Marketing is an investment for any company, and if implemented and executed correctly, it provides an opportunity for small businesses to compete with larger organizations for consumer mindshare. In tough economic times like these, as in all times, small businesses must not waste precious time or funds on strategies that aren’t going to work and can be detrimental to their bottom line.
In the latest article posted to PR Newswire’s Small Business PR Toolkit, contributing author, Sarah Ware identifies common marketing mistakes that are preventing small businesses from reaching their full potential.
- Understanding the cost per acquisition rate (CPA). The CPA measures how much it costs in advertising to convert one person from a visitor to a client for the company. When an advertising campaign is effective, it means that the cost per acquisition is at a low rate.
- Conversion rate. One of the biggest indicators if a marketing campaign is successful and this metric should be discussed early on in the planning stages.
- Undecided funnel approach. Look to every stage of a buyer’s journey through the sales funnel. By catering to the distinct phases of the purchase process, businesses can maximize the chances that a visitor turns into a customer, whether immediately or weeks down the road.
- Long term advertisements vs. short term advertisements. Understanding both forms and identifying the value they bring to the table is key. Don’t expect pricing to be similar.
For further discussion on other common marketing mistakes and tips on how to fix them before it’s too late, read Ware’s article, “9 Marketing Mistakes That Cost Your Small Business Money” here: http://bit.ly/1zcjRcZ
PR Newswire’s Small Business PR Toolkit is a comprehensive resource that provides small businesses and entrepreneurs the tools to develop an affordable public relations and marketing plan that helps generate interest from potential customers, engage with key audiences and grow their businesses. The toolkit features relevant content such as informative white papers, interactive webinars and how-to articles and premium access to educational resources, as well as the opportunity to take advantage of special offers designed specifically for small businesses. To request information on how PR Newswire can help your small business, click here. You can receive updates on new Small Business PR Toolkit content by following @prnsmallbiz on Twitter.
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