Traditional Marketing Strategy Fails
hands on a computer
There a lot of reasons why the marketing strategy of a small business might not work. In the era of the digital age, more and more businesses are moving away from traditional strategies in favor of using methods better suited to the online world. This can mean those businesses that don’t update their marketing strategy may be left behind. Let’s use an example. Suppose we have a small hairdressing business (Tim Brown & Co) based in a fictional town (Little Chipworth). Tim Brown & Co. has been doing reasonably well. But the majority of their clients are repeat business. The business has some loyal clients but there haven’t been any new leads for a while. Without new leads, leading to new customers, the business can’t grow. Tim Brown & Co. spends a lot of money on traditional marketing techniques. It orders beautifully designed flyers, bearing the business logo, mission statement and contact number. But sadly most people see these kinds of flyers as junk and put them in the trash. The result? No new leads. People hear the radio ads, but don’t note the contact number. The TV ad lasts for ten very expensive seconds. Viewers’ attention is then grabbed by the next ad. End result? No leads.
What Happens Next?
Those who see and hear the flyers and ads will probably be unable to find a hairdresser when they want one. What will they do? Conduct an online search to see what hairdressers are close by. And this, more often than not, is why traditional marketing strategies can fail. If Tim Brown & Co. doesn’t appear when potential clients search online for hairdressers in Little Chipworth, then they will lose potential new clients.
How Can Your Accountant Help?
How is your relationship with your accountant? Do you meet only once a year for the annual audit? It’s likely that you maintain a professional distance. The relationship might be friendly but formal, with specific boundaries. Whatever accountancy firm you use, your relationship with them is probably like your relationship with your family doctor. Your doctor knows confidential information about your family’s health. The accountancy firm knows confidential information about your business’s financial health. Their role is to ensure that the books balance, the taxes are paid and they may have an opinion on your expenditure too.
Most of your budget, apart from salaries, often goes towards your marketing strategy. Are you budgeting wisely? Your accountant will know. Their opinion on your finances matters more than you might think. Remember, this firm’s business is auditing businesses. The accountancy firm knows what today’s businesses spend on marketing. They may know companies which spend less than you do on this but manage to get more business leads. Leads which, in turn, convert to paying customers. The accountancy firm can probably easily tell you if your marketing expenditure is unjustified.
Market Strategy Revision
If Tim Brown & Co. would ask the advice of their accountancy firm which performs its annual audits (Smith, Jones & Co), the firm might get some valuable information. On the auditor’s advice, the company could divert some of its marketing budget towards some more modern strategies that could generate new leads.
Digital Marketing Strategies
Small businesses, like the example used above, should consider their online presence and how many people their website is reaching. Today’s digital consumers are not only expecting websites, but websites with high quality, informative content. Wordpress is unrivaled for it’s easy and free to create sites, allowing businesses to quickly get a website and blog up and running.
Businesses, both small and large should look to include the following things on their website:
- An ‘About Us’ page
- A sales page which includes a virtual number which makes it easy to track leads
- A blog. The blog should be updated regularly, featuring posts about the latest trends in hairstyling, behind the scenes content, new products and any special events or promos.
The company should invite website visitors to subscribe to its blog, offering a ‘free gift’ to those who leave their email address. In the case of the example, this might be a free haircut.
Such marketing strategies help to keep your business at the top of mind for customers who see your site and read your blog.
Accountant’s Wisdom
In today’s business world, online marketing, particularly content marketing, is increasingly important. It might take time for some small town businesses or firms to grasp this, but the word is spreading.
Any type of spending which justifies expense will please your accountant or auditing firm. When the amount of leads increases and converts to paying customers, you’ll know your marketing budget is well spent. So if you need advice on how best to utilize your marketing budget, ask your accountant’s advice. Those who regularly audit the accounts of different businesses should be able to give you some insightful answers in regards to the effectiveness of your marketing strategies.
Author Bio: Ellie Saunders is a young mother who is passionate about digital businesses. She is currently enjoying her marketing role at eVoice, a place where businesses can get virtual and toll free numbers.