For many decades to come, the catastrophic effect of the present crisis caused by the corona virus pandemic will still be told. Right now, many businesses are struggling to generate revenue while thousands of businesses have already folded up. Resorting to online marketing is quite helpful in generating more customers, hence more sales.
But, it takes a lot of efforts to beat the competition on the online market place. While the lockdown has been relaxed, health experts predict a looming second phase lockdown – which is quite terrifying news. It’s time for small and medium scale businesses to buckle up more than ever before and adopt the best strategies for winning the cyberspace marketing war.
Here are best tips that businesses will find very helpful in marketing their businesses online during these hard times;
Tip #1. Strive to Boost Margins
With good margins, breaking even and improving cash flow will happen even if you sell less. One of the best strategies to accomplish this feat is to engage innovative technologies like data science, machine learning and artificial intelligence, including outsourcing to improve performance in different aspects of your business. These aspects include customer support, marketing, as well as inventory management.
This is how these innovative technologies work; they will use your business’ data to unveil tons of insights. A typical example of such insights includes the segment of consumers that are likely to purchase high value items.
They may also reveal the products that are most likely to be in high demand in the coming week or month. Subsequently, a business owner can become strategic with advertising and cut back operational in-efficiencies. Thankfully, it is easier these days to leverage these technologies. And, some of these technologies specifically target SMEs.
Tip #2. Use Multiple Marketing Channels
Another great way to become increasingly resilient in marketing your business online is to engage multiple channels. These channels include social media advertising, pay-per-click, display advertising or email marketing. Unfortunately, tons of small and medium scale businesses are using just one channel to market online.
While relying on one digital marketing channel worked (though not bringing in much more revenue) before the pandemic crisis, it will be a setback right now when virtually everyone is turning online to shop and the competition among businesses is stiffer. So, to catch more customers and retain existing ones, SMEs need to market their brands and offers on multiple online channels. Besides, as the old saying goes, “it’s not good to place all your eggs in a single basket” to help wedge or minimize risks.
Finally, to stay in business during these hard times, it’s time for SMEs to expand beyond their local regions. You should look to other regions, including global regions where you can market your brand and hire the best employees.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.