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According to the Small Business Administration, small businesses earning less than R5 million in revenue should be allocating 7-8% of their revenue to marketing efforts. However, this does not always happen due to various reasons. In fact, you may feel that your business is not in the financial position to spend a significant enough amount of your revenue. Ultimately, you are the one who determines what would be best in terms of your marketing budget. To determine how much money and effort to allocate, consider how marketing - specifically content marketing - can help your business grow.
5 benefits of content marketing
Content marketing can benefit and help you grow your business in the following five ways.
- Customer retention: Continuously promoting your services and skills to existing customers through good content ensures they remain loyal. It is also significantly cheaper to retain a customer than find a new one.
- Increased effectiveness compared to native advertising: Due to ad blockers and a sea of other advertising, native advertising is not always effective. Content marketing does not share these limitations, while also acting as a blend of entertainment, education, and advertising.
- Lead generation: It has been proven that content marketing generates leads. By continuously creating content, you are able to stay in contact with prospects, eventually turning them into customers.
- 'Word of mouth': Word of mouth is one of the most effective marketing techniques. Content marketing drives word of mouth by, for example, existing customers sharing posts with their social circles who then do the same, creating awareness.
- Outbound marketing suport: Content marketing effectively supports other forms of marketing. This can be done by re-using, re-formatting, and re-sharing your other outbound marketing (adverts, emails, etc.) multiple times.
While content marketing might not be the most effective form of marketing for every business, it has significant benefits that should not be overlooked. Good content marketing can help your business grow. It is worth giving it some consideration when you are deciding on your marketing budget and developing your marketing strategy.
The content in this article is based on an article written by Candace Bosch. The original article is titled 5 ways good content marketing can help your business grow, and can be found on Bizcommunity.com.