The COVID-19 virus has shaken the world of small business owners. In a recent study of SHRM, 42% of small business owners have to close their businesses due to the coronavirus pandemic. Meanwhile, 6 out of ten small businesses reported a decrease in revenue since the beginning of COVID-19. This report sounds really disturbing, but as entrepreneurs, we need to act swiftly to deal with this change.
You need to expand your marketing efforts to increase your revenue in the new normal significantly. I want you to use this post to launch a revenue revolution in your small business today.
Social media is still the great equalizer for small businesses, but it’s no longer about likes, friends, and followers. It’s about click-throughs, open rates, and conversions. But before you can get to measuring the ROI of your social media activities, it’s about making a connection first. What will be the best way to make a connection with customers in this ‘new normal’? The answer is video.
Facebook Live had kicked off a fantastic deluge of quick and dirty video broadcasting. But before you start figuring out your budget for your new videos series to unleash on the world. Take a step back first and think. Why do your customers do business with you? How do you solve their problem? Are you cheaper, better, or faster? Are you the top expert in your industry? What added value do you bring to the table?
Revenue Revolution For Small Business During Covid-19: 10 Marketing R’s
Ignite revenue revolution for your small business using these 10 COVID-19 Marketing R’s.
1. Review Your Google Analytics
You must evaluate your organic search results to learn what is driving your website traffic. What are your best search terms? Which social media sites are converting traffic for you? What are your 5 to 7 best blogs post this year based on traffic? Then you will know what content is resonating best with your audience. And you can turn that content into a short series of How-to videos. (Just a thought.)
2. Reinvent Your Website Experience
Does your website load quickly? How about on a mobile device? Google is giving more consideration to mobile websites, so you must get on top of this. Is your navigation simple? When is the last time you updated the look and feel of your website? How about creating a new free offer or ebook for the new year to grow your email list? Is your content well organized and easy to search on your website? Is there any friction in your shopping cart process? Have you looked at your shopping cart abandonment rate? Your website is your #1 Sales tool, so it’s key to launch revenue revolution for your small business.
3. Reassess Your Market (and How Your Customers Are Using Social Media)
What’s new in your local market or industry? Got any new competitors? Are your competitors doing anything new on social media? Is there new technology changing your business? Is there a new niche customer or line of business for you to pursue next year? How are your customers using social media? Are they migrating to TikTok or Instagram, NOW? Or does Facebook and Twitter still work for you?
4. Reevaluate Your Keywords and Hashtags
Keywords are still relevant. Do you have a focus keyword? In other words, a keyword you want to be known for and own online. Depending on your industry, your top 5-to-7 keywords could be changing every 4-6 weeks. And what are your top hashtags? Mine is #Smallbizchat, and I’ve had it trademarked. Hashtags are crucial to engagement, and we all know everything on Instagram. Get your top hashtags lined-up.
5. Retreat from Social Media
Now I know this sounds counterintuitive, but trust me. As a small business, you have limited time and limited resources, and it’s getting harder to stand out. Less is more in social media. You only need to focus on one or two social media accounts to build a powerful brand online that you can monetize. Use your google analytics to note where your best social referral sites are and spend your time there.
6. Rollout at Least One New Content Strategy
If you have been blogging for years, maybe it’s time to switch it up a little. Long-form content is king. By long-form, I mean to write in a blog post with 2000 words or more. Perhaps you should start a podcast today? How about you launch a video series using a service like Wistia to track people on your email list who dig your videos. Branded Youtube channels are great, but you don’t own the list of people who subscribe. They do. A new content strategy can launch a revenue revolution in your business.
7. Retargeting is the New Paid Search
70-80% of web users ignore paid search ads, so what is a small business marketer to do? Try a Retargeting campaign using Google Adwords or Facebook ads. Retargeting ads are a form of online targeted advertising for people who have already visited your website or are in your email database. Hire a professional firm with experience assisting small businesses to help you.
8. Reinvest in SEO
SEO is not dead. Investment in search engine optimization is worth it to increase your organic search results. You want to make sure your site is optimized for dynamic indexing. SEO term, four months to start seeing real results, so don’t even do it if you can afford to invest six months to a year. Get a referral from another small business, and if a firm promised to get you on the front page of google, run as no one can that.
9. Recency Strategy is Key
Once someone does business with your business, within 7-10 days, they should hear from you via email, phone, or a video follow-up. You need to ask them about their buying experience. Make sure you include a way to contact yours directly. In case they are happy with your product or service, add a link for them to give your business a Google review or a LinkedIn recommendation.
10. Re-engage Customers Through Video
The essential thing in your business is your relationship with your clients. The video will be the best way to make a personal connection during COVID-19. It is vital to leverage video to re-engage the customers that you have, to maintain a sustainable brand. But engaging new customers could be as simple as send a quick check-in video to follow-up on a quote or customer service call to see how they’re getting along with your product or service. You can also use video to follow-up on a proposal to make yourself personally available to answer any questions.
Pandemic or not, you need to continuously improve your marketing efforts to drive revenue for your small business. Using just a few of these R’s, you’ll be on the road to riches in your business this new normal and beyond. As you start your #RevenueRevolution, keep me posted. I love to hear about what is working in your small business.