The year 2020 saw a rise in home businesses and startups, with many of us operating our own businesses at home – be it a home bakeshop, fashion retail, or offering UX/UI services to emerging digital markets.
However, not all businesses make it beyond their second year of operations. Studies show that as much as 20% of the 600,000 new businesses each year close down before their 2-year work-versary. While a terrifying fact, this percentage shouldn’t be daunting to any business owner, but rather serve as an incentive to keep your business moving.
So, for all you boss babes who are working hard to get your business or startup going, here are three essential ways you can improve your marketing to fit our current digital era. As the owner or manager of a growing business, you can expect to do continuous improvement as you continue to grow your company:
Why Improve on Marketing?
You may be wondering, Shouldn’t I improve on my product instead of putting my efforts in marketing? While improving on your product is a key step in growing your business, upgrading your b2b marketing plan is just as important to bring awareness to your brand and your products.
Without marketing, you can lose out on potential customers regardless of how revolutionary your product is. Simply put, marketing is what puts your business out there, and is what brings more customers your way when they recognize your brand.
Improving on marketing also keeps your business updated with the trends that your target consumers are looking for. You advance your company to the current era, and take in a new generation of consumers to keep your business moving forward, securing the future of your brand.
Upgrading Your Marketing
#1: Customization and Promotions
More than half a million new businesses start up online each year, so competition has never been more intense than when social media giants made starting an e-commerce shop accessible to the general public. To legitimize your business, and make your brand stand out, go for customized products and promotions.
Customized products, like packaging with your logo, stickers, and even water bottles with your business name and logo on them, makes your business look well-established. These items provide you with visibility, and extend your marketing reach beyond the virtual plane. The more unique and aesthetic your customization, the more consumers will notice your brand.
On the other hand, promotional items – which are products that complement your current product line or service, can return up to 70% of brand recognition and value to your business when done with practical items. Something as simple as a customized water bottle can bring back more sales to your company, and these are affordable for any startup to acquire!
There are many businesses like My Own Water (check out their site here: https://myownwater.com/) who provide B2B services on customized items and promotional products that can elevate your brand. They make customization affordable and accessible to any growing business!
#2: SEO and Social Media Trends
With the amount of content we regularly process online, the typical Facebook or IG post gets buried and forgotten after just a few scrolls. Search engine optimization, or SEO, is a branch of digital marketing that was developed to push a brand ahead of its competitors by increasing its visibility online, effectively ingraining the brand into the minds of consumers.
Social media trends move at a fast pace, and the trends of today may no longer be the fad of tomorrow. There are two reactions to a brand utilizing social media trends to advertise their products or services: like or cringe. When done correctly, viral trends can help your brand relate to its target audience, which increases the likelihood that they would order your products.
#3: Sustainable Practices
Sustainability is a big thing now that we understand the implications of our day-to-day operations on the environment. As much as 81% of consumers are more likely to support businesses that implement sustainable business practices, and 9 in 10 consumers will likely make conscious efforts to purchase from sustainable businesses.
Remember our water bottle example? You might be concerned about how these plastic bottles litter the landfills and oceans, but companies like My Own Water have got you covered with the eco-friendly alternative: aluminum water bottles! Aluminum is a sustainable and recyclable material that uses up only 5% of the energy needed to produce a new bottle.
By switching to eco-friendly alternatives, energy-saving practices, and going paperless, your business will be able to gain support from your community, and keep the environment clean while you’re at it!
Getting the Gold
It’s a dog-eat-dog world out there, and owning your own business can be difficult to keep afloat with everything else that has been going on. In the US, only 40% of businesses are women-owned, as the corporate world is still very much a man’s world. However, women are starting to fight back against the stereotype, and many are finding success in their own brands.
Support is much-needed for anybody starting their own business. A new business owner would need support from their friends and family, as well as their local community to keep growing. Of course, marketing is the key in getting your brand out there, and with these helpful tips, you’re sure to stay out of that 20%!
*Photos by SHVETS production