THE RIGHT BUDGET FOR YOUR SMALL BUSINESS
Google Keyword Planner is a valuable tool that gives you an idea of how many other businesses are bidding on specific keywords for advertising budgets. If their score is high, the industry is highly competitive. Owler.com also provides insight into local and national competitors.
Understand the Innovation Adoption Curve
Understanding how the general public is going to perceive your business and services is an important piece to your overall strategy. The Diffusion of Innovation Theory describes how new and innovative ideas are, or are not, accepted by groups and cultures. It points out that there are 5 stages for a new idea to be accepted. Those groups are:
- Innovators
- Early Adopters
- Early Majority
- Late Majority
- Laggards
Understanding this theory can have a big impact on how you present your business to consumers – especially if your idea is new. Some people don’t jump on the bandwagon as quickly as others. What this means for you is that you not only have to sell to the innovators (risk-takers, highly educated, prosperous) but also to the laggards (more traditional, less socially active, difficult to change), and everyone in-between. Depending on where in the curve your business, you will have to save more of your budget for education and awareness strategies.