04 Aug Losing Marketshare? 7 signs that say you are!
Whether you’re a small to mid-size business owner, a real estate agent, or working in the food service industry in Naples or anywhere in Southwest Florida, you know when there is more marketshare for you to gain. But, do you always recognize when you’re losing the marketshare you have? It doesn’t happen overnight, but in this evolved marketplace where information can go viral in minutes, you may want to take the time to check and update your marketing strategies. Here are seven more signs that indicate you’re losing marketshare whether you know it or not.
- You have Facebook and LinkedIn Profiles, but you rarely post or engage. Who doesn’t have a profile on Facebook or LinkedIn these days? If you’re just going on there to see the gossip, you’re going about it the wrong way. Social networking can be a powerful tool to help you with your business. Not only can you look for leads and make valuable connections, but you can see what your customers are saying about you. You can engage in conversation as well as let your best customers know what you have to offer. If your business is consumer-driven, get on some review sites as well like Yelp or Angie’s List. There are a number of review sites for real estate, restaurants, and just about every industry that is driven by client feedback. Ask your clients to review you.
- You don’t have a blog. This is a mistake. Enough said, but not really! A blog is so valuable in giving your clients free information and positioning you as the expert in your industry. Your blog drives clients to your website and is the center of your social networking. You’ve heard about the importance of education-based marketing – your blog is the tool that delivers it! Stop saying “I don’t have time because I’m too busy doing _____________ .” You should never be too busy to market! And, if you are, hire someone!
- You think your target audience isn’t reading blogs or participating in social networking. This is the number one reason I hear from clients in Naples for not engaging! (I don’t want to name names here!). Neapolitans seem to think that anyone who is wealthy and over the age of 50 is not using the Internet, searching for reviews, or finding information about you on Facebook, LinkedIn, etc. Go ahead and Google this – the fastest growing age demo using social networking is age 50+. Maybe it isn’t the biggest right now, but do you really want to be behind the curve when it is a big demographic?
- 40-60% of your marketing budget is NOT dedicated to online marketing efforts. I still talk to people who think a mailed postcard or a print ad every other month or so is going to get them new clients. You may get some comments about how nice your card is or that your neighbor’s aunt’s daughter saw your print ad last month, but are you getting qualified leads? Probably not enough to justify the expense or not at all. It’s no secret you get more for your money by utilizing SEO, email marketing, and other online marketing efforts. For this reason alone, you should be dedicating most of your budget to these activities. The other reason why? Because everyone uses the internet to get information about a product or service.
- No one is talking about you or your company online. If no one is talking about you online, then no one is talking about you – period. That means you’re irrelevant; not really good for growing your business. How do you get your clients to talk about you positively online? Refer back to #1.
- You have not figured out what the benefit of online marketing and social media is for your business. I actually talked to a businesswoman the other day who said she did not use Facebook because she was afraid her grandkids might get kidnapped! Apparently no one informed her that she has control of what she posts and that there are business-related benefits to online marketing and social media…such as cost-effectiveness, real-time communication, global reach, and an easy way to tailor your message by using text, video or images. The benefits should be obvious, but if they aren’t to you, google it or hire someone to assist you.
- You’re still using traditional marketing efforts as stand-alone campaigns and hoping it works. Tracking back a little here to #4, you really need to have an optimal mix of both online and traditional efforts, with online efforts being the core medium. No medium will stand alone and be the magic bullet. Traditional advertising can work if used in conjunction with online efforts, but the mix must be measured and optimized frequently.
The answer is in how you market yourself. If you don’t update your marketing beliefs and practices, you will lose your marketshare, let alone never gain any. For those of you who are too busy to dedicate the time, do what smart marketers do – hire a professional. Pay for it dollars now or pay for it in marketshare later.