Businesses are diligently working to recoup last year’s lost earnings following the start of the pandemic. Holiday sales in the United States beat expectations in 2020, but were primarily made online, forcing many small businesses to cut hours and trim staff to stay afloat.
When business owners have to make budget cuts, the marketing budget is often considered as it can be erroneously viewed as a non-essential expense. Research reveals companies who invest in marketing during a recession bounce back faster than companies who opt to cut their ad spending. Small businesses can improve their chances of success by bolstering their online platform and wisely allocating their marketing budget into programs designed to generate results.
Give your business an advantage this year by fine-tuning your marketing strategy to include various methods of reaching customers. New mover marketing, a strong social media presence and community involvement are three ways you can help your brand navigate the current economy successfully.
Think of new ways to add customers.
Businesses who cut their marketing budgets during lean times run the risk of being overshadowed by the competition and preventing new customers from discovering their brand. The pandemic has resulted in people not exploring their local area as often as usual, which is why this is an opportune time to consider a new approach like direct mail and new mover marketing. These methods reach out to consumers without them having to leave their home and guide them to businesses like yours that are seeking customers.
Many people are fleeing their current neighborhoods and relocating to suburbs and small towns to provide stability during this difficult season. An analysis of data from the United States Postal Service revealed more than 15.9 million people moved last year. Targeting new residents will introduce people to your brand before they have a chance to build loyalties with your competitors.
Boost your online presence.
A report from Mastercard estimates online holiday sales increased 49% compared to 2019. This increase shows that shoppers are turning to the internet to price check, shop and read reviews of products and services. Your business should have a strong online presence in order to connect with customers digitally.
Fortunately, social media allows you to share information about your business by posting to your respective profile at no cost. Promoted posts and paid ads, however, do cost money. Social media advertising and promoted posts increased to 83% last year, according to a report from the Content Marketing Institute. Posting on social media can increase your company’s rank in search engines and provides a platform for sharing customer testimonials, website blog posts for customer tips and more.
Keep in mind that social media can become saturated with ads, creating over-stimulation for the customer which can result in the loss of an impression, click or sale. While having an online presence is undeniably important in this day and age, it’s critical to mix in alternate channels of marketing such as the others I’ve mentioned.
Support your local community.
While improving customer service and creating a customer loyalty program will help draw in new patrons, it’s smart for businesses to be active members in the community they serve. Joining the local chamber of commerce and participating in community events are two ways that can make an impact.
Supporting local non-profits is another way to give back to your community and increase brand awareness. In 2019, corporate giving increased to $21.09 billion — a 13.4% increase from 2018, according to Giving USA’s 2020 report.
Some businesses have found success by making community service part of their business model. Toms, a popular shoe brand, touts a one-for-one business model, where they donate a pair of shoes to people in need each time a customer makes a purchase.
While one-for-one giving may not be the right fit for your business, I’m proud to say that our business model supports local communities as well; every new mover who receives our welcome package is gifted one-time-use housewarming offers from our partnered local businesses. Really, it’s the community welcoming program and our clients are the neighborhood sponsors as they graciously give one free gift to new residents — no strings attached.
Another option is supporting a charity that mirrors your company’s goals.
When reviewing your 2021 marketing strategy, be sure to include low-cost, trackable options that raise brand awareness and generate results. Keeping your marketing budget robust will surely help your business succeed in 2021.
To find out how we can help you with your Website + Marketing, using our unique location marketing platform called Top4, get in touch today www.top4marketing.com.au
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source: forbes
