Wednesday, January 27, 2021

Why digital marketing is crucial for your new business


The modern marketplace is much more competitive that it was just 10 years ago. With the advancements in technology everything including advertising has evolved. Digital marketing has become an important component of marketing strategies in all industries. Below, we list five reasons why digital marketing is crucial for your new business.

1.    Digital Marketing is more cost effective that traditional marketing

When you are first starting your business, you are on a much tighter budget, and have to be strategic about where you are allocating your funds. Digital marketing has proved to be a much more cost effective when compared to traditional marketing methods.

2.    Your competition is online

To ensure that your new business is on an upwards trend, you have to pay attention to what your competitors are doing. Are they focusing on building their social media following or demonstrating their expertise with long- form blog posts? How do they engage with their audience? All of the information you gather will help you create a digital marketing strategy that sets you apart from your competition.

3.    Be more accessible to your customers

The average consumer searches for a product/ service on-line before they decide to purchase. If you don’t have an on-line presence, they won’t be able to find you. Aside from having a website, it is important to have a Search Engine Optimization (SEO) strategy in place that helps to position you in front of the people that are searching for what you offer.

Tip: Simple questions that potential customers may want to find out quickly and easily like where you are located and your hours, should be easily discoverable on-line.

4.    Engage with your audience

Digital marketing allows you to engage with your audience in a more personal way that traditional marketing methods like print ads cannot not. There are so many different ways that you can open up the line of communication between you and them like running a survey on your social media channels, or asking them to leave their opinion on a blog post. By interacting with your audience on-line you can really get to know their pain points, so that you can tailor your product/ services to them.

5.    Monitor & optimize campaigns for better results

One of the best things about digital marketing is that you can easily track and monitor your campaigns. Metrics like impressions, clicks, likes, shares, conversions, are easily accessible. You are able to monitor your campaigns, and easily make changes where they are needed. You invest time and money into your campaigns you want to make sure that they are effective.

A marketing strategy that does not include digital marketing in today’s modern landscape will fail. If you’re not online you’re getting left behind. Investing in digital marketing opens open new opportunities to grow and reach wider audiences.

Wednesday, January 20, 2021

Strategies to keep your new business organized


Setting time aside to organize and put strategies in place to increase productivity will help your new business run smoothly as it grows. When it comes to organization every business has different needs. Don’t be afraid to experiment with different strategies, eventually you’ll find the perfect combination for your business. The strategies outlined below include some of the best ways that you can keep your new business organized. Pick a a few that you can easily implement into your new business.

1.    Go Paper Less
Paper is one of the biggest sources of disorganization for many offices. Digitizing your papers is not only time efficient but it is also cost effective. You’ll never have to rummage through papers again looking for that receipt you last saw three months ago. Everything will be easily accessible by all members of your organization making for easy collaboration and communication. There are several different ways you can transition into a paperless office which includes scanning and transferring receipts into a digital filing system, incorporate a digital signature program like DocuSign, or storing your files in a cloud service like Dropbox for data back-up.

2.    Find the Productivity Tools that Work for You
One of the most important components of a running a business is having systems in place that help you be more productive and efficient.

The top areas where many business owners find productivity tools are:

Meetings and Communication
Whether you are in an office or working remotely, it is crucial that you have systems in place that allow your employees to communicate and collaborate with one another. Services like Chanty offers unlimited messaging, voice and video calls, file sharing, and screen sharing ensuring that everyone within your business will be connected no matter where they are.

Social Media Management
Social media can be a challenge to manage if you don’t approach it strategically. Tools like Hootsuite and Later, help your plan, schedule, and post your content so you can allocate more time to other areas of your business.

Project Management

A good project management tool like Trello or Asana will help you keep track of tasks, share files, and collaborate with teammates all in one place.

Remember to keep track of the apps and tools that you are using, so that you can clearly determine whether they are meeting the needs of your new business.

3.    Organize your desktops
As a business owner, you get swamped with some many files that you can find yourself looking at a desktop that is cluttered with icons and downloads. Before you get lost in your on-line documents try setting up a digital filing system, to ensure that you’re documents are always in the right place.

The tips listed above will help you get your small business organized quickly. However it is important that you have a evaluation system in place to ensure that your business does not reach unmanageable levels of disorganization.

Wednesday, January 13, 2021

The 4 business KPIs your new business should be tracking



Key Performance Indicators (KPIs) are measurable values that you use to track and manage the progress of your business objectives or goals. Like other forms of communication within your business, KPIs should be clear and provide relevant information that is easy to absorb and put into action. Continue reading below to find out the top 4 KPIs you should be tracking in your new business.

1.  Gross Profit

The gross profit metric measures the profitability of your business. It tells you the percentage of sales revenue remaining after deducting the costs of production and is typically expressed as a percentage. Not only does a high gross profit indicate that your business is producing profits that exceed your costs, it also shows that your business has efficient processes and effective operations in place. The average gross profit margin should be least 10%, however, you should note that gross profit margins vary by business model and industry. If you are within or exceed your industry average, then you can expect to be on an upwards trend.

2.  Customer Acquisition Cost

Do you know the costs of getting a new customer or client? One of the biggest causes of failure for startups is underestimating the costs associated with acquiring new customers. Your Customer Acquisition Costs (CAC) takes into account all of the sales and marketing costs spent at one-time to acquire new customers. While in the early stages of your business you may overlook this KPI, it’s a very important metric to keep track of as your business grows and expands. 

3.  Return on Advertising Spending

The Return on Advertising Spending metric will show you how effective your marketing strategies are. In order to find your return on advertising you will divide the amount of sales made from the amount spent. Example: If you spend $20,000 on advertising which resulted in $40,000 of sales, then your return on advertising is $2. That means that you made $2 for every dollar that you’ve spent.The best way to maximize your return on advertising spending is understand your audience and focus your marketing strategies on where they are on-line and off-line.

4.  Conversion Rate

This is a metric that measures how many of your visitors are converting into customers. For an example, If you have an on-line store — you can measure the conversion rate by dividing the number of people that made a purchase by how many new people visited your store. If you have 500 purchases and 10,000 unique visitors in a month, your conversation rate is 5%.

KPIs help you keep track of progress in all areas of your business from operations to marketing and help your reach your goals faster. In order to determine your KPIs, you should consider your organization’s objectives, how you plan to achieve them, and who is responsible for implementation. This should be a collaborative process to ensure that everyone understands the direction your business is heading in.