Most people are familiar with Outbound Marketing, where a company interrupts the audience with content they don’t want: TV and radio commercials, YouTube ads, pop-up ads, banner ads, etc. On the other side of the coin, Inbound Marketing provides valuable information and content to solve the problems of the audience and create connections. You can think of it as earning attention through Inbound Marketing, or buying attention through Outbound Marketing. The key is to deliver helpful solutions and have a positive impact on your audience and your business. It’s about more than just attracting customers, you also need to support and help them grow after you’ve made the sale.
Often times as a business owner, you mostly hear about your competitors and how to be a better business owner than them. This article relates to being the best business owner you can be, but with a different light being shed.
A complementary business can be thought of as the opposite of a competitor; they’re here to help build your brand and margin, while also building up their business. They are someone who offers a product or service that is relatable to your business. For example, if there’s a gym nearby, it would be beneficial to get into a complementary business selling protein shakes, exercise equipment, or a supplements.
KPIs are essential to track progress towards a goal, as long as you’re measuring the right things. The best way to improve something is by measuring it, making adjustments and measuring the results. To use your time effectively, you’ll want to make sure you’re measuring the right KPIs. There are many KPIs to consider, and although you’ll want to measure multiple KPIs (4 to 10 according to Hubspot), make sure to focus on the ones that matter for your business.
The speed of communication is faster than ever and always increasing. In order to reach people, you need to be able to communicate clearly and present complex ideas to a wide audience. Communication is key in any relationship, especially between businesses and customers. You need to communicate to potential customers about your products or services in an interesting way so the right customers can easily see the value they provide.
Know your competitors and make your business better!
Every business is in competition. Even if you’re the only business of your type in your area, you face competition with consumers choosing to spend their money elsewhere. By knowing who your competitors are, you can have an inside perspective as to why you might be losing out to someone else, as well as make changes to increase your business and margin.