In 2017, the economy has begun to stabilise after the recession, and now more than ever, people are deciding to start their own business.
Because of this, it is becoming more and more difficult the remain relevant and to be successful in such a saturated market.
It’s believed that only 20% of entrepreneurs who start their own business make it past the two year mark. This surprising statistic means that it’s now more important than ever to make sure that you are getting your company’s name out there.
Once you have set up your business, the most important thing to consider is how you are going to market your business and get the brand name out there in front of the right customers and clients.
All of the modern marketing strategies can fall into two categories “traditional” and “digital” marketing. Both techniques have their pros and cons, so the real question is, which one should you choose?
Traditional Marketing Techniques
Traditional marketing is a much older method of marketing than digital and has been perfected and ironed out over the years. Every advert you see on television, or walk past in the street can be attributed to somebody’s hard work as a traditional marketer.
Traditional marketing holds the power to be able to stick in your mind and resonate with you for a long while afterwards.
Whenever you’re in a shop or walking down the street and somebody offers you a sample or a voucher, these are all techniques to get you talking and thinking about the product or service that a company is selling.
A lot of these techniques mean that your business can get in front of a lot of people all at once, for example and advertising during prime time television can help to get your business and brand in front of a lot of people at the same time.
One of the biggest downfalls to this technique, is something that is referred to as “throwing mud at the wall”, regardless of how many people you put your product or brand in front of, there is no guarantee that they will be interested in your services.
Because of this downfall, traditional marketing techniques have to be channelled to reach the right people. Other unique marketing methods, such as giving out silicone wristbands with slogans and vouchers have also been proven to be effective.
Digital Marketing and the New Age
Digital marketing allows you to be much more specific and target people who will want to buy your product or services, this prevents your business from exploring the potentially damaging techniques that mean “throwing mud at the wall”.
As well as using SEO and PPC, many companies also go down the paid social media as part of their campaign, as it is cheap, easy to use and can end in great results. Similar to traditional marketing techniques, digital marketing techniques and strategies make more of a positive impact when they are designed together.
For example, social media campaigns are useful when they are combined with SEO campaigns or PPC campaigns. All can have a positive impact individually, but all are more successful when combined with one another.
How Should I Market My Business?
Both strategies are not without fault, and it’s important to make yourself aware of these before choosing a campaign to suit your business. Continuing with this notion of “throwing mud at the wall” for the traditional techniques, it’s difficult to measure the success of any campaign you begin.
So regardless of how much time, effort and money you invest into various advertisements, billboards and hands on marketing teams, you will never know how many sales are due to this marketing effort.
A way to semi get around this is to choose one location to focus on and to analyse the sales before and after the introduction of your marketing strategy.
As for digital marketing, any online platform used gives your customers the opportunity to leave negative feedback, which can be really poor in the long run.
Additionally, it could take some time to get your business on the first page and in front of the right people at the right time.
It is a good idea to have a play around with all of the different options and make sure that you explore both techniques, this way you can tailor a marketing strategy to suit your business needs and enhance your ROI massively.