We believe the internet still has a lot more to offer the average business owner. The internet has come a long way. Over the past 15 years the internet has brought us cloud computing, mobile payment systems, virtual communities (social media), remote work, marketplaces (Carvana), crowd funding and so much more.
But there are still so many growth opportunities with business owners who operate locally and regionally. As the global economy slows down and geopolitical alliances are redrawn, businesses have an excellent opportunity emerge nimble but operationally robust.
Is everyone your customer? (Use social media wisely)
Statistca.com reported that in 2021 U.S. digital ad spending hit $297.4 billion. Most small businesses in the U.S. spend on average $10 to 50 thousand annually. But what are the real returns on investments? While searching the web, I could not find an answer. Why? Because word-of-mouth accounts for 50% of purchasing decisions. Something else to consider, is an influencer can be truly anyone you have an affinity for. Social media and ad spending is great, but it appears it is even more important to understand who is influencing your customer.
Operational efficiency
You can operate like the big boys and in some cases even better. The great thing about being small is how fast you can adapt to market forces. For larger businesses, such as Amazon or Netflix, turning their ocean liners around can take a while; but you’re in a speedboat.
Again, we are advocates for innovating apps likes Uber or Grub Hub, but how much are those fees costing you? The average restaurant pays 30% commission on Uber Eats. Take into consideration restaurants are notorious for taking loses simply because of perishable produce. Now the 30% looks like a hefty penalty. With apps such as Buddy Social and a great domain name, of course, it may be more advantageous to put your own app on the market.
Let’s do the quick math on a $100k in revenue. On Uber Eats your commission may equal $30k annually, while an out of the box, plug and play app, may cost $5k annually. Business is all about delivery on product or service, great customer service and customer retention.
Use the advances of the past 15 years to grow your business and brand.