TikTok and beyond: New tools for business development
or What to do when you can afford to grow
Ukrainian entrepreneurs are the second army of our country, fighting for their own businesses in difficult conditions. They are the unbreakable ones who continue to work despite all the trials brought upon them by war and tax authorities. And it's not surprising because these are the people who know how to quickly adapt to new conditions, burn with ideas, and energise those around them. They always come up with what can be done when times are tough, or what to do when everything seems to be going downhill and they want more. Therefore, they need to be knowledgeable about new tools and technologies to develop their own businesses, attract new clients, and explore new directions.
Rostyslav Lysytsia, СЕО of Marketing 0-100, shared his company's experience to Mind on how to implement new services in an environmentally friendly way and which opportunities are worth utilising.
In the life of every company, there comes a moment when new services need to be introduced. This happens because the company is growing and needs to tap into its full potential. Here are a few tips on this topic.
Go on and give TikTok a try
In the world, there are always certain trends that we can easily track. Each sphere of our activity has certain standards that prevail during a specific period of time. For example, currently in the online advertising industry, it's TikTok. How many people in your circle do not have an account there? We assume not many.
Among other reasons why we currently promote clients through TikTok (aside from it being a true trend), the following can be highlighted:
- Cost savings for the client. This point does not apply to all niches.
However, when it comes to online stores, they used to spend an average of $2500 on promotion through Facebook and Instagram ($2000 for advertising budget and $500 for agency services). Now, online stores can spend $1200 for everything.
- Free traffic. This is the aspect that impacts clients' cost savings in Marketing 0-100. Proper management of TikTok, consistent content creation and posting, and professional editing (which they specialise in) can bring an incredible number of customers for businesses.
- Here, advertising “catches up” with the buyer.
The average ROMI (Return on Marketing Investment) on TikTok is 300-400% based on our company's own observations.
Therefore, the first advice is to choose services that will be relevant and popular at the moment. Trendiness helps to “stay in the spotlight” and sell your products.
Listen to your employees
This month, our agency added a service for influencer marketing. The very first project brought in $3500, as our clients were able to purchase advertising from highly popular bloggers (Vlad Lymanyuk, Oleksandr Slobozhenko, Bogdan Bushe). They simply listened to their employee who suggested trying out promoting clients through influencer marketing. It was this employee who discovered that this channel of promotion is a real gold mine.
So, the second piece of advice is to listen to your team. Each of your employees sees the world differently than you do. They are already working in your company, and they can assess its potential and possibilities and propose an idea that is not just worth discussing but implementing fully. Therefore, strive to communicate more with your employees and listen to them.
Telegram? Worth a try!
When adding new services, it's important to have a clear understanding of whom they will be most beneficial for. In other words, you need to understand how this service works and who specifically in terms of business or individuals it will be most useful for.
In our agency, we have clients who conduct webinars and auto-webinars. So, we decided that advertising in Telegram channels would be the best option for lead generation right before these events. By analysing and selecting the right niche for a particular service, we have already gained two clients, even though such advertising itself only runs for a few days.
We also recommend not rushing and weighing your decisions. In business, it's necessary to take risks and try new things. However, believe me, it's much easier to calculate the potential results of specific actions than it may seem at first glance. Therefore, strive to think through and analyse your steps in developing your companies.
The OpenMind authors, as a rule, are invited experts and contributors who prepare the material on request of our editors. Yet, their point of view may not coincide with that of the Mind editorial team.
However, the team is responsible for the accuracy and relevance of the opinion expressed, specifically, for fact-checking the statements and initial verification of the author.
Mind also thoroughly selects the topics and columns that can be published in the OpenMind section and processes them in line with the editorial standards.
