Why Small Business Owners Must Embrace the Web or Risk Failing
One of the most powerful things about the web is how it levels the playing field for so many businesses. Huge corporations that can afford to hire IT experts and website designers to manage their brands online are typically slow to respond to changes in the marketplace. Even slower however, is the small business owner who is cautious and skeptical to risk relatively less with everything to gain.
The reality is – the web is not going anywhere. And more of your customers flock to the web to help make their buying decisions than vote in a national election. Traditional forms of marketing such as radio advertising, newspaper ads, brochures et cetera have extremely low conversion rates and still cost three to five times more than a website. Not very good odds – yet, the small business owner continues slowly bleed money while their competitors tip the marketplace back in their favor.
Advertising requires repetition – and its been documented that the average person must see or hear a single ad an average of nine times before it’s remembered. Let’s multiply nine times the average cost of a half-page ad so for conversation sake that comes out to $4500. That’s coincidentally the price of our best website package – but our sites last more than nine days. Now consider that your business will only experience a 1% response rate in a consumer market of 60,000 times nine ad runs and you’ve got yourself 540 new prospects at the price of $8 per prospect.
If you’re a small business that can afford $8 per potential new customer, congratulations. Most small business owners I know are in the business of making money, not saving it. At $4500 over 60 months, even a low number of consumers searching for your product can have a response rate of 60% or more. Let’s assume we have only 100 consumers looking for our product and our response rate is 50%. That’s 50 new prospects times 60 months – or in other words six times as many new prospects at an eighth of the cost.
That just makes business sense and why every small business owner should embrace the web or risk failing.