Posts Tagged: marketing
Many people have a hard time telling apart what digital marketing is and the different ways it incorporates social media. It is imperative to understand that while social media platforms are used for connecting and interacting on a large scale, it can be used as part of digital marketing. In order to promote a business and raise brand awareness.
Social Media Promotes Communication
In essence, businesses and individuals can use social media to connect and communicate with customers, making it easier to get the message across. Moreover, thanks to globally connecting people, it is possible to find out about news faster than ever before.
Use Social Media for Promotion
Many companies adopt social media strategies, not only to connect with their customers in order to gather feedback but, also to promote their business. It is easier to share posts and videos about your business online and hope to expect people outside your target audience to be aware of it as well. Furthermore, communicating with your customers will allow for a better understanding of what they want and what you need to change about your business.
What is Digital Marketing All About
Marketing your business nowadays is done differently than it was in the past. So much so that results are instantaneous and you will have feedback readily available for you to look through if you need to change anything. Digital marketing makes it also possible to implement various strategies which can make your promotion more successful. Grasping the basics of digital marketing are crucial if you want to take advantage of what it has to offer.
Are These Two Phenomena Mutually Exclusive?
Although social media could be categorised under digital marketing strategies, they are not mutually exclusive. Depending on the type of business you are running, you can use one to promote your products and the other to stay in touch with your customers. Being able to find new customers without having to spend a lot of money will be more than useful for any business, which could help focus resources on other important matters.
Starting Your Digital Marketing Strategy
While it might seem easy to come up with a strategy right off the bat, it will require time and preparation. Instead of having to go through a long process of finding the best strategy for your business, you can hire a professional digital agency to help you out. They will have plenty of expertise to steer you in the right direction and to give you pointers on what your next move should be.
Stay Ahead of Competition
One of the main reasons of marking your business’ presence on various social media platforms is to be aware what ongoing trends are, and how to take advantage of them. Even more so, you will be able to find out what your competition is up to and try to act before they can outshine you. Reaching out to your customers will be necessary if you want your business to thrive and become more successful. Without the help of social media, it is going to be extremely difficult.
In order for your business to become more successful, it is vital that you understand the underlying marketing strategies you can use on social media and how to improve your digital marketing approach. Connecting and reaching out to people is one thing, but, unless you are able to make the most of it, you will still have to learn to embrace digital marketing trends. Keep an eye out on what makes a good strategy and you will be able to better promote your business.
This is an article Mike Cooch wrote for Entrepreneur.com.
I’m just like most other entrepreneurs I know – I have at least three new business ideas before I get out of bed in the morning. And the ideas just keep coming throughout the day.
Thankfully, after years of trial and error as an entrepreneur, I’ve learned to evaluate my new ideas carefully to determine if they are actually an opportunity, instead of just an idea.
Even more importantly, I’ve learned to evaluate if it’s a good opportunity for me and the lifestyle I want to create for myself.
I do that evaluation by asking twelve questions that I’ve found are critical to determining if a business is right for me. If I have more than a few ‘No’ responses, I can immediately cross the idea off of my list and forget about it. If it’s all ‘Yes’ responses, I know I have an idea with real potential.
Here’s the list of questions, with some of my thoughts explaining why each is important to me:
- Will this business support the lifestyle I want (income, ability to travel, flexible work time, etc.)? I work to live, not live to work. I also love to travel and have flexibility in terms of when I get my work done. That immediately disqualifies many businesses.
- Is there proven demand for the product I am going to sell? Creating demand is hard, slow and expensive. I’d rather capture my share of already existing demand.
- Is there a clear value proposition that will make my product unique in the marketplace? Business is no fun if I don’t have some sort of competitive edge.
- Is there a very clear way to market and sell my product or service through existing channels? Leveraging existing sales channels is the fastest and easiest way I’ve found to get a business off the ground profitably.
- Can I leverage online marketing and social media to grow this business? These are two of the most powerful business-building forces of our time; I want to be sure to take advantage of them.
- Will this business have gross margins of at least 50% and/or net margins of at least 20%? At the end of the day, a business has to make money.
- Can this business become a sell-able asset? The big win often comes from being able to sell and exit your business when you are ready, but not all businesses are easy to sell.
- Can I automate the majority of the operations of the business? I try to take advantage of as much automation as possible to reduce the overhead of operating a business.
- Can I easily find someone to successfully run the business for me? Eventually, I’ll likely want someone to run the business for me.
- Is this a business that can easily be handed over to someone else, or does it require my specific knowledge and talents?
- Is this a business that I’ll find fun and interesting to run today? Yes, life insurance is very profitable, but it’s not fun. Profit is not enough; I want to be in businesses that I actually enjoy.
Is this a business that other people will find fun and interesting? I’ve found that it’s much more enjoyable to be in a business that other people think is fun and interesting.
- Is this something I’ll still be willing to run seven years from now? The reality is that most businesses don’t grow as quickly or as profitably as I’d like. If I am still running this seven years from now, will I still find it enjoyable?
Use these twelve questions to evaluate your business ideas. You should be able to answer ‘Yes’ to the far majority of the questions.
If not, drop the idea and be thankful that you didn’t invest your time and energy into something that ultimately wouldn’t fulfill your entrepreneurial dreams.
Now, go build something!