The year is close to an end and small businesses are hoping to get the last boost in revenue before the holiday season sets in. In such a condition, it is an opportune time for small businesses to ready themselves for success in the next year. To fully leverage the benefits of the holiday season, businesses should change their marketing strategy to better adapt to the consumers changing moods. Refreshing your marketing strategy is an excellent way to reposition your business offerings and find ways to squeeze into that last growth space in your industry. It also gives you opportunity to learn from your past mistakes and develop better outcomes. Hence, here are five effective ways to refresh your marketing strategy to better adapt to the holiday season.
- Budget Allotment
It is quite obvious to understand that if you wish to achieve your goals, your marketing budget should match and reflect the same. Maintaining the same business level and revenue would require 5-7% of your total revenue as your marketing budget. To grow your business, you should aim at spending 7-10% of your revenue and aggressive marketing plans would require even more from your business. However, aggressive marketing plans are recommended during holiday season as it allows you to gain that valuable larger market space.
- Audience Recalibration
Any marketing strategy will be successful only if caters to the right audience. Pitching your ideas to an audience that is not interested in your offerings will only get you so far. Hence, it is important that you find the right audience and engage with them appropriately. The pandemic was tumultuous period for the business world and has altered marketing methods in more ways than one. Street marketing has reduced dramatically and digital marketing has increased exponentially. Digital advertising and social media marketing were the fastest and most targeted methods of marketing. However, as the holiday season sets in, it is necessary for the businesses to understand the changing dynamics as well. Target audience may shift during this time of the year. As a result, recalibrating your marketing strategies to better address the new audience is a great way to increase engagement.
- Unique Offerings
Finding the right space where you can stand out in the next year is important. Find the offering that would make your business stand out from the crowd and even beat the competitors. Look out for additional offerings that help you differentiate from the competition and also encourage the first-time buyers to try your products.
Moreover, telling your personal success story is a great method to attract attention. Understanding that people don’t buy what you are selling but rather why you are selling it. Storytelling is an integral part of your marketing strategy and showing off your business personality every once in a while is a great way to improve your brand’s authenticity.
- Real Estate Optimisation
Marketing is not just limited to the online ads that you show or the video promotion you do on your social channels. Rather it is an omnipresent plan that displays your brand’s value in each customer interaction. Hence, one of the most overlooked marketing space in any business is its product display. Understanding that pretty product display will attract more window shoppers which means more traffic. Think of high-impact signage that explains your business offerings in few words is also a great strategy. Also, product placement and display is important. And brand interactions are not just limited to stores or ads, if you have a company vehicle, make sure that it is a good condition and properly displays the business it belongs to. Make sure your employees follow the general laws and safety practices such as social distancing and wearing masks properly.
- Build a Memorable Experience
Customer experience has always been a major determiner of success in the business world. Moreover, customer experience has become a major part of business offerings in the post-pandemic era. As the digital interactions have increased dramatically, so have the customer expectations. Build a memorable experience for your prospects. However, experiential and event marketing could take some time to come back. So, businesses are expected to deliver great service on the digital front as well. Hence, adjust your customer experience to align with your marketing strategy.
A great method to update your marketing strategy would be to improve your packaging. Providing a premium service even after a purchase has been completed is necessary for a complete customer experience. Additionally, invest in a good bagging product as a well branded bag being carried down the streets will inevitably expand your reach. Offer a loyalty program to reactivate the dormant customer leads and bring them back to your business.
There are a plethora of approaches to refresh your marketing strategies. However, as evident from all these examples, always aim to keep your marketing strategies simple. Aim to develop a strategy that is centred on your business goals. Use these excellent methods to improve your marketing strategies and better address the need of the business hour.