With the end of 2019 within our reach, entrepreneurs are beginning to think about what is next for their businesses, mainly, attracting new customers, increasing revenue and building or maintaining new brand loyalty. Small businesses need to stay one step ahead of their competition and ahead of trends which can be difficult for a one-person business and other small businesses with a set marketing budget.
Here are 9 strategies on how to grow your business in 2020, no matter your budget size.
With the ever-changing business landscape, the human connection now matters more than ever when building new business. Smart and pro-active entrepreneurs need to begin to find time to connect with their customers and understand what their needs are for a company to gain their business. What attracts a customer to your business or brand and what does your content convey is imperative in today’s market. The more consistent your messaging is and the value you bring, the more people and new customers will relate to it.
Once you have identified your target market, what type of promotions or advertising are a proven choice to use when recruiting new business in 2020?
THE POWER OF PRINT:
Word of Mouth: Though this is considered to be the most effective way to promote a business, print is NOT dead. Studies have shown that over 90% of consumers prefer and use recommendations from friends or family when choosing a service or product. Why not reach out to your current customer base and ask for referrals?
REFER A FRIEND PROMOTION:
Another great program in building new business is referrals. When asking for referrals to drive new business, why not offer a promotion such as, “Refer a friend and get a $5 gift card for your referral and yourself?”
Send your current customer base a “Thank You Kit” for their business and loyalty and ask for a referral. Include items that show off your branding so that it stays in the mind of the customer;
This kit may include the following branded items;
- Note pads
- Shopping bag
- Business Card
- Referral Card
In this growing digital market, print ads are still among the most popular way to acquire new customers. Consumers trust print ads and other traditional channels. When it comes to which type of ads consumers trust, print ads came in at #1 with an 82% rating for customer trust followed by catalogs received in the mail at 76% in the consumer trust category conducted by Marketing Sherpa.
Yes, you read this correctly! There was a time not so long ago that catalogs were on the verge of extinction, due to the digital age and the cost of printing, HOWEVER, things are changing again and the catalog is making a comeback! New research has shown when targeting millennials, the catalog is the way to bring in new and brand loyal customers! Studies have shown response rates have increased in recent years because of the decrease in mail being sent. Millennials like catalogs and feel it brings back a certain nostalgia with 65% of millennials making purchases influenced by a printed catalog. “It’s unique to the generation that hasn’t experienced the amount of mail of past generations” according to Neil O’Keefe – Sr. VP of Marketing and Content from Data & Marketing Association. Millennials are very imagery focused and catalogs are driving sales better than digital marketing with more than 77% of consumers visiting a retail store due to a catalog promotion.
Another marketing tool that has been on the rise in the past few years, is Direct Mail. Direct mail has seen an increase in customer response rates of 43% YOY (year over year). Another interesting insight is that direct mail is preferred by more than 50% of respondents to that of email. The #1 direct response tool is the over-sized post card with a 5.1% response rate, as reported by the DMA.
Business cards are still one of the most commonly used forms of marketing today, in fact, many cultures have a tradition and ritual when being presented with a business card. Remember, all business cards are a type of “promotional” marketing to encourage new business. It may be time to change up your card art and paper to appeal to the highly visual Millennials.
Begin offering loyalty programs to new customers by using punch cards. Get 10 punches from purchasing a product or using a service and receive a FREE gift. Everyone loves loyalty programs and will continue to be a loyal customer.
VEHICLE WRAPS or WINDOW CLINGS:
Vehicle wraps or window clings are very popular as they present a mobile billboard to be seen by hundreds of potential new customers. The Outdoor Advertising Association of America estimates that a single vehicle wrap can generate between 30,000 to 70,000 views a day, making this a very cost-effective way to promote and build your new business.
Flyers may seem outdated in certain age groups but they are still a highly effective way of marketing and helping build new business. Use a neighboring business to display your company flyer on the counter and you, in turn, will do the same. This creates a highly effective cross-marketing opportunity for both companies, where it’s a win-win strategy.
The power of print is still a viable industry in 2020 especially when it comes to unaided brand recall. Consumers remember a brand name 70% better if they see it on print compared to 44% seeing it digitally. Print is a valuable marketing tool at helping build new business because you can target and segment to different audiences with specific interests. Print still has the largest ROI among all mediums at a staggering 125%. So, in conclusion, Print Is Here to Stay! And, will help your business grow, just make sure to have a focused strategy of which businesses to target.