This is the second part of a series on Internet Marketing for Small Business. You can find the first part HERE.
What can replace all those dying marketing channels that your small business is still using? Internet Marketing.
In the first part we looked at most of the current ways small business attracts and cultivates new customers. In reviewing each of those methods it becomes clear that over the next 5 years most of the current channels being used are going to decline in consumer consumption and engagement. The good news it that the Internet and the wide variety of tools that are available will not only replace all of those channels, but surpass them in effectiveness.
Internet Marketing Channels
- Website
- Social Networks
- Blogs
- Advertising
- Participation (comments, forums, newsgroups)
- Video
- Podcast’s
- Search
This is a list of the categories generally considered when developing a strategy for your small business on the Internet. Within each category there are a many tools available. However, if we are to analyze each category the same way we did with your current system of attracting customers then it would look like this. Remember, based on past and current trends what do you think each of these channels will look like 5 years from now in terms of consumption and engagement. Will they be up or down?
Internet Marketing Trends For The Next 5 Years. What’s Up? What’s Down?
Based on the past and current trends I see the following from the above list trending UP.
- Website (Up) – consumption and engagement continues in an upward trend
- Email (Up) – consumption and engagement are up, as is spam. However email is still one of the best way to cultivate leads. It’s also one of the best tools to make the sale.
- Social Networks (Up) – not much commentary needed here.
- Blogs (Up) – Both consumption and engagement are up, BUT this market is becoming saturated so using this channel requires a very tightly focused strategy
- Participation (Up) – Again more and more people continue to contribute to the Internet instead of just lurking. Great way to join the “conversation” in your industry
- Video (Up) – Second only to Social Networks this category continues to explode in growth
- Search (Up) – Each individual on the Internet is searching more year over year. Search is very important to your Internet Marketing strategy. In fact most of your customers will find you this way.
Now for the channels that we see trending Down in consumption and engagement
- Advertising (Down) - consumption and engagement trend downward in most studies. HOWEVER, I’m not suggesting don’t use online advertising. In fact the online Yellow Pages will be a place you’ll want to be as a local business. You will also want to advertise on highly targeted websites/blogs that cater to your customer base.
- Podcast’s (Down) – Again maybe another controversial statement but much of the information speaks to this trend. Again I’m not saying don’t use it.
Why Not Use Everything?
So clearly a majority of these channels are up and arguably they are all up. None the less, when compared with the current channels your small business is using the clear winner over the next 5 years will be the Internet. Sounds so simple and so obvious when you say it but still many small businesses are ignoring these new channels.
One of the questions I inevitably get is why not use all the channels, both old and new, offline and online? There are two major reasons. The first is budget. Yes I said cost shouldn’t be a factor because many of these things cost very little in the way of monetary investment. However they do cost something and in today’s markets with decreasing marketing dollars most people will be forced to choose.
The second is engagement. If your customers are moving away from one channel to engage in another you need to meet them where they are.
What’s My Success Been With Internet Marketing?
I would never suggest something that I wouldn’t do myself. At our company, Lazzara Yachts, Internet Marketing is now the #2 source of leads for us, followed by Trade Shows. Based on current trends Internet Marketing will become our #1 source of leads within 24 months. That’s up from #6, five years ago and #4 three years ago.
Whether you a solo entrepreneur or a small business owner, my suggestion is choose why you still can. Internet marketing for small business is not something to be considered or even debated it’s something that needs to be done today.
Does your business have an Internet Marketing strategy? If not, why? Leave a comment below and let’s discuss.
