How any small business can inflation-proof their marketing
The latest Consumer Price Index confirmed what many of us suspected: inflation may be slowing down but it’s not going anywhere for sometime. While business owners can’t control all the rapidly rising costs, they can use their marketing as a tool to help i
Take advantage of technology to understand your customers
The pandemic spurred the rapid adoption of e-commerce, and people are buying online more than ever. Don’t be fooled by the age-old narrative that data
collection and other marketing technologies are out of reach for small businesses.
Today, they are relatively simple and inexpensive to implement, and they significantly level the playing field when competing against big
brands. As inflation impacts consumer behavior, businesses can set up indicators that can evaluate what is leading to a positive interaction, a sale, or a returning customer. Small business owners have some of the best instincts and they can turn that into a superpower by using data to better understand their customers.
Communicate early and authentically
Consumers want to see their favorite businesses succeed and business owners can ensure this happens by communicating early and often about the impact of external factors on their business. 90 percent of consumers say transparency and adhering to values are important factors in deciding what businesses to support. While social media remains a great option, shifting to direct channels such as email and SMS translates into better engagements and clearer communication.
Simplify marketing
If done tactfully, marketing can be cut back on in times of financial strife. Small businesses can look at the data, listen to their customers and find the necessary channels and minimal budget they need to communicate effectively. Put your customer at the center of your decision-making process. Figure out
what is most important to them, and then use your marketing tools to unapologetically strive to give it to them. You’ll end up with a loyal audience.