Three Must-Have Items For Your 2022 Business Development Budget
Unlike any other time in the history of your company, setting a budget for your business development initiatives must be disproportionately-driven toward the digital channel (that is if you plan on seeing a geometric return on your investment).
And if your economic advisors, CEO groups, or marketing director(s) are telling you otherwise, we’d love to learn about their projections for where the economy is headed for a business like yours and their strategies for making more of the ROI magic happen!
At Bravo, we not only have arguably the greatest independently-managed product feed in the industries we service clientele, but we also see more web visitors on our platform with the “highest intent to buy” from a showroom or supply house than any other technology platform out there these days.
By the nature of how our websites are structured, we know how many visitors are reaching our clients’ websites when searching for a “showroom near me”, or any of the product categories or brands that are listed on their sites.
Although the numbers are vast (like over a million searches per month, especially for the local searchers looking for a brick-and mortar-option to solve their unmet needs) on our platform, the data supporting what the next steps look like for a forward-thinking business in our industry gets clearer every day.
If you are not currently a Bravo client, then you are not privy to receiving our Results Reporting Dashboard each month, nor are you able to connect with our Showroom Marketing team to answer the dozens of questions related to online marketing concerns.
If you are a Bravo client, then you may have received a custom Market Analysis Report at some point during the past few months. A Market Analysis Report shows what kind of search volume is happening in your area on Google for business to business and business to consumer searchers looking for what you bring to market and sell. It also provides a simple snapshot to show you what kind of online opportunities are available for your company in the areas (i.e., zip codes) you want to target.
If you’re not familiar with a Market Analysis Report, then please reach out to us and we’ll send one for your company.
Here is an example of a Market Analysis Report created several months ago for European Kitchen and Bath in Vero Beach and Stuart, Florida.
Since taking action on the info included in their Market Analysis Report, Jon Campion and his team have averaged 3-4 laser-targeted inquiries per day from the Google Ads program (and his cash register has benefitted quite nicely, too).
What Are Industry Experts Saying?
In early October, Kitchen Bath Business published an article on the top uses of technology for businesses in our industry. To say we were shocked to see what strategies were perceived as the most valuable would be an understatement.
This excerpt from the article in Kitchen and Bath Design News linked above tells the story quite nicely: “On average, surveyed designers and dealers report that they currently spend about 8% of their annual expense budget on various forms of technology, with 38% reporting that they are now spending more than they were prior to the global pandemic, and 56% saying they’re spending about the same. In contrast, only about 6% say they’re spending either ‘somewhat’ or ‘much’ less than prior to COVID-19.”
When we compare this chart to the questions our top leads and current customer base frequently ask about, it seems the ‘ideal’ Bravo client has much more sales and ROI focused on their reasoning for maximizing technology than your average fish in the online ocean.
Due to the nature of our industry, you are likely a numbers person. And if you are not the “numbers person” at your company, it would be beneficial for the team responsible for setting your business development budget for 2022 to look over this list of recommended best practices.
The game to win these days involves the following:
The opposite of this strategy would be to believe people “stumbling” across your website will lead your company to online success. The truth is, turning online insights into recurring revenue is the game.
Nothing more. Nothing less. 👊
2) Having a digitized catalog with all of the product categories, brands, and options you have available for purchase (whether or not you have eCommerce enabled on your website.)
The opposite of this strategy is to have incomplete or inaccurate product data, no catalog at all, or to drive people on your website to the Manufacturer’s website. For those looking to win with the internet, we never suggest driving visitors off your site. Ever!
3) Having a drag-and-drop quote creator built into your web infrastructure.
Hassle-free shopping should be a priority for your staff and clients. Our SpexBuilder software has created over $550 million this year to-date in specifications and quotes for a reason. It’s efficient, effortless, differentiates you from the competition, and it makes buying from you much easier than ever before.
In conclusion, as you consider your options for winning with the digital channel in 2022 and beyond, you may want to consider reading over the Prospective Series articles that John Gosselin from our Showroom Marketing team has written this year.
These articles and the strategies shared in them have generated tens of millions of dollars in sales and positioned those who have taken action on them to be the leaders in their market in ways they never thought possible.
Best of luck being strategic with your business development budget for the upcoming year.
As always, we are here to help and answer any questions you or your team may have.