Stretching Your Online Marketing Dollars

Alex Fetanat’s newest blog post:

Online Marketing Dollars

Don’t throw your online marketing dollars away. Make sure you have a gameplan before spending any money.

Every business owner knows that the marketing arm of your business can be as important to success as the actual product or service your provide.  The jewelry business is no exception.  Most jewelers know that coherent online marketing campaign can make or break your business.  Knowing that you should be focusing on online marketing is one thing.  Having the time and money to actually do it is quite another.  A recent Forbes.com article talks about some of the best ways to stretch your online marketing dollars to get the best ROI.  Let’s talk about some of the highlights.

An oft overlooked aspect of running a small business is market research.  The term sounds like something reserved for Fortune 500′s and network television broadcasters, but it doesn’t have to be as overwhelming as it sounds.  Before you commit any money to an online marketing campaign, do some simple market research on your own.  How?  Talk to your customers.  Find out who is using your product or service.  Is it men over 40?  Women between 18-49?  This will help guide you when you do decide to spend money on online marketing or advertising.  Philadelphia department store John Wanamaker famously said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”  This is a problem that advertisers great and small are dealing with decades later, but doing your due diligence in learning about your customers can help you mitigate waste and target high percentage customers.

Actually using social media accounts is another way to get low-cost exposure.  You’re probably thinking, “Isn’t social media free?”  Well, yes and no.  Using sites like Facebook and Twitter organically doesn’t cost money but it does cost time.  Make sure when you decide to create a social media page that you have to time and energy to maintenance it consistently.  You should be updating regularly, and not just with self promotion.  To engage with potential customers you’ll want to provide information about your industry in general in addition to information about your product or service.  This will show your social media followers that you are an expert in your field and are legitimately sharing your knowledge without the expectation of a purchase.

Another pitfall of online marketing is lack of goals.  You may decide to start running a Facebook ad campaign, start a blog, make your Twitter more active, and kickoff a search engine optimization campaign.  If you live and die by the “buckshot” approach, you may look back in a month or two and say “what did I accomplish?”  That question will be extremely difficult to answer if you never decided what your goals were to begin with.  Do you want to generate leads?  Create a stronger brand?  Get exposure?  Associate with a cause?  Whatever it may be, make sure you decide your goal before you spend any money on online marketing or advertising.

These are just a few of Forbes’ great tips for getting the most out of your online marketing budget.  Take a look at the full article for all seven.  Thanks for reading and feel free to stop by soon for more news and information on online marketing and the jewelry business.

via Alex Fetanat http://alexfetanat.net/stretching-your-online-marketing-dollars/

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