For your small business to be sustainable, it must attract customers. This is where marketing comes in handy. According to LinkedIn, most business owners invested an average of 9.1% of their company’s revenue into their marketing efforts in 2023.
The money can be invested in social media marketing, hiring branding agencies, advertising agencies, and marketing firms. Before you market your business, you must fully understand your business idea. You must have a niche you intend to exploit and exhaust fully. Most business ideas have been utilized by investors. Therefore, you have no choice but to be unique. However, that will not be as easy as you think. Nowadays, it is tough to come up with groundbreaking ideas. You will need to be more creative. The business world has some stiff competition. You will find out that the business you are running also has other investors. So, you must have a competitive advantage to attract more customers and generate more revenue.
Starting a business should be based on the fact that you intend something of high quality compared to your competitors. You can market your business through social media. According to Giutnux, 77% of small businesses utilize social media for sales, marketing, and customer service. With more people now able to access the internet, social media offers a perfect opportunity to reach your potential customer base.
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