As a business owner, you know that starting a small business isn’t easy- especially in the highly competitive media industry.
However, it’s very rewarding to see all your hard work and effort start to come to fruition. If you’re ready to take your small publishing business to the next level, try implementing the following three tips:
1. Focus on Customer Loyalty
Many small business owners give all their attention to attracting new customers. After all, new customers mean new business, and that equals higher profits. Of course, attracting new business is always important, but focusing on current customer loyalty is one of the best ways to grow your business at a safe, manageable rate.
The customers that you already have are one of your most valuable resources. They know about your media kit and service, they have booked campaigns in the past, and they continue to advertise with you. This means that they are not only increasing your company’s income, but they are also ready to help you spread the word about what you have to offer. They value your content and the audience they can reach with you. You know your customers best, so think of ways to increase their loyalty and reward them for their business. Recommendations from customers is the best marketing one can get!
2. Invest in Technology
You’ve likely heard the principle that you have to spend money to make money, and this is certainly true in small businesses. However, it’s vital to spend your money in the right areas and at the right pace. First, get straight which areas affect your business- such as your core activity which is publishing. Or one of your major income source which is selling advertising inventory.
You could take your business to the next level with small steps using innovative advertising management services from companies like ADvendio. These kind of solutions are already tailored to ad sales business and include CRM, sales and order management, ad inventory database and connections to the most important ad tech providers, such as DFP, so you don’t have to set up an individual structure all by yourself.
For most businesses, investing in technology is a good appropriation of funds. Buying new ad sales software might require you to rearrange your budget, but your sales team can work faster and smarter if they have the tools they need to succeed. Nowadays getting adequate software doesn’t require huge investments, which only big media companies can afford, as a couple of years ago. Due to scalable user based entities you can make a small invest today, don’t have to take care of installations and maintenance and can easily purchase additional licenses when you are growing.
When you are working on old machines and outdated software, you might find that you and your employees have a lot of wasted time each day. Investing in software or technology is really an investment in your employees.
3. Seek Feedback
No one enjoys hearing criticism, but learning what customers like and don’t like about your business is invaluable. However, most businesses need to develop a plan to seek feedback. Fortunately, today’s publishers have more options than ever when it comes to connecting with customers. You can send out surveys via email, seek feedback on your social media channels or include a survey link at the bottom of your website.
After you collect this information, look for patterns or repeated answers from your clients. Ask your clients what they care about and what their specific goals look like in their business. This lets you know where you should focus your attention first. In the end, don’t forget to save the information you’ve gotten from your customers- a CRM system can help you a lot with that.
To sum it up, there is no “one size fits all” solution for growing small publishing businesses- and what works for others might not be a good idea for yours. However, you can make wise decisions and see your profits rise by improving your customer loyalty, seeking and using feedback and investing in technology to help your employees succeed.
Image Credit: William Murphy