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The Digital Advertising Shift

Monday, July 12th, 2010

The current times demand a diversified marketing approach that encompasses both traditional and digital advertising techniques. Though traditional media outlets such as television, newspapers and radio are still viable channels, businesses should allocate part of the marketing budget to online advertising. The challenge is striking the right balance between the two – conventional advertising and the more promising internet marketing.

Consumers continue to spend more time online. To keep in step with consumer trends, the marketing mix must also evolve and adapt to it. Business owners and executives should prepare the marketing budget based on their anticipation of the consumer trends over the next year.

Increasing importance of e-commerce in businesses

E-commerce is becoming an important channel for small and large businesses. Sometimes, there is a huge gap between the marketing budget and sales trends. This can happen in businesses that have always relied on traditional media channels and retail stores. These businesses still perceive e-commerce shopping cart solutions as a secondary sales channel rather than mainstream business model.

Many times, the most effective media  is not identified correctly by progressive marketers. The source that generates most revenue is not linked to the advertising media. Though traditional advertising techniques can be used to promote e-commerce websites of businesses, it makes more sense to advertise the site using online marketing including pay per click, search engine optimization, social media marketing etc.

The effectiveness of internet marketing is compelling due to the instant return on investment associated with the marketing spend. Recent surveys show that more than half of the businesses in U.S. are shifting marketing budgets from traditional advertising  to online.

Allocating the budget for digital advertising

The marketing executive should allocate adequate funds in the marketing budget to implement online advertising more aggressively. Before forming the marketing budget, executives should consider these figures:

  1. Sales: Compare the sales from traditional and online advertising. From these figures, what can be predicted for the sales trend going into the future?
  2. Profits: Compare the profit margin from the marketing mix. Should digital advertising be pushed more than traditional media?
  3. Return on investment: Compare the ROI of online versus traditional media outlets. Which of the two will show a higher return on investment (ROI)?

The marketing budget and the recession

The recession has made the marketing budget more accountable. Marketing executives realize the low cost of running advertising campaigns using digital media. Audiences can also be targeted more effectively, as a result of which the conversion rates are better. The recession has played a crucial part in faster adoption of digital advertising by American companies. Contrary to traditional marketing techniques, internet advertising results are more measurable. Marketing executives can justify the costs of advertising with quantifiable results.

Internet advertising has many benefits to justify a larger percentage of the marketing budget than traditional media channels. Though traditional advertising is effective in some cases, online advertising is proving to be a more economical and effective strategy that matches the consumer trend towards digital media.

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The Road to Entrepreneurial Success

Tuesday, January 19th, 2010

Every business is the brain child of an entrepreneur. The recession may have put a cap on spending limits and risky initiatives, but it is still a good time for entrepreneurs to thrive. Entrepreneurs with a finger on the pulse of latest trends in the market can leverage technological advancements to their advantage.

The internet is a power-packed tool that enables businesses to sustain profit streams with minimal upfront investments. Small and Large businesses can acquire and reach customers in new markets from their living rooms or office or from their mobile RV as did Philip May who left a middle-management job at Hewlett-Packard (HP), moved his wife and two kids out of their Silicon Valley home, loaded them into a 37-foot RV and hit the road. The plan?  Tracey and Philip started a mobile, RV-based business. (OK, they’re on their third business, but this one, Philip says, has legs.)

The Mays have been to the 48 contiguous states while discovering the freedom and terror of running their own business — TechnoRV, which sells gadgets to the RV community on the web and at number of RV shows held nationwide. Their income is substantially less than it once was, but the Mays’ new gig has its perks.

E-commerce

E-commerce websites are ideal storefronts. Without incurring the overhead of sales people, real estate, equipment and utilities, businesses can offer their customers better deals while making sizeable profit streams. E-commerce solutions companies can help you offer your products and services online by launching your online storefront within hours instead of weeks or months. Customer friendly features such as live chat and online product recommendations can be incorporated to improve customer experience, move products and encourage repeat visitors.

E-commerce solution companies make sure the technology behind the website is robust and can perform with thousands of visitors a day. They also make sure the website design looks appealing and attractive to the target audience. Website designers can also help develop the right look for the business.

