While there's no formula, he says there is one equation to remember: Profitable Business + Exposure = Competition. In other words, a profitable business that knows how to advertise will become even more competitive.
Retailers of all sizes must advertise, even if they already dominate their market, because if they're doing something right, a successful campaign will ensure that new and regular customers get that message.
Budgell, who's better known as the Strategy Guy in marketing circles, says advertising is about "securing the future, not just securing today." In other words, don't be satisfied with what's working today — use advertising to build stronger relationships for tomorrow.
This Retailer's Guide offers some budget-conscious, creative advertising ideas that small business owners can use to capture the attention of customers.
BEFORE YOU ADVERTISE...
Think about your message Budgell says it's important for retailers to take time to write down how they want their customers to see them. When retailers understand what they want to be, they then need to ask themselves if customers see them in that way. Retailers need to ask, "Do the ads communicate what my store’s about?"
In doing this type of thinking, a retailer may even decide it's also time to update the storefront and hire new people in addition to revamping the store's advertising. Every marketing touch point — from the point of sale to fliers to customer interactions to the way you compose help wanted ads — should fit into your message.
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"It's about making marketing reflect the company in a compelling way," says Budgell.
Research your market
Sometimes advertising is a crapshoot — it might work, but it just as easily might not. You can improve your chances of success by researching before you commit to a particular form of advertising. The Strategy Guy says:
- Poll customers before you commit. Budgell says he knows a retailer who uses down time to poll customers in the parking lot on which of three potential advertisements the customers like best. The retailer then runs with the advertising concept that wins the most votes.
- Do callbacks. When you lose a high-ticket sale, call and find out what went wrong. If you make 20 calls a month, you'll end up with 240 calls a year. Even if only half the lost customers talk to you, you'll get a good idea what you're doing wrong and how you can draw them back through advertising.
- Don't get advice from friends. "You need candour," says Budgell. Seek advice from other business owners or marketing consultants who know your business. They'll tell you what you may not want to hear, but need to hear.
- Track ads. Talk to customers to find out what ads work. Ask
your customers, "How did you hear about the sale?"
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