Disruptions in the economy can create great opportunities for businesses that are flexible and willing to invest in marketing. With tight budgets, marketing campaigns need to be cost-effective and efficient. Here are 5 tips to make sure you get the most out of your marketing efforts.
- Choose The Right Product/Service
If you need funds immediately, focus on the offerings that require the least amount of work and will provide the highest profit margin. For example, fireworks booths will often offer a buy one get one free on popular and small fireworks that almost all consumers will buy.
If creating sustainable income is the goal, then select the service or product that locks in consumers with the greatest lifetime profit margin. For example, after the purchase of a reusable coffee cup, offering a discount each time it is used will help create recurring revenue. The price and style of the coffee cup can have a great impact on who responds to the offer, what other impulse buys they make, and ultimately the lifetime value of the consumer.
- Market The “Why”
If the offering is unique in the marketplace, focus on the “Why” of the product or service. Otherwise focus on the “Why” buy from your business. Finding the “why” of your products or business can be as simple as asking yourself if the offering is “First, Better, or Different.”
- Make “How” Easy
Once a consumer has decided to make a purchase, following through must be plainly visible to them. As a rule of thumb, for each additional step required to make a purchase, 10% of consumers will give up! Make sure you are telling consumers “How” to purchase in your call to action and make it easy for them.
- Don’t Hold Back
Pandemic or not, the #1 mistake of marketing is limiting the length and budget. It takes time for the ups and downs of a campaign to become clear. The greater the reach, the quicker the peaks and valleys will become apparent. Increasing the budget ensures that more consumers are exposed to your marketing and thereby give you more results to measure the success of your efforts.
- 4 Step Marketing
There are four separate steps to marketing that need to be performed in order to get the best Return On Investment (ROI).
Step 1 – Plan
Step 2 – Prepare
Step 3 – Launch
Step 4 – Measure
Advertising in local media is statistically more effective than larger national campaigns, it also helps support your local economy. The Deer Park Gazette has recently announced a couple of changes to help local businesses during the current economic disruption.
Deer Park Gazette Advertising Changes:
- Job Classifieds, up to 150 words, are free for advertisers with paid monthly ads.
- Ads that are prepaid for May through July will be given a 20% discount.