A Successful Strategy to Grow Your Business that's Practically Free
One of the biggest challenges any business faces with regard to marketing, is the ability to reach a qualified audience. In layman’s terms, this means you want to advertise to people that have a high potential of buying your product. For example, if you sell parts for Ford Trucks, advertising to Chevy, Toyota, Nissan, etc owners is wasted effort, which translates to wasted advertising dollars. This is the reason billboards, television, radio and print advertising have declined. Simply hoping your demographic notices the advertisement, and happens to be someone that wants your product or service is not a great plan.
For these reasons, there is no better option on which to spend your advertising and marketing efforts than re-marketing. The return on your investment to focused re-marketing exceeds all other types of advertising many times over. In most cases, re-marketing is free or extremely inexpensive. As an added bonus, you can actually track this type of advertising to see what works, and with whom. If you have any interest in growing your business, you should be using re-marketing. Expecting growth without doing so equates to growing plants without water.
Would you be willing to offer a 5 or 10% discount if you had a guaranteed sale over and above any normal sales activity?
Consider this. If you’ve been in business for any amount of time, you already have a great opportunity to grow. The people that have been your customers in the past are a perfect match. They’ve shown enough interest to buy once, why not offer them an incentive to buy again? Discounts coupons, customer appreciation days, private sales for existing clients and advertising based on things from previous purchases are perfect examples of ways to re-market. The best part about all of this is that you don’t spend any funds out of your operating budget for this kind of advertising. It only costs you a discounted margin and only if the customer returns to buy again.
It’s absolutely mind numbing to me that more businesses don’t use this strategy.
Slowly, companies are catching on. This is why you see grocery stores offer you coupons that magically seem to be related to your previous purchases. They only print coupons that match your buying habits, and usually for things you haven’t bought lately.
There are quite a few software products that can help with customer management and purchase history. Many also have the ability to manage incentives, discount codes and loyalty programs. Each one is a little different, depending on the type of business you run.
As, with any attempts at business growth, YOU must take the first step. This usually starts with a plan or a definition of what outcome you seek. We can help with strategies and the best part - we don't charge for consultations. Get in touch if you'd like some guidance. We'd love to hear from you.
As always, we are grateful for your business and appreciate the opportunity to be a trusted business partner.
Best of success to you this month,