Advertising has really evolved throughout the years with digital and mobile becoming mainstream. However, in 2021, we’ve seen it all with a global health pandemic to major historic weather events that have literally shaped the economy very quickly, and in ways we could have never predicted. What can a small business owner do to take control of their marketing in such an unpredictable economy? In this article, you’ll learn:
- What your marketing “baseline” should be
- How to plan ahead for unexpected changes/opportunities in the local economy
- How to make money on those unpredicted changes
What is a “Marketing Baseline?”
Every local, small to medium sized business owner should have a baseline of marketing that they consistently drive out into the local market place. This includes a good website, accurate local digital listings and decent ad campaigns that range from TV, Google advertising and social media at a minimum. The messaging should also be consistent across the board, showing consumers what makes you different or better than your competition. Your marketing baseline should be a consistent monthly budget as well. The U.S. Small Business Administration recommends, “As a general rule, small businesses with revenues less than $5 million should allocate 7-8 percent of their revenues to marketing.” This percentage is based on companies that have margins in the 10-12 percent range (after expenses).
How does a local business owner plan ahead for unexpected changes or events in the local economy?
Every year, business owners are hit with unexpected changes or events in their local market that can also present opportunities for business owners to cash-in. Examples are big weather events (winter, hail, tornadoes, etc.) that offer opportunities to sell generators or sell repair services. Another example is new law that affects consumers such as the new automotive window tint laws that passed in 2009 causing many consumers to fail their vehicle inspections. Many consumers had to shell out for new window tint to pass. These are two examples of sudden changes that present an opportunity for business owners to make more money. Every business owner should set aside an extra 5% of their annual revenue just for these opportunities.
How do local business owners make money on unexpected changes in their local markets?
With extra marketing budget ready to go, it’s very easy to pounce on opportunities as they happen. Watch local events as they unfold and create extra digital campaigns based on selling a solution specific to that event. Many local roofers have marketing campaigns set up in advance with their marketing teams specifically for hail storms. They push mobile phone ads, OTT commercials on internet televisions directly into zip codes where hail falls and start reeling in the leads and jobs. This is how the most successful companies do it. Planning ahead, both strategically and financially is the key to your success and growth.
If you want great marketing ideas and strategies throughout the year, you’re not alone! 2021 has been an unpredictable year so far. Our team of digital marketers in San Antonio can make digital advertising in San Antonio turnkey for any busy business owner. Call us now and we’ll be happy to get you started.
Questions? Call Darrin Cheraso at (210) 347-7894 or email firstname.lastname@example.org