Should you offer coupons to boost your business or is it the marketing tool of last resort?
A lot of businesses think offering a reduced price on products or services is going to improve their bottom line. Not necessarily. The following checklist will help you decide when it's right to offer a lower price or discount.
Using discounts or not depends on many factors, including your business model and what you’re trying to accomplish. It’s not a quick fix. The simple truth is that coupons or discounts are advertising. That is, you’re paying to attract customers. Think your strategy through before you take the plunge.
Discounts are the Last Promotional Tool, Not the FirstIf you do decide to use coupons, consider the following:
10 Reasons Why Discount Pricing is Bad for Business
How to Use Social Media to Market a Local Business
Rethink Your Marketing Strategy in Under an Hour
Tracking and measurement is essential to the successful implementation of any marketing program. When it comes to measuring social media's value, there are several key metrics:
The Web is Global, but If Your Customers are Local, Use these 6 Methods to Connect with Them through Social Media
Social media has the ability to touch people around the world, but a small business's best customers often may be right around the corner. Knowing how to tap into the local side of social media is key to its usefulness as a promotional tool. Plus, small businesses have a size advantage; they don't have to deal with as many customers as a large one. This gives them the opportunity to make personal connections with customers, which fits in very nicely with social media.
Try some of the following ideas to take advantage of social media to more effectively reach your local customers.
Choose Local Social Sites
There's a lot of hype around what I call the social media royalty, Facebook, LinkedIn and Twitter, and now Instagram, Google+ and Pinterest. Up and comers? Snapchat and who knows what's next. However, they don't always focus on a local audience. You can change that up by joining geographically targeted groups on those sites or create one of your own. Be aware though that targeting by location may work better in some areas than others. There are also niche sites designed for local audiences. They may not be strictly social, but they often have social tools, like discussion boards, Q&A's and blogs where you can participate. Look for local online magazines, government sites and Chambers of Commerce.
Many websites are designed for a broad audience; yet there are those that allow the visitor to select by city or neighborhood, like the review site Yelp. Online newspapers and magazines offer reports by neighborhoods, like Columbia City, Green Lake and Ballard. There are also hyperlocal sites like Nextdoor. Remember, neighborhoods have distinct personalities, so make a real connection with the people there by talking about their concerns and interests.
Online Yellow Pages
Even Yellow Pages are getting into the act, combining a directory with shared advice, discounts and reviews. There's also Localndex with a mobile version. The beauty of Yellow Pages, and other locally targeted niche sites, is that they attract an audience looking for something in particular, which means they have the mindset of a buyer rather than a browser.
When writing about your business for directories or commenting on social sites, use geographically and culturally relevant words. Use the actual city and neighborhood names and the more familiar terms and nicknames, as well. These will help people locate products and services in their area. It will also help to distinguish you from other regional or national companies. When you can't build these words in, add them as tags. Add your zip code as a tag, too.
Social Tells a Story
Data at the micro-level isn't always easy to come by without custom research, but reading posts and comments on local social sites may yield valuable insights about customers. People will also say things on social sites they may not feel comfortable saying to your face; that honesty can be especially useful for improving or coming up with new products and services.
Go the Distance
When it comes to using social media for local marketing, it's up to you to be where they're looking. Always take into account how people find information. Residents and commuters will read local blogs or the newspaper, or simply notice a sign on the street. Destination seekers may research a new restaurant at a review site. For personal services, like a haircut, people may ask for advice from their online social network. Visitors from out of town will discover the new and unusual in a travel guide like TripAdvisor.