Many businesses offer seasonal products and services. As a result, their customer base naturally increases with season trends and calendar events. However, in the off-season, their cash flow dwindles, and they are left waiting for the next peak-season period.
Businesses should invest in marketing and advertising to increase their customer base and cash-flow during off-peak times. Small businesses, in particular, should try to generate business throughout the year to stay afloat. Business owners should try to create excitement around their products and services in the quieter periods of the year. For example, business owners could focus on social media advertising to drive awareness around their brand and communicate with existing companies.
Loyalty programmes can help to re-engage existing customers throughout the year and draw in new ones. For example, businesses could include a sign-up offer in their advertorials, like a free shipping voucher. Companies should encourage customers to sign up for a loyalty programme in the off-season and then contact them again when the peak season is approaching.
Businesses could also offer off-season specials to attract customers. Flash sales and reduced prices are a brilliant way to make money in the off-season too. Ask previous customers to leave a review of your product online. The younger generation rarely purchases a product without looking into past reviews first.
Businesses also need to create a marketing budget to outline where money needs to be spent over the next quarter. Include any expenses, paid advertising, new hires, software and any other details. A budget can help you to identify any hidden costs early on and avoid a scary fee at the end of the year.
Align your budget with your marketing goals and business priorities. Distinguish between what you need to spend and what you want to spend at the beginning of the business quarter. Research how you can reach your customers effectively and direct your money towards that route. Be aware of the various marketing costs that come with advertising. For example, if you have chosen the digital path, you will need to invest in the software to create digital campaigns.
Try to remember your marketing goals and avoid overspending on every marketing strategy available. Limit the number of add-ons, extras and premium membership fees by organising your expenses in a detail budget plan. Without adequate planning, marketing costs can quickly add up and take a large chunk out of your company budget.
If you have developed a budget plan before, make sure to examine it. Analyse what worked well, what you could improve on and whether certain costs hurt you more than they helped you. Look at what marketing strategies your customers responded to and how you can apply this to your future budgets.
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