Does the joke about a boat being a hole in the water you throw money into apply to your digital sales marketing costs? In this case, the hole is the internet. Unfortunately, wasting money on ads that don’t convert could be costing you customers. Consider that almost half the money invested by venture capital firms in new startups isn’t devoted to research or development. It’s poured into Facebook and Google ads. Does that spend rate seem familiar? Maybe that’s because you have tried and true digital sales marketing strategies. Unfortunately relying on the old reliable can mean instead of tried and true, your digital marketing could be tired and false. The market has shifted. Small business owners face unprecedented challenges. That’s why you need to ask yourself if you really understand your digital sales marketing cost and impact. We are guessing no. So here are ways you may be throwing money down the internet hole.
Failing Facebook Ads That Don’t Convert
In early 2021, Apple updated its iPhone IOS operating system. As part of their effort to improve user security, iPhone users are asked if they want to allow apps to track them across other websites. The fine folks at FB acted apocalyptic. End-of-the-world predictions are usually wildly off base but in this case, Facebook called it correctly. More than 80% of users opted out of tracking. Soon it was forecasting a ten billion dollar loss in ad revenue. The company then renamed itself Meta. Next up, Android plans a similar change. For small businesses reliant on targeted ads, the cost of acquiring customers has gone up tenfold. If you haven’t looked at your FB ads results recently, then there’s a good chance you don’t really understand your digital sales marketing cost and impact.
Not Knowing Your SEO
One way to reduce your digital sales marketing cost and increase its impact is making some easy, low-cost changes to drive SEO. Make sure your site is clearly worded and easy to navigate. Posting quality content can improve your search results. If you own a yoga studio, post a blog on your site about meditation. If you’re an attorney, answer some questions on, yes, your Facebook page. If you don’t have the time or inclination to write yourself, hire pros for a fraction of your ad costs. Either way, the money you save can be devoted to growing your business.
Not Googling Your Business
Reviews have real-world implications. Negative word of mouth in the internet age can transform budding businesses into bankrupt enterprises. So, take the time to peruse what comes up when you Google the name of your small business. If negative reviews hit the first results page you have a problem. In some cases, it’s correctable. If possible, respond to customer concerns. Encourage patrons to post on Yelp. Remember, over half of your potential customers will only visit your site if the review is favorable.
Limiting Platforms Limits Your Audience
If you’re laser-focused on FB and Google, you may not understand your digital sales marketing cost and impact. In this case, we’re talking about opportunity cost. TikTok, Snap, and a host of smaller platforms offer engaged audiences for far lower prices. Plus, one of the best things about digital marketing is that you can get a basket of measurable metrics like impressions, shares, and clicks which allows for rapid adjustments. If your digital sales marketing has become routine, it’s time to make some changes.
Paying Too Much For Payments
An ongoing issue for small business owners is that they incur a fee whenever they accept digital payments from companies like Venmo or PayPal. That’s why so many savvy entrepreneurs are choosing Finli. With a free trial offer and simple invoicing and payment features, you get to keep all your hard-earned money. Finli helps you collect your funds and then puts them immediately in your linked bank account when the payment is made. Plus, their platforms offer a great tool to manage and communicate with your clients. Give Finli a try today and see what everybody is talking about!
So take charge of your digital marketing today. You may discover ways to cut costs without cutting corners. Then check out Finli. You’ll see how they can make your invoicing, payment collection, reconciliation, and customer management simple and seamless.
Need help getting started? Finli was founded to help small businesses instantly invoice, collect immediate payments, and more seamlessly handle their accounts receivable. Sign up for a free trial here!