Along with the traditional influx of sales and delightful traditions and carols, there are many opportunities for small business owners to pivot their marketing strategies during the holidays. The most important thing for small businesses to remember is that without well-established visibility, all of those thoughtfully crafted sales, products, services, and tactics will have been for naught. This blog focuses on cost-effective marketing strategies that will help keep your business visible during the holiday season. It will focus on 5 marketing tips to help promote your business.
Holiday Marketing: Customer Retention vs. Customer Acquisition
Before we dive into into some cost-efficient marketing tips, let’s address customer retention and acquisition. Studies show that most companies choose to spend most of their attention and marketing budget on acquiring new customers. In reality, a new customer can cost up to five times more than cross-marketing to an existing customer. A Profitwell study recently reported that a 5% increase in customer retention can lead to a profit increase of 25% to 95%. So while you peruse through these basic marketing tips, keep in mind that while building new customer relationships, your existing customer base could significantly increase your company’s bottom line.
Five Tips for Holiday Marketing Profitability
The following are five, cost-effective ways that focus on both customer retention and acquisition, to market your business during the holidays, and get the edge on your competition: ADAPT
- Accurate Information
- Discounts and Events
- Post Regularly
- Thank Your Customers – Brand Loyalty
Keep Business Information Up to Date, Consistent and Accurate
Make it easy for your customers to find you. A recent Forbes article reported that presenting your brand consistently throughout platforms can increase your revenue by up to 23%. Keep your brand and information consistent and accurate across all platforms. Information such as contact, hours, location, your story, branding, offers, website and social links, etc. should always be updated. It’s helpful to keep a spreadsheet with your information and listing locations.
Here’s a sample of listing resources:
- Your Responsive Website
- Your Social Media Platforms
- Google My Business
- Bing, Yahoo and Other Search Engine Platforms
- Better Business Bureau
- Other Listings
PRO TIP: Websites should be responsive and easy to navigate. 48% of consumers have left a business’ website to purchase elsewhere because they could not easily navigate the site.
Free Business Resource: ShopLocalNola.com
During COVID-19, the team at JB Communications had difficulty finding user-friendly platforms on which to list client information. During the holidays, business information such as hours and promotions, are constantly changing, which is why businesses need to select their resources wisely to save time and avoid frustration. ShopLocalNola.com is a directory of locally owned businesses in the Greater New Orleans area that is user friendly for both businesses with claimed listings and potential customers who are searching for their next purchase.
DISCOUNTS AND EVENTS
Remember to Plan Holiday Marketing Events to Keep Customers Engaged
Everybody loves a good deal, and all customers like to feel appreciated. Did you know about 64% of online consumers wait to buy things until they go on sale? And more than 59% search for promo codes before buying anything online! It’s a proven fact that discounts directly affect consumer behavior, especially around the holidays.
If you’re struggling for ideas, consider holiday discounts, giveaways, online events, sales, “holiday parties,” or customer loyalty gifts. Even if your gift feels like something relatively small, the gesture goes a long way to the patrons who have been frequenting your business for a long time.
PRO TIP: Don’t forget to share these offers and events on your listings, such as ShopLocalNola.com, Google My Business and Facebook / Instagram Events.
Cost-Effective Ways to Advertise Your Business
Before COVID-19, JB Communications recognized that two of our biggest obstacles were to help clients understand the importance of being prepared for unforeseen events and the value of digital marketing. Today, most businesses understand that digital marketing should probably be a part of their ad campaign. But they don’t realize just how more cost-effective it is than other forms of advertising!
For the last 2 years, JBC was responsible for a client’s Super Bowl digital ad campaign. The average cost per television view in Kentucky during Super Bowl was approximately 15 cents, compared to less than a penny per view on digital platforms. Digital campaigns are less expensive and beneficial because you can update them instantly and track their progress. The following are some of the ways to maximize your budget for advertising.
- Traditional Media. Media such as television, radio, direct mail, print and billboards are still an affective means of advertising depending on your target demographic. Without proper market research and planning it can become costly.
- Digital Ads. It costs less to reach the same number of people using digital than traditional channels, such as print, radio, or television.
- Email Marketing. According to a study performed by SoftwareAdvice.com, email marketing is the second top performer for driving holiday sales, next to Social Media. Email marketing is also easy to track and easy to create.
- According to a study from the Data and Marketing Association (DMA), for every $1 spent on email marketing, businesses can expect an average return of $32.
- Social Media Marketing. This one is so important, we have an entire section dedicated to social media. Read on for more information!
Engage with Your Audience on Social Media
Social media marketing is one of the most cost-effective methods of marketing. It’s especially useful for small businesses because it allows them to interact with their customer base and build new relationships. The list of social media platforms are quickly growing, some of these popular brands include: Facebook, Instagram, Twitter, YouTube, LinkedIn, SnapChat, Pinterest and TikTok. Here are a few tips to help you improve your business’ social media engagement:
- Choose Your Social Media Platforms Wisely. Focus on social media platforms that target your demographic.
- Set Up a Social Media Calendar. This one can be fun and help reduce stress! Scheduling a social media calendar ahead of time helps you plan for your promotions and post fun events! You can always add new timely posts during the month.
- Quality Visual Content. Generating interesting images and videos to pair with your message goes a long way in drawing attention to your posts and engagement.
- Quality Copy and Keywords. Social media is great for your organic SEO! Remember to include search-oriented keywords into your written content to maximize your SEO. Thoughtful, well-written content sends a positive message to your consumer base.
- Utilize Tracking Pixels. This is a code that you place on your website to collect data such as conversions from social ads, assist with building target audiences, and re-market to people that have already taken some type of action on your website.
- Join Relevant Groups. Some platforms such as Facebook utilize Groups where people with similar interests discuss or share information. Sharing your content to these groups boosts your organic (unpaid) reach.
THANK YOUR CUSTOMERS
Embrace Brand Loyalty
Always remember that customer retention is profitable. Brand loyalty is the number one factor in customer retention. Up to 65% of a company’s business can come from existing customers.
Keeping a current contact list of customers (and staying in touch) is critical. This provides you with inexpensive opportunities to re-market to your customer base. Furthermore, this information can be extremely valuable in building new digital target audiences for new customer acquisition.
- Offers, Rewards, Gifts, and Special Events are an Excellent Ways for a Brand to Interact with Customers
- Encourage Customers to Leave Positive Reviews
- Encourage Customers to Refer Friends and Family
Contact JBC to Handle Your Holiday Marketing Needs
We’ve just barely scratched the surface of how good marketing can help you stay profitable during the holiday season! Hopefully, some of these tips will come in handy for you as you navigate marketing your business during the holidays. If you need help marketing your business this holiday season, contact JB Communications for a free consultation!