How a Client’s Digital Marketing Strategy Helps a Company Double in Revenue
Summary: In today’s Entrepreneur MBA podcast guest, James Hipkin from Red8Interactive speaks with Stephen Halasnik from Financing Solutions about how one of his clients doubled in revenue using a digital marketing strategy. They talk about the most important step when coming up with a digital marketing strategy. They also talk about things that are very important for your small businesses to succeed such as a lead generation marketing strategy and the type of customer you should focus on to keep expanding your business.
Digital Marketing Strategies and Small Businesses
There is a lot of flexibility when it comes to digital marketing with small businesses. There are a lot of options so there can be a lot of confusion with what type of digital marketing techniques to use for small businesses. It can get overwhelming if they haven’t used digital marketing and are stuck with traditional marketing techniques. Some traditional marketing techniques are still even used today because people are comfortable with how it works.
The Most Important Step in Coming up with a Digital Marketing Strategy
The most important step is understanding your audience. The number one mistake James sees people make is called inside-out marketing. This is simply when marketers or businesses talk too much about themselves without truly understanding what the customer is looking for and what problem they are trying to solve. This is the opposite of what you need to be doing. Simply understanding your audience and taking time to know the customer makes a huge difference in how you focus your messaging, what digital tactics you are going to choose, and how you cultivate the relationship over time.
Digital marketing allows you to be a lot more accurate and fine-tuned with your targeting. It allows you to get the right message to the right person at the right time easier than other channels. Email marketing is the easiest way to reach your current customers and create value in that email marketing stream. Another cost-effective way to reach out to your customers is organic social media. Understanding your audience is also very important for organic social media. Organic social media also depends on who your audience really is and where they are in the digital landscape. It is a great way to reach out to more people and get more potential customers. Your organic social media page should be filled with the information the customer finds valuable and should be strictly things the customer will be interested in.
Ways a Client’s Company Skyrocketed in Revenue
The first thing the client came to James for was a new website. James made the website more internet friendly and effective in delivering their products so they were to double their revenue in the first year. The website wasn’t changed much internally, just updated. You need a cohesive strategy where the pieces are connected so the company can strive.
The second thing the clients did was focus on organic social media and email marketing which is important for building your brand. This made them triple in revenue for their third year. The clients had a plan with the company, they understand their audience, and they understand what their audience values.
The Value of a Consulter
One reason why they’re valuable is that they are very experienced in their field. Because of this experience, they will get you up to speed much quicker. Another reason is you’ll save money if you bring in a consulter rather than using up valuable money-making mistakes and paid for ads on social media.
Importance of a Marketing Strategy and Customers
Having a lead generation for a small business is the key to expanding as a corporation. It has to be effective which means measurable. You have to have techniques that are producing clients quickly. If you want to keep expanding you have to develop a lead generation strategy that works and it needs to be driven by the customers you want to attract.
Lead generation is super important for the companies higher up because usually, the way people know about a particular resource is through other people. Marketing strategy is heavily used by professional services so you need an updated website if other people access your website.
Customers are another aspect of a marketing strategy. It is more important to keep your current customers than to obtain new ones because the current customers are the ones giving you the revenue. Only 20 percent of your customers are driving your sales. You want to grow your best customers into giving more often in different ways. The longer a customer is with you the more loyal they are and the better return you get on the initial investment that was required to even get them. The longer they are with you also means they understand how to use your products more. This will also result in them being less expensive for you to support. They also understand the value of your products so longevity also increases the likelihood of them paying full price for your products and buying more products. Customers will also spread the word of your company to others the longer they are with you.
There are two different types of customers. The ones you want to focus on are called the best customers. They are heavy category users which means they have a different perspective on the products as opposed to the average user. This depends on what a customer needs exactly. The problem scenario you make for a heavy customer is not going to be the same for an average customer.
How Has Digital Marketing Changed Measuring
Digital marketing has definitely had an impact on measuring. There are still people that don’t understand testing. It also depends on what exactly you are measuring. Some techniques from the ’70s for measuring are still being used today. Digital marketing gives you more power and resources to measure but it all comes down to understanding what you are exactly measuring.
About James Hipkin from Red8Interactive
James Hipkin has built his clients’ businesses with digital marketing. Today James is passionate about websites and helping the rest of us understand online marketing. With his customer value and his jargon-free common-sense approach, he explains the ins and outs of digital marketing in ways that just make sense.
About Financing Solutions Small Business Line of Credit
Financing Solutions provides an easy-to-setup unsecured business line of credit to small businesses. The small business financing product is a great cash backup plan that costs nothing to set up, nothing until used, and is inexpensive when needed. Financing Solutions is rated A+ by the Better Business Bureau and 5 stars by the BBB/Google Reviews.
Unlike a traditional business bank loan, our business credit line requires no collateral or personal guarantee (except in cases of fraud) making it an excellent alternative business financing option. Small businesses often used their line of credit for short-term expenses, working capital, to make payroll, or for a business investment especially when business cash flow is temporarily down.
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