Profit From Your Past
The average small business spends $400 a month on marketing, a small fortune over an extended period of time and a huge waste of money if not leveraged into an asset.
Marketing is the driving force of all businesses and should be performed on a constant basis. But that doesn’t mean you can’t put your high-performing marketing activities from the past back into play.
You’ve probably run many different types of promotions over the years and have a good understanding of which ones work best for your business. Over time, as your business, marketing budget and technology changes, your promotions evolve and what you used to do gets forgotten.
But many of those things you used to do, worked — and for whatever reason, you stopped doing them. Fact is, you spend money on a marketing activity to find out if it works or not and how you can do it better.
What types of ads and promotions did you used to use but stopped?
Your previous ads and promotions are assets that can be reactivated and improved.
Think back over the years about the different types of marketing activities you’ve employed to generate leads and sell your products and services.
Some of them were intended to get your name out there, others for generating new leads and still others for launching new products and services.
And some of them worked.
Let’s take a look at a few things that may have worked in the past and can work for you again.
7 Common Promotions That Get Forgotten
- Product Discounts – Too often, small businesses rely on sales and discounts to get new customers. To succeed in competitive markets, you need to keep discount promotions to a minimum, but they can still be used to your benefit. Reuse discounts for poor-performing products and new product launches.
- Free Shipping – Free shipping and return promotions increase your customers’ sense of security and can tempt even the most fickle consumers. Reuse free shipping and return promotions to increase total checkout amounts and eliminate buyer concern about specific products.
- Holiday Promotions – Consumers spend more during holidays, but competition is fierce and successful promotions need to be tested and improved. Reuse holiday promotions annually and add changes learned from the year before.
- Competitions – Competitions require a bit of extra work, but provide valuable insight into your customers and build awareness of your brand. Reuse competitions to grow a segment of your customer database or launch a new product.
- Loyalty Cards – Giving your customers a bonus for shopping with you more often is an excellent way to build a loyal customer base. Reuse loyalty cards to sell popular products while promoting lesser known inventory.
- Buy One, Get One – Another popular promotion you may have used in the past is the BOGO. Did it lose money and scare you off? Reuse a buy-one, get-one free offer to liquidate excess inventory or as a loss leader to get more people through your door.
- One Day Sale – When you need a quick influx of cash, limited-time offers are a great way to generate fast revenue and get rid of excess inventory. Reuse one-day promotions to turn slow days into fast profits.
If you’re struggling for ideas to promote your products and services, look to the past.
With each promotion you’ve ever run and paid for, you gained valuable feedback, even if it’s to never run that promotion again.