Opinions expressed by Entrepreneur contributors are their own.
Businesses in any industry invariably encounter marketing and advertising challenges. In the U.S., small to medium-sized businesses (SMBs) wrestle with the top challenges of budget constraints and lead generation. Difficulties also arise when it comes to returns on investments (ROI), expertise and competition. In the AdTech sector, content creation, data privacy and ad fatigue are marketing pain points.
There’s no one-size-fits-all approach to promoting businesses, but there are strategies that can be used based on a business’s unique needs. In this article, I’ll share four effective and practical ways to promote SMBs based on my experience as the CEO of Mitgo Group.
Team up with a strategic partner to set up proper monetization
Publishers looking to monetize their projects should focus on setting up monetization correctly. This involves a dual approach: monetizing through users and monetizing through advertisers. While the latter is an old business model, it’s still the biggest and most well-established. Conversely, the user-focused model is gaining traction with subscriptions, donations, and content sales.
To set up the monetization model correctly, SMBs must choose strategic partners. The primary value for SMBs working with such partnerships is to gain access to large webmasters (like loyalty programs, cashback services, coupon websites or content websites) who typically engage only with enterprise-level clients. This opens up new opportunities for growth and collaboration previously limited to larger businesses.
Related: Small Businesses Can Become Stronger Than Ever With These 5 Essential Strategies
Embrace the control and transparency of partner marketing
Trust is the bedrock of success, and trust starts with transparency. Partner marketing, a collaborative strategy for businesses to promote each other’s products, is built on transparency. In this mutually beneficial agreement, you know exactly what you’re spending and the direct returns you’re getting. This means you have control. When you have both the necessary knowledge and control, you can optimize your campaigns without overspending.
An affiliate program is a specific type of partner marketing. While trust in a new affiliate program takes time to develop, the long-term benefits, including clear expense tracking and controlled spending, make it a valuable strategy for SMBs.
Prioritize tools over marketplaces
Promoting on marketplaces like Amazon and Shopify, as well as on social platforms like Facebook and Instagram, has pros and cons. Yes, these platforms can potentially generate traffic, but the operative word here is “potentially.” You can’t fully guarantee traffic and sales. You need to acquire that traffic, and you do that by shelling out money. However, any form of paid advertising is expensive. If that’s the route a small business wants, it has to make many financial sacrifices.
I’m not saying that online marketplaces are a no-go. They also have many benefits like visibility, but don’t rely solely on them. Instead, leverage tools and technologies to have more independence and control of your brand. Tools also give you more flexibility and customization. Best of all, you can choose a tool or a solution that fits best with your business.
Leverage on brand experience
The movie “The Intern” follows the story of an old widower who became a senior intern at an online fashion retailer. There is a scene in the film where the owner passionately explains to her senior intern how packaging is crucial for the overall customer experience. She takes pride that her small business ensures that each product is meticulously and aesthetically packaged.
I used the movie as an example because it accurately depicts the unique advantage of SMBs in providing personalized and memorable brand experiences. Small brands can focus on attention to detail and provide exceptional customer service, something you can’t really get with marketplaces. Although they offer convenience, personalization for each transaction is out of the question. Meanwhile, SMBs can capitalize on their ability to provide a more personalized touch to develop positive brand perception and customer loyalty.
Related: 7 Strategies to Scale Your Small Business and Achieve Sustainable Growth
Expand your horizons
Promoting SMBs takes an assortment of strategies and a wider perspective. You can’t have an “I’m only going to be here and nowhere else” attitude because that doesn’t work. It limits your reach and eventually hurts your business. As a leader, I firmly believe that a multi-pronged approach gives SMBs (as well as larger enterprises) advantages across the board: expanded reach, achievable goals, increased opportunities, enhanced freedom, flexibility and all the elements that can propel the business forward.
List your business in marketplaces and compete for traffic there. Set up affiliate programs on your websites. Use tools for optimization. Create a more personalized approach. Adapt these strategies according to your needs to help you build a thriving and scalable business.
