Small Business Marketing: How to Safely Try New Strategies – Search Engine Journal | Region & Cash

When it comes to your small business, are you okay with taking risks?

Have you ever felt the thrill of successfully trying new marketing channels because of your competition?

Perhaps you enjoy the comfort of your current, reliable campaigns?

You may feel overwhelmed by large business growth strategies, but marketing strategies are not one-size-fits-all.

Small companies are different from large companies.

By exploring tried-and-true, successful marketing strategies designed specifically for small businesses, you’re giving your small business a surefire way to expand into uncharted, potentially viral territory.

We’re excited to share some good news – taking risks doesn’t have to be scary, especially when we look at how other SMBs create their marketing plans and use them as guides.

On July 13th, I hosted a webinar with Amelia Northrup-Simpson, Marketing Manager at CallRail. She shared proven strategies tailored to your small business to help you maximize marketing ROI.

Here is a summary of the webinar. To access the entire presentation, fill out the form.

Why small businesses should try new strategies

Companies like yours are experimenting

CallRail surveyed 601 US-based marketers to see how they took risks.

They found that small and medium-sized businesses have gambled over the past 12 months. As a matter of fact:

  • 91% of marketers have tested a new marketing channel or trend.
  • 80% of marketers have tried a new experimental marketing campaign.

As you can see, your competitors may be looking for new ways to differentiate themselves. In their view, the risk is worth the reward.

Uncovering the successful risks they’ve taken allows you to implement their newly tested low-risk strategies.

Risks are worth the rewards

The risks your competitors take are worth the rewards.

  • 98% of marketers agree it pays to test new channels.
  • 86% of marketers agree experimental campaigns pay off.

The result: 96% of marketers say their risky efforts have resulted in more customers.

[Discover more reasons taking risks is worth the reward] Access the webinar immediately.

The risk of not experimenting

Our brains are wired to ask, “What if something goes wrong?”

But: “What if everything goes well?”

Only 12 out of 601 marketers believe experimental campaigns are too risky for their company’s reputation.

That leaves 589 marketers ready to outperform their competition.

It’s important to stay ahead of the game like these risk-taking marketers.

For companies that do not take risks, there is a real risk that their competitors will take the lead.

[Discover how your competition may take the lead] Access the webinar immediately →

The biggest obstacle to risk taking

Most marketers say that the leadership in their company is reluctant to invest more money in marketing and that it is difficult to get approval from the leadership on potential new channels.

85% of marketers say testing new media channels is a worthwhile financial investment for their business.

But 15% still think it’s not worth it.

What is holding potential risk takers back?

CallRail, July 2022

Mitigating risk is as simple as making smart decisions when trying new strategies.

Campaign strategies for risk reduction

Data and organization are your friends for a successful new trial campaign.

Once you’ve established your strategy, make sure you’re ready to pursue what’s working so you can pivot before a potential hurdle.

This is the key to managing risk.

Better tracking capabilities would lead to more successful experiments.

  • 97% of marketers say they would take more risks if they could see immediately if their campaign is working.
  • 64% of marketers say they don’t have an easy/reliable way to prove something is working.
  • 59% say the inability to gauge which marketing channels are producing results is a barrier to running experimental campaigns

[Find out the top tools marketers are using to track ROI] Access the webinar immediately →

Step 1: Learn where marketers are already finding opportunities

Marketers saw social media channels as a great opportunity to attract new business.

The top social media channels for attracting new business are Facebook, Twitter, Instagram, and Tiktok.

[See the full stats] Access the webinar immediately →

Marketers also experimented with other campaigns:

  • 48% started using a new slogan.
  • 41% revised the company colors.
  • 41% started using a new logo.
  • 41% launched a new advertising campaign.
  • 33% tried a new offer.

These are great, proven starting points.

Step 2: New vs. Proven Channels – Adjust budget to match competitor spend

Take the guesswork out of what works and what doesn’t by looking at where your competitors are allocating their marketing budget.

In short, if a channel doesn’t work for your industry, your competitors wouldn’t spend money and resources on that channel.

Put your money where your competitors put their money.

Here’s the approximate percentage of the marketer’s annual budget allocated per category.

Small Business Marketing: How to Safely Try New StrategiesCallRail, July 2022

[See an example of what a carpet business did] Access the webinar immediately →

Step 3: Set a goal that reflects the true needs of your business

How should you approach your goals?

  • Set SMART goals.
  • Set expectations with our colleagues – goal, pace and when to adjust.
  • Set expectations for yourself.

[Find out what SMART goals are] Access the webinar immediately →

Step 4: Implement a tracking plan and know your allocation

Assess the marketing touchpoints a consumer encounters on their journey to purchase.

  • First Touch: A customer becomes aware of your company.
  • Lead Creation: A customer contacted your company.
  • Qualified: A customer is qualified as a potential revenue stream.

You need lead intelligence to determine if risk is working and give yourself time to pivot safely.

[Find out what lead intelligence is] Access the webinar immediately →

The central theses

  • Small and medium-sized businesses are willing to take risks with creative campaigns and new channels.
  • The risks turn out to be worth the rewards.
  • Not taking risks is a risky business.
  • Playing it safe financially is not as crucial as staying competitive.
  • Marketers would take even more risks if they could easily measure the results.

Download the Marketing Risk vs. Reward report.

[Slides] Small Business Marketing: How to Safely Try New Strategies

Here is the presentation:

Join our next webinar!

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Featured image: Paulo Bobita/Search Engine Journal

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