Business-to-business Strategy
Amateur Marketing is costing small businesses thousands
Two new surveys suggest that the majority of Britain’s 4.8 million business
owners are confused about marketing in general and internet marketing in
particular. And this confusion comes at a huge cost — the research pegs the
shortfall at £25,417 per business.
Research by Wolters Kluwer has found that small business owners are prone to
a “lone wolf” approach to decision-making. The vast majority are much more
likely to trust their own instincts than seek qualified guidance from an
expert.
The second survey, carried out in association with the Centre for Economics
and Business Research (CEBR), found that UK businesses are losing out on £122
billion of sales because of poor marketing.
Poor online performance
More money is wasted on marketing than in any
other part of most small businesses.
You only need to have a look at a firm’s website performance to see how
unprofessional they can be. A typical website for a small business might cost
£1,000 to £4,000 and yet most produce few leads.
One of the myths about internet marketing is that having a better looking
website will create more leads. It is simply not true.
There are two key factors affecting online success; traffic and conversion.
The average conversion rate on the internet is 1% and that means that 99% of the
people that come to small business websites leave without making a sale. This is
costing SMEs a small fortune in lost sales and income.
Small firms need to be more prudent with their marketing and do three key
things:
Reduce the money and time that is wasted on marketing;
Improve the performance of each and every element of current marketing;
Build new marketing and income streams onto the business.
Where do you start?
The first step is to understand your marketing numbers. This includes numbers like
the volume of people that visit your website or the number of networking events
you need to attend to get a lead.
Step two is to think about improving your numbers. How can you win more
business from referrals? How can you create an on-going stream of leads
from LinkedIn? How can you improve your lead conversion rate?
Step three is to start to build new streams of income in a tested, measured
and consistent manner.
Top tips for prudent marketing
1.Measure your sales and marketing.
2.Never be satisfied with the results you are getting.
3.Learn and embrace new technology.
4.Use marketing without money strategies before you start to spend.
5.Take marketing seriously. Marketing is the key to your success. Consider yourself a marketing company and as such, you need to be
better at sales and marketing than your competitors.
Source: Steve Mills is a UK marketing expert and author of the e-book, The 10 Biggest Lead Generation
Mistakes Most Small Businesses Make.
Two new surveys suggest that the majority of Britain’s 4.8 million business
owners are confused about marketing in general and internet marketing in
particular. And this confusion comes at a huge cost — the research pegs the
shortfall at £25,417 per business.
Research by Wolters Kluwer has found that small business owners are prone to
a “lone wolf” approach to decision-making. The vast majority are much more
likely to trust their own instincts than seek qualified guidance from an
expert.
The second survey, carried out in association with the Centre for Economics
and Business Research (CEBR), found that UK businesses are losing out on £122
billion of sales because of poor marketing.
Poor online performance
More money is wasted on marketing than in any
other part of most small businesses.
You only need to have a look at a firm’s website performance to see how
unprofessional they can be. A typical website for a small business might cost
£1,000 to £4,000 and yet most produce few leads.
One of the myths about internet marketing is that having a better looking
website will create more leads. It is simply not true.
There are two key factors affecting online success; traffic and conversion.
The average conversion rate on the internet is 1% and that means that 99% of the
people that come to small business websites leave without making a sale. This is
costing SMEs a small fortune in lost sales and income.
Small firms need to be more prudent with their marketing and do three key
things:
Reduce the money and time that is wasted on marketing;
Improve the performance of each and every element of current marketing;
Build new marketing and income streams onto the business.
Where do you start?
The first step is to understand your marketing numbers. This includes numbers like
the volume of people that visit your website or the number of networking events
you need to attend to get a lead.
Step two is to think about improving your numbers. How can you win more
business from referrals? How can you create an on-going stream of leads
from LinkedIn? How can you improve your lead conversion rate?
Step three is to start to build new streams of income in a tested, measured
and consistent manner.
Top tips for prudent marketing
1.Measure your sales and marketing.
2.Never be satisfied with the results you are getting.
3.Learn and embrace new technology.
4.Use marketing without money strategies before you start to spend.
5.Take marketing seriously. Marketing is the key to your success. Consider yourself a marketing company and as such, you need to be
better at sales and marketing than your competitors.
Source: Steve Mills is a UK marketing expert and author of the e-book, The 10 Biggest Lead Generation
Mistakes Most Small Businesses Make.
