To cope with high supply costs and above-average inflation rates, implement affordable marketing ideas designed to add loyal customers and boost profits.
Businesses were hit hard in 2022 as inflation reached record rates, gas prices shot up, and supply costs increased. Labor shortages prompted small businesses to raise wages and offer incentives to retain staff. But relief is on the horizon. Research indicates wage increases are starting to level off. Hourly earnings growth over the previous 12 months slowed to 4.95% in December, its weakest level since March 2022.
Optimism is rising, but fear of a recession and ongoing high supply costs make it likely you’re still crunching the numbers and searching for ways to cut costs in 2023. Over the last 50 years, we’ve helped small businesses open their doors to new customers in both lean and boom times. Our Town America recommends keeping a robust marketing strategy in place to drive traffic and, thankfully, there are affordable marketing ideas you can implement to save money and grow your business.
Direct Mail. We offer both budget-friendly New Mover Marketing and Postcard Marketing. Our New Mover Marketing program welcomes new residents to your business before they form loyalties with the competition. This Welcome Package filled with proven offers is an incentive to encourage them to visit your business – new movers love this personal touch.
With Postcard Marketing, you can blanket a ZIP code with your message. You can target people by neighborhood, median income and age.
Our Town Digital. Our Town America’s new “Our Town Digital” program provides an affordable tie-in to your direct mail piece.
The average American spends two hours and 14 minutes on social media each day. Sending a tangible offer delivers a solid impact. Reinforcing the message with a digital component provides seamless, hassle-free results. The digital ads will reach the people who received your direct mail and others who match similar demographics in your targeted area, such as commuters and frequent visitors, to increase foot traffic to your business.
Build influencer relationships. Influencers play a significant role in helping small businesses promote their brands. The influencer market was forecast to reach $16.4 billion in 2022, up from $13.8 billion in 2021. By offering a free product or service to an Instagram influencer, you can showcase your brand experience to their cultivated list of followers.
Find a podcast. At least 41% of Americans listen to a podcast, according to Pew Research. Being a guest speaker on a local podcast showcases your authority and expertise and generates buzz about your business.
Local SEO. Improve your local SEO to ensure your business appears at the top of Google searches. Simply create and optimize a Google My Business page. Google offers tips to improve your ranking.
Apply for business awards. Raise awareness about your establishment by applying for local small business awards. Many awards allow customers to vote for their top picks. People are more likely to visit a business if they receive a recommendation. Receiving an award will help introduce your brand to new customers and get some free press in the local media.
Vehicle branding. Create a mobile billboard advertising your business by installing a vehicle wrap on your ride. Vehicle branding is a one-time cost with a high potential reward.
Press releases. Newsroom staff shortages provide the perfect opportunity for small businesses to get local news coverage. Don’t underestimate the power of a well-written press release or full article to inform the media about exciting events or new products at your location.
Build a customer database. Offer discounts to customers who sign up for your customer database. Having access to your loyal customers’ email and text information will allow you to blast out new menu offerings or special deals to help encourage them to pay your business a visit.
Learn more affordable marketing ideas and ramp up sales by adding Our Town Digital and/or a Direct Mail Strategy to your lineup. Find your local Our Town America rep to get started.