YOUR MARKETING PIE
If you own or manage a small business, Thanksgiving also signals that it’s time to start planning for next year. And one of your main tasks is determining how to slice up the marketing pie.
Maybe you just “wing it.” Or try a new strategy every year. But in simplest terms, you’ll need to determine (a) how many ways should you slice it (b) where does each slice go and ( c. ) how big should each slice be?
CUSTOMER EXPERIENCE: BIG SLICE
Do you make it easy for customers to make a purchase? What roadblocks are slowing them down? Are questions answered? Reviews and comparisons available?
Invest in better signs, and engaging graphics on websites that communicate prices, sales and special offers. Train employees to treat everyone like family.
Invest in a loyalty program. Nothing can generate more business than a terrific customer experience.
MEDIA: MEASURED SLICES
Once you have customer experience nailed down, you can add slices for digital and traditional media. Cut one slice at a time — testing one media choice at a time — before you cut the pie again.
Here is a general rule of thumb. For every two—three slices of budget spent on media, cut one slice for creative development and production.
Attention-getting ads, market awareness and higher perceived value generates more long-term business than low prices. Market leaders like Apple, Liquid Death water, Tesla, Starbucks will confirm that for you.
You need great creative to stand out. Whether you pay an ad agency or some other professionals, your brand and ads must not look and sound like everyone else.
SPLIT THE LAST SLICE
You should have about one slice left. And you want to split that slice into A) customer research and B) interactive events like open houses, samplings and social events.
MEASURE AND CUT
Unlike the carpentry rule of measure twice and cut once, you’ll need to measure and adjust the size of the slices in your marketing pie constantly. Uncle Joe may get a smaller slice one year, but cover it with enough whipped cream and he may not notice. ##