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How Small Businesses Can Thrive in The New Influence Economy. Entrepreneur MBA Podcast 4.3

Summary: In today’s podcast, Kurt Uhlir, and Stephen Halasnik from Financing Solutions discusses how small businesses can thrive in the new influence economy.  These solutions have infused efficiency and effectiveness in the marketing mix of entrepreneurs. 

How Small Businesses Can Thrive in The New Influence Economy

small businessKnowing how to scale a business in this modern economy is essential for owners of small businesses. Entrepreneurs must constantly seek innovative ways to influence customers’ choices to drive sales effectively to run a successful business. 

Today, one area that stands out in small business marketing strategy is the influence economy. Influence economy involves factoring everything that comes into the potential buyers’ perception, including what they feel and think about your product while crafting a marketing strategy. Customers are increasingly becoming curious about the products businesses offer. They want to know how the product they intend to buy will solve their problems and the track record of the company behind the product. 

Marketing in the new influence economy entails using a data-driven marketing strategy to reach out to customers. The marketing team should be readily available to offer that practical experience to customers with the most effective marketing channel. 

Furthermore, consistent lead generation is important for a small business to thrive. It’s a veritable means of keeping tabs on customers to gain actionable interest in your products. Effective marketing in small businesses is crucial for their survival. Plus, investors would want to know the viability of your market strategy before giving grants to your small business. 

Marketing is the most critical strategy to grow a business. When implemented correctly, it generates enormous results. Most successful businesses don’t downplay the impact of creative marketing on their business; hence they continually strive to develop novel ideas that resonate with customers. In addition, modern technology has opened numerous opportunities for small businesses to leverage to make their products known to the world. 

But the big question is how do owners of small businesses stay ahead of the marketing curve to provide added value to their customers through their offerings and significantly maximize their market value? This piece intends to provide a plausible answer to the preceding question. 

Leveraging Using Influence Marketing

Influence marketers have experience with a company’s products and brand. They engage with the brand on social media and receive their email blasts. They are external people who have no ties to the business and influence sales by sharing their thoughts and feelings about your company through reviews and other means. Small business owners should not downplay their importance while fashioning their marketing strategy as they’re an essential part of the marketing mix. However, to maximize their relevance, you should be able to identify who has the most influence from those who have already established a relationship with your company. However, the potency of influence marketing lies in the thousands of everyday influencers. They are your most loyal customers, and fans motivated by passion and have a strong interest in your products.

Digital Platform for Effective Marketing 

In recent times, digital platforms have become readily available for owners of small businesses to utilize and optimize sales. Undoubtedly, no business venture can flourish effectively without using digital tools to reach out to customers. Digital platforms such as Websites, Facebook, Tiktok, Google, Linkedin, and more have increasingly proved their significance in the marketing space. Small Businesses that have learned the overwhelming impact of digital marketing on sales are already keeping positive bookkeeping. Moreover, digital tools are quite inexpensive and can quickly maximize return on investment. 

One digital tool that is prominent in today’s marketing mix is Tiktok. TikTok is increasingly becoming an effective marketing tool for owners of small businesses, and it’s pretty easy to use. Tiktok allows entrepreneurs to create engaging content with videos around their products. Videos on TikTok can be anywhere from five seconds to sixty seconds long. In addition, you can easily add in eye-catching filters and special effects.

Furthermore, Tiktok Algorithm provides users with recommendations on which videos they should watch based on their past viewing experience. The algorithm makes it easy for users to discover new content.

Small Business Consulting

It’s essential for SMBs to always meet small business consultants to help them improve and develop their small businesses. Small business consulting can help address growth, management, and marketing challenges. In addition, small business consultants can facilitate marketing efforts and help acquire small business grants or SBA loans.

Kurt Uhlir’s Bio

Kurt is a globally-recognized marketer, operator, and speaker. He’s built and run businesses from start-up to over $500M annual revenue, assembled teams across six continents, been part of the small team leading an IPO ($880M), and participated in dozens of acquisitions. He was at the front lines of creating several of the marketing channels we all use today, including social media management, influencer marketing, and location-based marketing. In recent years, he has focused on helping individual business owners and marketing agencies, with a heavy focus on real estate. Kurt and his team have analyzed more than 150,000 real estate websites over each of the past 3 years, and the agent businesses behind them, to identify what works in modern marketing and guide businesses to 10x 

More About Financing Solutions

Financing Solutions, an A+ and 5 stars rated BBB company since 2002, is a direct lender that provides lines of credit to small businesses and nonprofits.

Financing Solutions small business financing product is a great alternative to a traditional bank line of credit because it costs nothing to set up, nothing until used, and when used, is inexpensive. The credit line requires no collateral and no personal guarantees.

Small businesses use their line of credit to help with emergencies or opportunities when your small business’s cash flow is temporarily down (i.e. Payroll funding)

Please feel free to fill out the no-obligation, 2-minute business line of credit application here. The time to set up a credit line is when you don’t need it so that it is ready to be used, just in case.

Note: Financing Solutions donates 10% of its profits to various nonprofit charities.

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