How to Make Good Better
You’re open, and business is booming! Why advertise and spend those precious dollars if foot traffic is constant and sales are up? You got them on the ropes; keep punching. Capitalize on your popularity! You have discovered success, an oil well if you will; don’t cap it, let it flow. Now is a great time to add more content to boost your business image—get some customer reviews and showcase them. A hairstylist can utilize Yelp to work on getting reviews. Every person sitting in their chair is a potential online review that could bring in more customers. You’re hot right now, and customers are happy with your services, recommendations, products, and advice—let the rest of the potential customers see the great vibes you’re creating. That means setting aside a portion of projected sales revenues for ads (even as low as 5%).
How to Get More Referrals
You can also entice existing customers by rewarding and encouraging referrals to your business. A referred customer is 18% more loyal than a customer who came to you from another source. The referral program method you choose will depend on what your business offers. It doesn’t hurt to ask your regulars to refer you to friends and family; you can also incentivize them to follow your social media page and tag or post an image of their product or smile after excellent service. Reward each referral with a gift or discount on their next visit.
A successful referral program will build awareness for your business and help you grow your customer base with your desired customer type – it can lead to a 30% higher conversion rate and a 37% higher retention rate. Creating an effective referral program is one of the best ways to engage and leverage the power of a group of influencers that already know and love your product / service.
Again, constant effort is vital, keeping the momentum going and collecting as many good reviews and referrals as possible during these good times. Soon you will be so good at capitalizing on your heavy traffic that it will become second nature, overwhelming in a good way. When you keep advertising to your target customers, you will find it easier to maintain market share and build valuable trust—busy is a great time to do this—don’t wait until things slow down, take action!
Channel Spotlight: Content Marketing
Ever heard “content is king”? Whether you do it in-house or hire out, creating engaging content is key to spreading awareness of your business and connecting with your target audience. Blogs, social posts, surveys, videos, infographics, et al., are all great ways to show your thought leadership / industry knowledge, build trust and align with your customers’ values.
Content has many lives too. You can repurpose your content, use it in various ways, and share it across your best channels to boost consumption. For example, you can refresh and update old blogs and repost them, create an email, and reference the “new” version of the blog. You can also take portions of marketing research, such as white papers and e-books, turn them into blogs, and expand on the original ideas.
The content you already spent precious time perfecting is yours to exploit. You are the expert on your business and in tune with your strategic goals; however, you still need to get your audience to convert. Remember, when you’re constantly advertising, you also need to be closing—an excellent call to action is the cherry on top that makes the final step for consumers obvious—click here to learn more, to buy, to join our list, etc.
Why You Should Advertise When Times Are Bad
One thing that is true about most things: what goes up must come down. Very few businesses are immune to slow times. Maybe it’s the slow season in your area, a recession might be coming on (or has arrived), or the competition just moved in down the street and has started to eat up your clientele. Also, maybe staffing has become an issue. Lately, it’s not uncommon to see hiring signs all over the place; times change, and staff looks for a little more. Please don’t sit back in defeat, do something about it. Invest in your future by continuing to advertise, let the customers know your business exists, and remind them what they’re missing or what they need that you have. Think of it as a job interview, and you haven’t heard back. Rather than wait and wonder, reach out, or advertise yourself because 9 times out of 10, people need that reminder.
How to Advertise During Your Slow Season
Slow seasons happen for many businesses. However, during these times, it’s still essential to advertise. Seasons change, but your ads will continue to resonate with customers as things pick up again. For example, an ice cream shop in the winter might talk about hot fudge sundaes and cocoa, maybe a tasty ice cream cake or pie with coffee. Images like these evoke thoughts of warm booths in a quiet shop. Or in summer, a snow removal business could use its service trucks to move equipment and gravel around or help with other road maintenance. One must realize how important ingenuity in advertising is to success— always thinking, brainstorming with staff, and finding new ideas to get the word out about your business. We see it all the time these days on social media. Maybe a fan shows up at a sporting event, gets on camera in front of millions, and does something ridiculous while wearing a shirt that says “Coke”. Suddenly, the video goes viral, and the guy is referred to as “The Coke Guy” for the next six months. It is something that is embedded in consumers’ brains now. While these moments are luck, they must be capitalized on when they happen.
A great example is the Paramount horror movie Smile, which has grossed over $200 million. Some of the PR for this film was to send actors to stand eerily still behind home plate at MLB games and creepily smile. As more and more fans noticed and wondered about the studio plants, more and more buzz grew around the film because of these guerilla tactics. Think of ways your brand can make a mark that sticks around. For instance, you pay someone to spin a sign out front promoting your business, and the guy is so good at it that people start to notice. The little risks you take, those ideas that initially seem too out there, often have the biggest impact.
Plus, your business can reach potential customers cost-effectively during slower sales periods. After all, odds are, your competition is spending less on advertising now. So capitalize on this window by advertising to increase revenue when sales are traditionally soft. One thing to note is that advertising channels may offer lower rates when there is less competition.
How to Advertise During a Recession
When budgets are tight, it is wise to continue to invest in brand awareness. During a recession, sales and profits may go down as costs increase, leading to labor cuts and the ability to spend as much on marketing and advertising. Remember that your customers are going through tough times, too, and are looking for some humanity. Knowing businesses understand and do all they can to help means something to most people.
Be honest in your advertising, even using humor to connect. For example, Super Bowl ads, we all love and wait for each year no matter the situation. (Millennials and Gen Z audiences react well to humorous ads.) Businesses can go beyond humor, too. Coupons are always welcome and an excellent way to bring more business through the door, especially with the reduction in print coupon distribution / coupon scarcity. Hand out coupons at the register to let them use them right then and there, rather than making them wait until their next visit. It’s the little things that make the difference.
Plus, good customer service goes a long way and shows that your business cares during an economic downturn; you are open and accommodating as people look for a community to belong to, an opportunity to connect. A recession can feel like a ship sinking; the captain and crew need to maintain poise, have patience and understanding, and be able to read the situation and react appropriately.
