Effectively marketing a business can seem like a challenging endeavor to many senior entrepreneurs. However, getting on the right path may be easier than it initially appears.
Many marketing best practices are relatively easy to learn. In fact, thanks to online guides and videos, you can learn about economics, human capital management, research and statistics, and, of course, marketing, ensuring you have your footing.
If you want to learn how to effectively market your business as a senior entrepreneur, here’s what you need to know, brought to you by The Silver Life.
Effective Marketing Options for Small Businesses
Coupons are a classic way to build interest and capture more sales. They let customers feel like they’re getting a bargain, increasing the odds that they’ll take a risk on a new product or service.
If you operate locally, putting a coupon on a direct mailer could be wise. Mailers let you target a specific geographic area and, if they’re well-designed, can be a great way to spread the word about your company.
If you’re mainly an e-commerce company, issue out simple promo codes. One benefit of this approach is that you can generate multiple codes for the same sale. Then, you can use each version in different kinds of digital ads and track which are used most, allowing you to determine which campaigns were most effective.
Use Bundle Discounts
Bundling is a great way to increase the average value of transactions, encouraging shoppers to pick up additional items to secure discounts. Another benefit of bundles is they can help you move stale inventory without diminishing the perceived value of any item. Plus, it essentially allows you to advertise products to shoppers who are already expressing an interest in your offerings and are poised to make a purchase.
There are several product bundling strategies that can work. If you aren’t sure where to begin when designing a bundle, choose products or services that have a common thread. For example, pairing a hand mixer with mixing bowls makes sense since they both have to do with cooking.
Launch a Social Media Campaign
Social media marketing campaigns can be highly effective and are usually low-cost. Plus, most platforms have built-in tools for businesses, making it easy to target specific user groups and control your ad spend.
It’s important to note that the demographics differ on each platform. As a result, you may want to focus on the site that aligns best with your core audience, increasing the odds that you’ll connect with the correct potential customers.
Bonus Tips to Keep Costs Down
Skip the Agency
While you might assume that you need to spend a fortune on a pricey marketing agency to capture more business, that isn’t the case. Usually, you can develop a simple marketing strategy on your own, allowing you to save a bundle.
If you want to start a marketing plan, begin with market research. Figure out your target market and where it goes to learn about products or services. Determine what sets your company apart from the competition, giving you a critical point to highlight in your campaigns.
Usually, you can gather all of the information you need with a bit of due diligence. Then, you can outline a strategy that works best for you.
Take Advantage of Low-Cost Tools
There are a surprising number of low-cost – and even free – tools available online. For example, if you need to create documents and store them in an accessible way, Google Workspace and Google Drive both have free versions. If you need to create social media graphics, Pablo by Buffer and Adobe Creative Cloud Express are excellent options.
If you have a lot of documents for a marketing project, then you’re in luck. There are low-cost PDF merging tools that could simplify your information tracking. They let you combine multiple documents into one file, keeping everything together. Then, you can reorder the pieces to ensure it’s all in the correct order.
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