In a recent article, financial analyst Avi Tiomkin wrote:
“The U.S. economy is undergoing a clear slowdown in the past year. The industrial sector […] is already in the midst of a recession, and other leading sectors of the economy are exhibiting tangible signs of weakening and possibly even changing course and direction.”
Mr Tiomkin’s article goes on to explore the intricacies of the U.S.’s current economic state, and is a must-read for anyone either looking to launch a business or in the early stages of running one.
However, despite the uncertainty one may feel about the economy, thousands of American businesses continue to launch every year. Digital entrepreneurs can set-up companies almost anywhere, and web-hosting services allow anyone with a vision to build a site and monetize it.
Still, regardless of the economic factors, any business’s future rests on establishing a client-base. In turn, this depends on effective marketing – and the internet has made this easier than ever, despite the fierce competition in today’s marketplace.
No matter how big or small your advertising budget, the following tips can help you connect with valuable clients in a cost-effective way.
# 1: Define your Target Market in Shifting Economic Climates
Sounds absurdly simple?
So it should. Yet some businesses neglect to review their target market as economic changes occur: the clients you aimed for a year ago may not be in your price-range any longer.
As a result, your ads may be misplaced or unseen altogether. Study the spending habits of your current ideal customer, and try to identify whether or not they are still worth chasing. Channel money into ads more likely to reach the people likely to deal with you in today’s climate.
# 2: Advertise in your Own Backyard
Research shows that 4 out of 5 users conduct local searches on Google. 54 percent of mobile users are interested in business hours of local companies, and 67 percent also want ads personalized to their zip code. A further 61 percent want these ads targeting their precise location.
Invest in targeting your local customers as well, rather than exclusively at a national or global level.
# 3: Focus on ROI Over Clicks
Your overall goal in placing ads is return on investment (ROI). Too many companies obsess over the number of clicks they achieve, rather than how valuable said ads actually are.
You can get more for your buck by narrowing your target market and aiming for today’s ideal client instead of yesterday’s.
# 4: Follow Your Own Path
While it makes sense to follow bigger competitors in some respects, simply copying their advertising strategy could be a mistake. Their demographic may not be exactly the same as yours, and their clients could be willing to spend more with an established brand than an SMB like yours.
Learn from competitors’ successes, but establish your own marketing strategy.
Economic conditions may fluctuate, but B2B and B2C ventures can always find their target buyers through effective advertising. The important thing is to keep up with marketplace changes, stay engaged with your client-base, and ensure you refine your ads to shifting budgets.
At Nett Solutions, our Orange County Digital Marketing experts work to help businesses in a diverse variety of sectors reach their target demographic through tailored direct-marketing. Benchmarking your website is a great place to start. You can do so by clicking here.