How to expand your business in 2021
Coronavirus and the seemingly endless series of national lockdowns have placed a huge drag on the national economy, with business confidence in the UK currently as low as -19.
The corresponding number in London is even lower at -28.7, with the capital having been curtailed by tier four restrictions since before Christmas.
However, some businesses and marketplaces continue to fare better than others, so here are some ideas on how to expand and grow your venture as 2021 gets underway!
Understand and Focus on Your Core Customer
It has never been easier to create a core consumer profile in the digital age, with this offering a huge advantage in terms of tailoring integrated marketing campaigns as you look to optimise conversions over time. You should also consider link building with Niche Inbound.
Developing a clear insight into your core customer’s attitudes and behaviours will also lead to a more efficient marketing spend, increasing your ROI in the process. Remember; it’s at least five-times cheaper to retain existing customers than acquire new ones, so keeping your most loyal consumers happy is highly beneficial from a cost perspective.
With this in mind, there’s clear value in understanding your core customer and putting them at the forefront of your marketing strategy, by utilising huge swathes of data and continuing to build an insightful profile over time.
While this is likely to require a significant upfront investment in technology and data accumulation, this should be measured against the potential savings and returns in the future.
Create an Integrated Marketing Campaign
Increasingly, marketers are adopting an integrated approach to promoting their goods and services, with a view to optimising assisted conversions and the value of each interaction that customers have with your brand.
This type of campaign, which combines on and offline marketing channels at different stages of the consumer journey, also taps into the increased influence of mcommerce trends and social media.
Make no mistake; 52% of new brand discovery happens on public social media feeds, while it’s also thought that out-of-home (OOH) media (such as billboards) trigger a higher volume of brand interactions through social platforms such as Twitter and Instagram.
Not only this, but people who see a branded OOH campaign are approximately 17% more likely to engage with a company on their mobile, with this highlighting the importance of integrated campaigns in the modern age.
Create Concise Offers
If you do create billboards, it’s absolutely imperative that you create concise and impactful messaging, which enables you to engage customers while making the most of the advertising real estate at your disposal.
This will mean creating concise and immediately appealing offers, which must be easy to comprehend and ideally create a sense of urgency and action amongst your consumer base.
The same principle applies when driving limited time offers through social media, as while people may well spend almost an hour a day on sites such as Instagram, they prefer to browse content rather than carefully analysing branded offers.
Ultimately, we’re inundated with offers and ads online and through social media in the digital age, so it’s important to talk clearly and concisely while ensuring that you get straight to the point.