Aurik Investment Holdings CEO Pavlo Phitidis has said that marketing is becoming the single most important key to success for small businesses.
Speaking to The Money Show’s Bruce Whitfield, Phitidis said it is a mistake to think of marketing as sales.
He said marketing is a science where the only measurement should be how many potential clients knock on your door.
He said only after a potential client makes contact with a company, the sales channel kicks in to try to convert them into a paying customer.
Marketing is important to let people know you exist, what products you offer, and why people should use you instead of your competitors.
To create an effective marketing campaign, Phitidis said it is important to address the right market segment with a suitable message.
The traditional marketing strategy of simply using a big TV ad, radio ad, or billboard to promote a company or product no longer works.
Instead, companies should have a clear understanding of who they want to reach and what problem they are solving for these potential customers.
By effectively communicating which problem a company is solving, it connects with customers and attracts their attention.
Great online campaigns
MyBroadband marketing director Cara Muller echoed Phitidis’s views, saying the most effective online campaigns are highly targeted.
Instead of trying to design a one-size-fits-all campaign, she advises clients to select a targeted audience and design campaigns which speak directly to that audience.
She said content marketing and social media campaigns make it is easy to target specific audiences with suitable messages.
The performance of these campaigns has been outstanding in recent months, which is partly a result of people spending more time online.
Companies are following their clients online to ensure they are seen in places where their potential clients spend most of their time.
As a result, Muller said MyBroadband has seen a big spike in content marketing and social media campaigns since the lockdown started.
These campaigns produce a much higher ROI than traditional marketing, which is why companies are now moving their TV, radio, and outdoor budgets online.