Corresponding to your intent and stage of business are multiple levels of advertising and promotion but this is something you may not be aware of. Small businesses can make more money because their promotion and ads are tailored to the proper purpose when they understand these levels.
Awareness
The fact that small businesses have thousands of people out there who need what they offer but doesn't know they exist is one of their biggest threats.
This stage works on the "if you build it they will come" principle. If you don't have much competition or if you are an established brand opening a new location, then that's good news.
This is the most basic form of advertising and it has its uses. But never moving past this level are most small businesses.
How to Gain Market Share
In promotion and advertising, this is a very important stage. This is where you put your unique selling proposition out there so that people will choose you over a competitor. Being compelling in a way your competitors aren't is what you need to be.
Most advertising (even from a lot of the big guys) just doesn't go this far. Compelling action from a customer is your job.
Increase Consumption
It's very important to gain new customers but you still need to do something to bring your old customers back. Think of advertising or promotional tactics that will increase the size and frequency of your average purchase.
When you advertise to your current customers, it's not considered to be a waste of money. Unlike advertising to get new customers, your ROI is likely to be higher.
What are the ways you can get customers to frequently come back and spend more with you? An exponential growth in sales is what you will realize if you get these two components working.
Why You Need to Capitalize an Opportunity
This stage is where you use opportunities to increase sales. What kind of opportunities? How about holiday sales, long weekends, current events?
Using bad news for promotion is something you need to be careful about. Being too mercenary may come back to haunt you so be careful. However, offering deals to offset rising gas prices or beat the heat of summer deals can be great was to promote all kinds of things.
You can boil these stages down into finer points of distinction, but mastering just these basics will give you a head start for a more profitable future.
Awareness
The fact that small businesses have thousands of people out there who need what they offer but doesn't know they exist is one of their biggest threats.
This stage works on the "if you build it they will come" principle. If you don't have much competition or if you are an established brand opening a new location, then that's good news.
This is the most basic form of advertising and it has its uses. But never moving past this level are most small businesses.
How to Gain Market Share
In promotion and advertising, this is a very important stage. This is where you put your unique selling proposition out there so that people will choose you over a competitor. Being compelling in a way your competitors aren't is what you need to be.
Most advertising (even from a lot of the big guys) just doesn't go this far. Compelling action from a customer is your job.
Increase Consumption
It's very important to gain new customers but you still need to do something to bring your old customers back. Think of advertising or promotional tactics that will increase the size and frequency of your average purchase.
When you advertise to your current customers, it's not considered to be a waste of money. Unlike advertising to get new customers, your ROI is likely to be higher.
What are the ways you can get customers to frequently come back and spend more with you? An exponential growth in sales is what you will realize if you get these two components working.
Why You Need to Capitalize an Opportunity
This stage is where you use opportunities to increase sales. What kind of opportunities? How about holiday sales, long weekends, current events?
Using bad news for promotion is something you need to be careful about. Being too mercenary may come back to haunt you so be careful. However, offering deals to offset rising gas prices or beat the heat of summer deals can be great was to promote all kinds of things.
You can boil these stages down into finer points of distinction, but mastering just these basics will give you a head start for a more profitable future.
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