It’s that time of year again. We just passed the halfway mark, and it is time to think about 2020. So, as you review your sales for the current year and your projections for the rest of 2019, it’s time to start asking: How to increase sales next year?
There are many ways to achieve your sales goals, but marketing must be part of the mix. But, how big of a piece of the pie (budget) should a small business dedicate to marketing?
The Small Business Administration recommends allocating 10 to 12 percent of your gross revenue to marketing and advertising. That may seem like a large chunk of your budget, but it may be the key to successfully reaching your revenue goals.
Where Are Small Business Owners Investing Their Marketing Dollars?
Most small business owners spend time and money on three types of marketing: 54% use email, 51% have a website, and 48% are using at least one social media platform. However, to ensure you are getting the most out of your hard-earned dollars, you need to review the types of marketing you’re using to figure out what is working to grow your business and what may need tweaking.
Are You The Go-To Provider For Your Service In Your Area?
The days of the hard sell are pretty much over. Today’s consumer invests time and energy researching before they make a purchase, large or small. To take advantage of a more information-hungry consumer, develop a content marketing program that provides engaging information about the benefits of your products or services. This approach allows you to become a part of the decision-making process, even without being contacted directly.
Are You Measuring Your Results?
There is a saying, “What gets measured gets done.” This holds true for marketing. To really know how your efforts are impacting your company, develop a process to measure your efforts, and evaluate your results.
Are You Learning From Every Marketing Campaign?
Measuring results will allow you to track which of your efforts are growing your business and which simply are not. After you review your approaches, you may discover that you need to make some adjustments. This would be a great time to consult a marketing expert. They can review your results and recommend changes that will allow you to see sales increase needed to reach your goals.
Are You Engaging Your Customer Online?
It’s important to remember that not all marketing efforts have a direct impact on your bottom line. Social media, for example, frequently is used to help you build your brand. Posting on any one platform may not translate into a direct upswing in revenue. However, it is essential to maintain a presence online to help build awareness for your organization.
How Do You Plan For 2020?
- First, remember the importance of focusing on the right types of marketing solutions. It’s important to stay on top of consumers’ minds.
- Engage your customers online. You want to be the first company your customer thinks of when they need the product or service you offer
- Lastly, spend your budget wisely. Doing so will help you see a real increase in sales without breaking the bank.
If you need help determining the right mix of marketing solutions to help your business achieve its sales goals in 2020, contact Converging Currents by calling 904-509-0499 or emailing diane@convergingcurrents.com, we are here to help!
