Small Biz in a Digital Age: Consumer Trends

Monday, November 24, 2014

GoLocalProv Business Team

 

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The world of business is moving faster -- hyper fast. Small businesses face the challenge of trying to keep up and innovate their business to create an advantage.

This week, GoLocal brings you a look at how to approach and understand how native advertising and consumer trends affect your small business. 

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Consumer Trends

Around 58% of small business owners are expecting to see growth in 2015 according to CAN Capital Small Business Health Index.

With all of this expected revenue its no wonder that business owners are projected to try new forms of advertising that will coincide with recent consumer trends.

““Thirty-eight percent [of business owners] said they plan to expand and/or try new forms of advertising/marketing activities…up from 31 percent last quarter,” said James Mendelsohn, Chief Marketing Officer of CAN Capital.

The marketing activities mentioned in the survey include: email marketing and online advertisements.

The company’s survey also reported that only 41% of these aforementioned owners understand how much online reviews, usually created by customers, truly impact their business.

And, trailing just behind that figure is online shopping - which a reported 34% of business owners believe to be a consumer trend that greatly impacts business. 

What does this mean?

According to this survey, it is evident that two things are happening in the small business market.

First, that consumers are beginning to have more choice and say in their shopping experiences and second that business owners need to be savvy on what consumers are looking for when they shop.

Since small business owners themselves have attributed online customer reviews and online shopping as the entities that most impact their business, a lot of care has to be taken when a business presents itself to the customer online.  

"Traditional digital advertising has become wallpaper," Jason Hill, GE's Global Head of Media Strategy. "It doesn't improve anyone's experience on a site and readers, myself included, pretty much look past it."

It is simply not enough for the modern customer to see your business advertised on a social media platform or that the advertisement is aesthetically pleasing - the message has to be native to the nature of your business as well.

Native Advertising

One way to improve your business’ marketing strategy is through something called “native advertising”.

Native advertising is sub-set of marketing that can be viewed as content.

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For example, if a beer company wants to get more people to actually pay attention to their advertising they can partner with an online publication and lend their name to sponsor a story on beer ratings.

The content aspect of native advertising is what has so much potential for small businesses - the return is in gaining a customer’s trust and exposure through allowing them to actually engage with their advertising.

A recent study by IPG Media found that native content is viewed 53% more frequently than display ads by consumers.

Respondents to native content are 13% more likely to share an ad with a friend or family member over display advertisements.

Come up with a marketing plan your company can have fun by creating native advertising online.

Your brand and customers will thank you.

 

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