Big businesses have significantly more resources at their disposal – a large corporation’s marketing budgeting for a couple months, for example, may rival a small business’s revenue for the entire year. However, small businesses aren’t totally out of luck just because larger competitors have more money to burn. By balancing budget and effort to maximize impact, small businesses can carve out a competitive edge and level the playing field.
Agile Marketing To Level The Playing Field
Small businesses with limited budgets can gain market share and compete effectively by focusing on data-driven, meticulous campaign management. A smaller team means you can pivot much quicker whenever and wherever necessary and more easily ensure every dollar you spend is going to the right place. Focus on a minimal market share and optimize the heck out of it by leveraging this advantage and maximize the way your business markets to consumers. The way to do this is to know EXACTLY what yields the best ROIs. Closely tracking and monitoring campaigns to pinpoint high-yielding results and leveraging these results to drive conversions at minimal costs can help you capture the market.
Using Google Ads Effectively
The cost of a keyword on Google ads is determined by the conversion rate. For example, most professional services such as law firms, doctors, and dentists’ offices are associated with quite high cost-per-click on the majority of keywords. If someone is looking for a specific local service – such as “divorce attorney near me,” – they will probably call the firm they find to follow up. This lets Google know the value of this keyword is high, and the cost may rise. This means that for most small businesses, it may be too expensive to bid on this keyword. However, small businesses can leverage more specific phrases with lower costs and competition (known as long-tail keywords). A keyword like “lawyer in Miami, Florida specializing in estate law” may not get as much incoming traffic, but it costs less, and the intent is still specific enough to drive business your way. You’re getting more bang for your buck.
Marketing Strategies For Small Business
Here are some strategies small businesses should hone in on to stay competitive:
- Defining a clear bludget: Know exactly how much you can spend on marketing while staying profitable and let it determine whether you are able to, and how you are able to, advertise on a specific platform.
- Analyze everything in your lane: Study your competitors’ advertising strategies, pricing, and online presence. Get quotes from competitors, look for their online presence, see their approach, and do your best to find a common denominator.
- Hone in on high-converting services or products: Figure out which offerings generate most revenue and build your campaign around them.
- Scale gradually: Start with a reasonable budget, get the initial sales revving, and then reinvest profits into scaling your marketing efforts.
- Leverage your specialized knowledge: Big companies are typically broader than a small business with a specific service or product specialization. Highlight your expertise in your sales pitch and marketing efforts.
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