Robert Herjavec knows a thing or two business strategy. He earned his spot on Shark Tank by growing his Toronto-based Internet security firm from three workers to over 220 in just over a decade. Herjavec Group raked in approximately $150 million in revenue last year, thanks in no small part to an array of up-to-date marketing tactics.
Last March, Herjavec revealed his Top 5 Marketing Tips for Small Businesses to Entrepreneur.com. Each tip, however, can only be fulfilled by businesses that have plenty of time, money and energy to spare despite the standard responsibilities that come with running a business.
Herjavec’s top tips could therefore be viewed as the top investments for small businesses looking to expand.
FINDING YOUR TARGET DEMOGRAPHIC
Four out of five tips involve what may very well be the most essential tool for growth these days: digital marketing. This makes sense considering the increasing amount of published data showing how much shopping is conducted on mobile phones. The average shopper uses search engines to see which products or services are the most well-reviewed and is significantly influenced by the advertisements he or she sees while browsing the web. Countless sales can likely be attributed to carefully-written exclusive offers appearing in the right place at the right time.
That “place” often turns out to be a social media page, which brings us to Herjavec’s first tip. Social media has made it much easier for companies to advertise to their target demographic since there are pages on Facebook, LinkedIn and others that literally revolve around different hobbies and lifestyles. Herjavec advises targeting customers based on their social media habits. Having multiple social media accounts also allows you to obtain email addresses of followers and launch email marketing campaigns. Regular posts are important as well because staying active on social media evokes an up-to-date, hard-working image.
ADS THAT COUNT
Some marketing methods might not work out but that just means you have to figure out where you went wrong and make the necessary adjustments. “Your customers have a certain amount of information they’re willing to absorb about your brand and certain ways they like to receive that information in over a certain amount of time,” Herjavec said. His fourth tip is marketing to your customers in the way that they like best, which could be through social media, email, text notifications, etc. Once you have found the right avenue, the next step is using trial and error to determine which frequency and types of messages are least likely to decrease subscribers.
The one specific advertising technique Herjavec recommends to all businesses is using stunning imagery. People are usually too busy or easily-distracted to remember ads that don’t feature “a really pretty picture,” which, unlike excessive text, will encourage Internet users to “look at more of your outreach,” he told Entrepreneur. Herjavec believes the most successful ads abide by his his third tip, meaning they are as visually pleasing as possible.
A SHARK OF AN INVESTMENT
You’re probably wondering how you’re supposed to craft the perfect ad campaign while running your business. The answer is tip number five: hire a digital marketing team. The return on this investment is basically guaranteed to far surpass the cost because in addition to an increase in business, you will take on a new reputation as an industry leader and gain the loyalty of customers for years to come. For the many businesses that can’t afford such an investment, alternative business financing companies like United Capital Source are here for you. Several UCS funding programs are specifically-tailored for marketing campaigns, which often take months to produce results.
A Small business line of credit, for example, supplies your business with the funds your business needs when it needs them while not having to making monthly payments on a large upfront loan amount. There are no fixed payments and you can pay your balance down and re use the business credit line anytime. You could pay your team without having to worry about covering bills, payroll and other regular expenses. When sales pick up, go ahead and pay off your balance. A Business line of credit is especially useful if you are advertising a deal for the summer or holiday season. The busy season is followed by the slow season, when sales are down and your business cannot handle large fixed monthly payments.
TAKING THE NEXT STEP
Now that more people are visiting your web pages, you can only expect them to want to make online purchases. Implementing a shopping cart to your website is Herjavec’s second tip because refusing to offer online purchases is akin to “foolishly leaving money on the table,” he said. But if your online shopping option is even the least bit confusing, customers will likely say “forget it” and ditch their shopping carts. You can avoid this by hiring a company to set up online shopping for you or even a full-time worker who is an expert in such features.
Clients of United Capital Source who have great repayment history are swiftly rewarded with more funding along with better terms when new opportunities arise. A sensible use of this second round of business funding is hiring the help you need for online shopping and ordering all the extra inventory to prepare for the inevitable jump in sales.
IT’S OKAY TO ASK QUESTIONS!
Giving your digital presence a complete overhaul is undoubtedly intimidating but the business financing experts at United Capital Source have years of experience guiding businesses through major evolutionary changes. UCS customers are advised on how to budget their funds and maintain steady cash flow well after the term of their funding runs out. Call 855.933.8638 or visit the UCS website today to find the program that best suits the unique circumstances of your industry!