Indiaâ€™s startup ecosystem has seen impressive growth in recent years. The number of new businesses in the country has grown by a whopping 700% between 2008 and 2018, according to data published in a KPMG report. There are various reasons for this phenomenal growth, including internet penetration, favourable government policies and the easy availability of business loans and working capital finance.
Running a thriving business isnâ€™t easy. It is estimated that 30% of companies close during the first two years of operation. Among the top reasons for this is not having the right marketing strategy. Here are some tips for marketing your small business.
Have a Killer Website
Create a clean and straightforward website, as this will be more cost-effective and look professional. Ensure to showcase your core team with their qualifications and experience. This can help you build credibility since your business may lack client success case studies. Tell your story and put up some pictures of your team on the website, as a personal connect can go a long way in winning customers.
Create a Marketing Budget
Small businesses do not have a substantial dedicated capital for every purpose. With payment to vendors and overhead expenses pending, such businesses often forego their marketing spend. This, however, causes a dip in future sales and can threaten the very survival of a business. Itâ€™s best to set a marketing budget and consider taking a short-term business loan to meet the working capital needs. With the availability of flexible working capital finance, itâ€™s possible to invest in the future growth of a business.
Claim your My Google Business Page
Google is used by millions to search for everything, including new products and solutions. What many businesses donâ€™t know, however, is that Google offers a tool that can help drive customers to their website. The Google My Business (GMB) page allows businesses to interact with prospective customers and control the local information of the firm. You can enter business information like location, contact details, URL and photos. Many people do not go past the GMB page results when looking for a service or product. A well-optimized GMB page can help businesses attract a lot of customers.
Coupons are an extremely effective marketing option. Customers love discounts. Thus offering discounts on your products can help you expand your customer base. Coupons have also been found to increase the number of return visitors.
While advertising in newspapers and television is far too expensive for small businesses, online ads are not only cheaper but are also results-driven. This means you pay only when someone clicks on the ads and visits your website. You can try ads on social media or Google ads, depending on the nature of your products or services. If youâ€™re receiving enough traction, consider taking a working capital loan to increase lead generation.
Apart from these, posting regularly on social networking sites, like Facebook and LinkedIn can help you reach out to prospective customers as well as vendors and business associates.