Brand Ambassadors” (i.e., Family and Friends)
Another great (and simple) way to spread the word about your business for a minimal cost is word-of-mouth. Having family and friends lend a hand with your networking and marketing efforts can be a fantastic resource. Forbes suggests having t-shirts and swag created with your company logo to hand out at any opportunity, but there are endless ways you could utilize swag to create buzz. Family and friends wearing your company logo on a t-shirt all over town can boost interest as well as other items you can hand out during events (think pens, small notepads, portable chargers, coffee mugs, etc.).
5. Be Consistently Present
We can’t stress this part enough: an online presence can make or break businesses in all genres today. No matter what your target audience looks like, the vast majority of the world’s population will first turn to the web when researching any form of service or product nowadays. You need to ensure they can find exactly what they’re looking for (you!). This is done by continually updating your online presence with new promotions, new ads, new photos, new ratings and anything else that will begin to build once you’re out there.
As a general rule, the best way to build your brand is to network and be seen. Add your presence on any and all relevant platforms (local events to websites and social media) and utilize your family and friends to help spread the word too. Remember, customers will be looking online for what they need, so make sure your business is seen and give them a reason to choose you! That’s marketing in a nutshell, folks.