Internet Marketing

However appealing and high performing an e-commerce solution  may be, it will not deliver the expected profits without internet marketing. The website’s presence, products and services need visibility to attract the target audience. Search engine marketing and pay-per-click qualify customers and direct them to the website. Businesses can also use social media to spread brand awareness. Customer issues can be handled in forums and discussions. Social media marketing is an effective way to reach your target customers on the internet. Internet marketing firms take advantage of these latest internet trends such as social media, viral videos, seo to acquire and reach customers for small businesses that are on a tight budget.

E-commerce solutions and internet marketing are two of the most important  areas that small business owners can implement to get ahead in 2010. Research from surveys conducted by interviweing small business owners and partners  indicate  internet marketing firms are set to thrive in 2010.

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Marketing That Gets Attention and Results

Tuesday, January 5th, 2010

Small businesses are walking on a tight rope, by trying to maximize revenue opportunities on a smaller budget in fiscal year 2010. Active promotion of products and services, brand awareness and customer acquisition has become even more important to sustain performance in this current recessionary economy.

Small businesses are moving away from traditional advertising techniques to marketing strategies such as direct mail, telemarketing, internet marketing and social media marketing, that drive measurable performance. As all these tactics require an intentional action from the customer they also serve to qualify them as sales leads.

Direct mail Advertising gets better results than TV/Radio

Effective targeting is winning half the battle. Direct mail companies conduct a demographics analysis to identify people who have some reason to be interested in the product or service being promoted. A personalized and compelling direct mail is sent out to the targeted group of people. It is designed to funnel potential customers into taking an affirmative action – call, mail, come to a store, or whatever is needed to take the sales process forward. The results of direct mail advertising can be measured by keeping track of responses.

Internet marketing is more effective and cheaper than offline

The internet provides businesses the advantages of low cost, widespread customer reach and measurability. Internet marketing companies assist small businesses with organizing pay-per-click ad campaigns, social media marketing and SEO. Online advertising is easily measurable and can be tied up with results for performance analysis.

Telemarketing provides instant results

Telemarketing companies help businesses to increase profits by cold calling, following up, qualifying business leads, setting up sales appointments and sales. All services are conducted off-site, saving the business the infrastructure and overhead costs.

These effective marketing strategies can improve the sales volume of a small business dramatically. Businesses should constantly stay abreast with latest marketing trends to take advantage of  more effective ways to acquire new customers.

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How a Small Business Goes Green

Wednesday, December 30th, 2009

“We have to shift our emphasis from economic efficiency and materialism towards a sustainable quality of life and to the healing of our society, of our people and our ecological systems.”

-          Janet Holmes a Court

An increasing number of businesses are adopting “green” practices to build a sustainable business environment. Small businesses are the outcome of entrepreneurs’ dreams, and hopefully their dreams are not just about money and capability. There are also values – social, financial and environmental responsibilities – that should be reflected in the business’ practices and support the business’ purpose.

While government agencies across the world discuss strategies and plans for conserving energy, small businesses can take up the green initiative by following simple steps:

Reduce, Reuse and Recycle

A simple and effective measure small businesses can implement is “Reduce, Reuse and Recycle”. Reduce the consumption of energy, water, fuel and non-biodegradable substances that poison the environment. Reuse by refurbishing rather than buying and building new objects out of old bits and pieces. Recycle what you cannot reuse or reduce.

Optimize on technology and the internet

Leverage web technology and the internet by developing an effective business website, launching e-commerce solutions for customers to shop from home and promoting the business through internet marketing. In the office, businesses can enable work-from-home facilities for employees, direct deposit of salaries, and web applications for employees to access for information. Incorporate credit card processing into business dealings. Enable online signature capture rather than providing printed receipts of credit card transactions.

By offering these conveniences, businesses reduce consumption of fuel and materials and build a good relationship with employees and customers. VOIP phone systems and web conferencing make travel redundant, thereby saving on fuel and traveling costs.

Small businesses can save dollars along with saving the environment. They can also take advantage of tax deductions and cost savings through state and federal programs.

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