Every business is different. Every business operates differently but I think every business has similarities too. Knowing the right time to invest and the right time to wait is a big part of a business decision. That opportunity to grow through marketing is always the goal but when do you pull the trigger on that marketing campaign you've been thinking of doing? There are multiple ways to know its time and we aren't in the business of writing 20-page blog posts so here are three signs you know it's time to invest in marketing.
1) You Need To Reach A New Audience.
You have been in business for awhile now and you feel you have a pretty good name for yourself. You have your regular customers and are getting some new ones but business has slowed down a bit and you feel it's time to look at a marketing strategy. If you are looking for instant brand awareness, a Google Adwords display campaign might be the answer or maybe a media buy with outdoor advertising like billboards. When looking to gain a new audience at mass volume, display advertising is generally the answer. Get your logo, your company message in front as many people as possible and wait for the results to trickle in. Keep in mind, this is a long-term play, don't expect to spend a few thousand in radio/PPC and outdoor in a month and expect a return right away, brand awareness takes time.
2) Revenue has picked up. Let's keep it going!
Your business is in a great position. Revenue is increasing steadily and your costs are remaining the same. Your accountant is thrilled with your bottom line and you have the funds to invest in marketing. No longer are you thinking about the month's scheduled work, but you're thinking about the contracts you need to land in six months time. Investing in search engine optimization (SEO) can pay off big since people can skim over those Google Ads in the search results or have Ad Blocker removing them all together.
Through ongoing SEO, you can start to see your traffic rise through organic search traffic. The people landing on your page through organic search results are educated on what services you offer and are in buy mode.
3) You have a NEW product or service to promote.
If your business is growing, likely so are your product or service offerings. You've spent all of this time, resources and energy on creating this great new product or service but no one knows about it. It's important to invest now more than ever so you can get your investment back faster. Depending on your product or service, a social media campaign complemented with video could be the best bang for your buck. You've already spent a lot of money and are looking for a low-cost solution to reach a mass audience and build some engagement. A simple product or service giveaway contest on your preferred social media platform might be the answer you are looking for. Be sure to track your success through Facebook Insights or another reporting tool. Also be sure to review our blog post on Five Ways to Avoid A Social Media Campaign Fail.
Get started with a Marketing Strategy that will work for your business!