Give Your Customers and Prospects an Offer They Can’t Resist
Let’s face it; everyone is feeling the effects of our economic situation and as small business owners, these may be some of the toughest times many of us have ever faced. But I do not want to dwell on that (and neither should you) because there is still a lot room for your small business to be the success you dream it to be. In fact, if you look back at our economic history, times harder than this have presented business owners a great amount of opportunities to continue building their businesses. It’s all a matter of choosing to have the right mindset, putting your worries aside, and actively taking the steps to promote your small business even more. Incorporating even a few of these small business advertising tips can certainly enhance your profitability and help carry you to the next level of success.
Keep On Advertising
One of the biggest mistakes that I see so many small business owners make when the economy gets tight is dramatically decrease their advertising or completely stop their campaigns. That is the absolute worst thing you can do for your business simply because your present and future customers are still in need of your services. They are just a bit more conservative with where they are spending their money, so the extra effort of promoting your brand and business will pay off. People are still willing to spend money on the things that they want or need but they may require a bit more convincing so they know their hard-earned money is well spent. Now, more than ever before, your customer’s purchase not a matter of price as much as it is of value.
Money is Not the Real Issue
Your customer or prospect will justify a very expensive purchase if they feel it provides real value to them. “Real value” can be defined as something that saves them time and/or money, the two most valuable commodities we have. Even more importantly, the value they perceive in an offer can be something that positively affects how they look or feel about themselves or their life. Whatever you can do to enhance your company’s image and/or increase the perceived value of what you offer, will benefit your advertising efforts and business for years to come.
Do What Your Competitors Are Not Doing
Another great advantage of advertising during tight economic times that we may all forget about is the fact that less people are doing it. Obviously, that means is there are less advertisers competing for the attention and money of your prospects. Due to the fact that there are fewer businesses advertising, publishers and other media outlets will be in need of business to stay afloat as well. What this often leads to is greatly discounted rates that may not be offered any other time. These publishers have a business to run just like you do. Selling advertising space to other companies like yours is precisely how they generate their revenues. You will see they are often ready to hook you up with a deal to earn your business, trust, and future recommendations.
Lure Them in With Coupons
Due to the fact that your current and future customers are more conservative with their purchases, offering coupons during lean economic times has traditionally become more popular. Everyone is looking for bargains and good deals to make their money stretch, but you should know a few things to keep in mind. First off, don’t cheapen your business or the product or service you offer because consumers will pick up on that and think negatively of your business.
If you don’t want to cut too deep into your profits, it’s still possible to present a very enticing offer. You can accomplish this by adding value to your offer instead of cutting prices. Think in terms of what you can offer your prospects that will increase the perceived value of your product or service without adding a lot of real costs you have to cover. For example, adding some type of personalized service that only costs you additional time will add a great deal of value in your customer’s mind. Everybody likes something personal.
Depending on your market, your costs, and your customers’ buying habits, the best type of coupons you could offer might actually be ones that offer a price reduction. If that holds true for your business, please whatever you do, don’t offer any wimpy coupons. For me personally, that just says I’m really not valued by your business. A 5% discount doesn’t attract my attention unless it is on a high-ticket item. Even then, the discount won’t even cover the tax.
Lifetime Value of Your Customers
Do not think in terms of the initial sale but rather the lifetime value of that customer. In simple terms, if you establish a good relationship with your customer and serve them very well, the amount of direct income their loyalty can bring could be very significant over the course of time. You also need to remember the income that could be derived from people they refer to you. So giving a bit of a discount upfront can most certainly pay off in the long run.
