Best SEO Marketing Pte Ltd shares 3 ways on how businesses can better market themselves amidst the COVID-19 pandemic.
Tip 1: Understanding the important numbers of your business
Most businesses should take this time of slow growth to understand two important metrics in their business: what is the cost of acquiring a customer, and how much a customer is worth to them. Understanding these two metrics makes it easier for them to scale.
The cost of acquiring a customer is usually determined by the number of customers that convert given your marketing spend.
For instance, if your business were to spend $1,000 in advertising, and that brings you a customer that pays you $5,000 (less cost of goods sold) , your cost of acquiring a customer is $1,000 and that customer is worth $5,000 to you.
Once you have these two numbers, it’s easier for you to set aside a budget for you to market your products and services. They are the key to allocating how much is required for every marketing dollar to make sense.
Tip 2: Tweaking your marketing message to reach a larger group of people
The second tip would be for businesses to start using what is known as the Larger Market Formula.
The idea is to tweak your marketing message so that you don’t just target potential customers to buy your goods and services immediately.
Most businesses are mostly screaming offers, discounts and sales for customers to buy now. Such a strategy does not have much longevity to it as you’re mostly competing on price. Also, it’s not very sustainable as the business offering the lowest price will win the hearts of the customers. In short, if you live by price, you will die by price.
Furthermore, when you directly make an offer to your customer, you are only reaching out to 3% of the market who wants to take up the offer immediately. However, you are not reaching out to the other 97% of the market who might be problem aware but are not actively looking for a solution.
That is where tweaking your marketing message will help improve sales by leads and bounds. Focusing on quality and other long term aspects of your product or service in your marketing message invites enquiries from a broader customer base, not just those who are already looking for a solution and want to purchase immediately.
That way, it widens the potential market reach with a simple tweak in your marketing message.
Tip 3: Focus on existing customers, and let referrals do the work
Due to the COVID-19 outbreak, most businesses will face a drop in new customers as investors’ sentiments are at an all-time low.
In order to ensure the longevity of your business, it’s important to work on existing customers to create a phenomenal experience for them. That way, you could start generating more word-of-mouth business.
The best kind of lead or sale that every business will receive is a referral. Referrals are also highly likely to convert to a customer.
By providing the best possible solution and service for your own existing customers, a lot of goodwill and trust will be created, leading them, ideally, to continuously refer your products and services to the people around them.