Business First Family Business, Accounting, Finance, Investing, Marketing And Management
Is your business struggling in the prevailing tough business environment? The recent past has seen the going get very rough for small businesses. It is predicted to remain so for the near future. In such an environment, small businesses must reevaluate their marketing strategy to compete and survive. If you are a small business owner, which workable marketing tactics can you deploy?
Free Shipping
Free shipping has been around for some time, but many businesses have distorted it with hidden charges. Implementing a transparent free shipping incentive will make your products very attractive. This is more so for bulky products that attract higher shipping charges. You could also implement a free shipping incentive based on a price base e.g. free shipping for orders totaling $100. If a client makes an order of $90, she is likely to add an item to top up to $100 and get the shipping for free.
Reward Customers
The year 2020 has not been very kind for many people. The forced lockdowns and self-imposed quarantines have drastically disrupted the lives of many people. Your clients will appreciate rewards that remind them of better times. For instance, real-world experiences rewards like vouchers to a good dinner or the cinema mean will work better than price incentives. For a client who has not had a chance to go for a night out, a voucher to tour several live casinos in India would be the ultimate incentive. While your clients are worried about finances, exceptional experiences will be pleasantly surprised. You will stand out of the crowd.
Be Active On Social Media
Any small business that expects to survive today must be on social media. Nearly everyone with a smartphone has a social media account. Reaching to your clients on Facebook is easier than reaching them on email. Take another look at your content generation plan. With stiff competition, your brand must stand out and remain visible to your clients. Use more video content because it works better than text or static banners. Your audience is 27 times more likely to click on a video than a static Facebook ad. Additionally, businesses that use Twitter effectively also have positive results.
Seek Collaborations
Small businesses have taken a beating everywhere. Collaborating with brands in your vertical chain would help you tap into a larger market. Vertical collaboration means working with businesses in your industry, which are not your direct competitors. For example, say you sell fashionable sandals. You could collaborate with a nail artist to offer pedicures for every person who buys your sandals. Additionally, you could also work with a clothes boutique and have them refer clients to you for a commission. These collaborations are limitless and inexpensive. Moreover, they can be instrumental for growing your business.
Free Consultations
Consulting for free helps establish your authority in the field. This is more true for service providers. Freebies are loved everywhere. If you are a plumbing service, for example, you can offer a free consultation on laying new gas piping. A no-obligation quote will raise your trust levels, and it is unlikely that the client will pick another plumber.
Establish A Referral Program
Another sensible way to attract customers to your brand is by establishing a referral program. After all, your current clients are your best advocates. Those who already send you business will appreciate the acknowledgement. For the others, a free product or service may be motivation to send send new business your way. Remember, the reward for recommendation does not have to be elaborate. However, even establishing a simple program can be a very powerful referral marketing strategy.
Incentivize Your Staff
Your employees have a direct stake in the survival and welfare of the business. They should be motivated to take an extra step in marketing your products or services. They are best placed to do the marketing because they know the product in and out. There are several ways of incentivizing staff. You can offer them commissions for the sales leads they make, or offer bonuses on top of the salaries. You could also offer non-monetary incentives like vouchers to the cinema, hotel or casino.
Surviving in the new normal of a tougher business environment needs a shift in the mindset. As a small business owner, you could implement one, several or all of these ideas. Only those willing and able to adapt will survive.
