Starting a business isn’t for the faint of heart. It’s an incredibly risky endeavour with no guarantees it will succeed. In fact, the odds are against you. Data shows that more than half of new businesses will fail within the first five years of operation.
Just having compelling products with a clear value proposition isn’t enough then. So how can you increase your chances of building a successful business? The answer is with a solid online marketing plan.
The advent of the Internet has completely changed consumer behaviour. The Yellow Pages may have been widely used to find local businesses but they are now a relic of the past. Consumers today largely rely on channels like search engines and social media for product research.
Marketing on these two channels gives you an opportunity to reach more of your audience online. But before you dive into them, it’s important to understand the risks and effort for each.
Search Engine Optimisation (SEO)
Search engine optimisation or SEO is the process of optimising your site to rank higher in the search results for certain keywords. These include optimising individual aspects of a web page (e.g. title tags and content) and building relevant links from other sites. Both can boost your rankings in search engines like Google and Yahoo.
Risks
The main risk with SEO comes from not adhering to the Webmaster Guidelines. Any attempts to manipulate your search engine rankings like using automated programs to build spammy links or scraping content from other sites could lead to ranking penalties. You can minimise your risk by focusing your efforts on publishing quality content and avoiding any questionable tactics. You’ll also need to stay up to date on the latest changes as Google frequently updates its algorithm which can have a direct impact on your rankings.
Effort
SEO is a proven online marketing strategy that can drive more targeted traffic to your pages. But building a campaign requires considerable effort. Ranking for certain keywords can easily take months or longer depending on how much competition there is. If you manage to secure the top spot, you’ll need to maintain your efforts to keep a competing business from overtaking your site in the search results.
Social Media Marketing
Social media marketing involves using social networks to promote your business. Facebook and Instagram both have well over a billion active users so there’s a good chance that your target audience is on at least one of these platforms.
Risks
One of the main risks with social media marketing is chasing vanity metrics like shares and followers. They can be used to a certain extent to determine how effective a post is but they don’t paint the full picture. Instead, measure actionable metrics like engagement rates and leads generated. Be sure to also monitor any conversations about your brand so you can respond accordingly.
Effort
Social media marketing takes a good deal of effort to build a successful campaign. You can’t suddenly grow your audience overnight with a single post. Building a social media following that actively engages with your brand can take months or even years. Start by researching your target audience and sharing content that is useful to them. If you plan to advertise on Facebook or Instagram, you’ll also need to put in the effort to manage those campaigns.
SEO and social media are both effective marketing channels that can be utilised to reach your target audience online. Whether you are a start-up or an established SME looking to grow your business, we offer ongoing mentoring and advisory services. Contact us today for more information and we’ll be happy to help.
Author’s Bio
Kym Wallis, the founding director of Higher Ranking has over 15 years of advertising sales, digital strategy, and business development experience. He is currently working as Digital Adviser for iChoose Gift Cards.