The engine of the economy has slowed and you need to increase sales to keep cash flow moving. We get it. You must turn a profit to stay in business. That’s why some small business owners, hoping to jump-start sales, have slashed prices.

This short-term solution has a long-term downside: eye-popping prices will bring more customers in the door, but those same prices set dangerous expectations. When sale signs come down and the prices go back up, customers hooked by the initial deal disappear.

The discounter’s dilemma

People don’t see discounts as discounts – they see sale prices as the product’s true market value, the amount they should be expected to pay at any time. When prices return to their original level, people shut their wallets until the next sale. That traps entrepreneurs in a cycle of ever-thinning margins until they can no longer afford to remain in business.

I’ve seen businesses get sucked into this whirlpool time and time again. A cleaning-service startup charged north of $85 for a house cleaning, but in a bid for fast growth, it dropped its price to $19. Thousands jumped at the introductory offer, but – surprise – didn’t return for the restored $85 edition.

Value is in the eye of the beholder. If you lower your prices, you signal to customers that your product isn’t worth what it used to be. Don’t fall into price-cutting peril. Follow these steps to keep your margins manageable and customers paying what you’re worth.

 

1. Build trust before you bust

The verdict is in, and has been for some time: trust leads to sales. With 83% of customers recommending trusted brands to others and 82% frequenting brands they trust, entrepreneurs must vigilantly build trust with their current crop of customers.

Fortunately, entrepreneurs have plenty of opportunities to do just that. Becoming a thought leader builds trust and positions the brand as an authority in its space. Top of mind awareness through traditional media helps people recognize and trust your brand over time. Traditional media also increases conversion on new digital media.

 

 

2. Retarget top shoppers

Retargeting allows entrepreneurs to reach into the past and bring former, or existing, customers back to the cash register. Considering that 70 percent of site visitors are more likely to convert after viewing a retargeted ad, the retargeting mantra bears repeating.

Retargeting tags customers that have been to your website or liked your social media and follows them with advertising around the world wide web. It’s a cool new tool available to small businesses, and it’s more affordable than most people imagine.

So, don’t spend days sniffing out new customers while you neglect the easy sales right in your backyard. An interior design company made ad retargeting the centerpiece of its own campaign to reclaim customers, and it worked. The brand doubled monthly revenues in four months and increased client lifetime value by 29%.

 

3. Be loyal to your loyalists

Study after study has found that it’s more cost-efficient for brands to retain customers than to acquire new ones, so give your super fans ample reason to return. Provide perks like free shipping and early access to merchandise for your best customers, and they’ll provide you the revenue to keep growing. Use social media to incentivize loyalists to refer to friends. Make fans feel like MVPs. Without discounting your product, you can invest in your loyal customers and incentivize their return.

 

4. Strike when the market’s down

During an economic slump, like a pandemic, niches in your industry will open up as other companies contract. As your competitors fall and fail for slashing their prices, your brand has plenty of room to grow.

It’s not only retail businesses that can benefit from a sluggish market. Lots of companies saturate social media platforms when times are good. Companies stick with the relationships they know, and pickings are slim. When they raise prices or start to close, that’s your cue to swoop in, snagging clients who are unhappy with their current situation. While everyone likes a bull market, downturns offer unexpected opportunities for growth.

 

So, don’t slash your prices to make a quick buck. Double-down on branding, make existing customers the star of your show and seek expansion opportunities when others tuck tail. Branding Iron Management is here to help you keep your head held high in tough times, so your brand is sure to flourish when bluer skies return.

As many of us continue to be locked inside, we’re getting bombarded with marketing messages. Are you wondering if you’re making a positive brand impression on consumers? New research shows how that impression comes down to the advertising format used, the frequency of messaging, and the offers you are making.

 

Marketing formats

Positive brand impact and increased sales are among the reasons to use the new marketing formats that have become increasingly popular with brands. Yet, we’ve learned that the following marketing formats delivered the best brand impressions:

Recommendations: 46%

Positive online reviews: 41%

TV ads: 24%

Social network ads: 24%

Recommendations always have been and will remain at the top of the list. The data in the above list is based on global input.

 

Use of personal information

In the U.S., 57% of consumers say they are less willing to buy or use a product from a company that has used their personal data. To maintain a positive brand impression, your clients should be upfront about what they are doing with the information. Consumers are waking up to the fact that marketers view them as valuable, and the way brands use personal data definitely impacts public opinion. Over 60% of consumers want to be incentivized for marketer use of their data. There are some data points that consumers will share more readily than others. Information on entertainment history (84%) or hobbies (82%) falls into the shareable category. However, only 41% are into sharing their faces, and just 37% will give up biometrics.

 

Messaging frequency

All advertisers are walking a tightrope right now. They want to stay in touch with consumers during the pandemic, but not overstep with an inappropriate amount of messages. Our research suggests that using the right frequency is also important. Here’s how often consumers want to hear from your clients:

Daily: 10%

Weekly: 45%

Monthly: 31%

Once every three months: 7%

Less often: 7%

 

Positive brand impression

If you are planning to communicate with customers, do so in a way that will be appreciated. Consumers want to get discounts and offers (59%), an announcement of new products or services (31%), and new product reviews (27%). This consumer desire is present regardless of the pandemic status.

To maintain a positive brand impression, you should buy advertising in a range of formats. Beyond that, don’t risk breaking trust with consumers by being reckless with their personal information. To learn more about which consumers react to specific forms of advertising, contact Branding Iron Management.

Here are a few ways your brick-and-mortar business can continue to generate revenue, even if your business doors are shut. Everyone has thought of curbside service or offering delivery, but what else can get the cash moving again?

Let’s take a look.

1. Pre-sell products and services

If customers can’t come in to buy right now, encourage them to purchase something in advance. We recently purchased tickets to a weekend getaway when the restrictions relax. We got a discount and the venue got desperately needed cash now.

Run a pre-sale event for your products or services.

Promote new offerings, or run a discount deal on existing products. For example, a hair salon could encourage customers to prepay for their next hair appointment by giving them a free product when they schedule in advance.

2. Sell gift cards (with a deal)

Another way to get customers to pay now for something they can get in the future is by selling gift certificates.

Give customers a simple way to purchase gift cards on your website, and drive sales by adding a deal to the offer.

For example, a restaurant could offer a deal such as buy a $50 gift card and get a $10 gift card for free. If you run this offer, note in the terms that only one gift card can be used per visit to encourage a second visit. This strategy brings in revenue while giving customers a reason to visit your restaurant a second time.

3. Take your services online

If your business primarily sells services, see how you can offer the same value through virtual experiences.

Use one-on-one video conferencing tools or group live-stream services to gather multiple customers for a paid service. For example, a therapist can conduct one-on-one sessions through HIPAA-compliant video conferencing, or a health and wellness business can hold an online yoga class.

We can help add e-commerce to your existing site for less than you would imagine.

4. Create digital products

Another way to generate revenue while your business doors are shut is by using the downtime to create a digital product that you can sell online.

Creating a digital product like a course, eBook, or workshop is a smart idea because it can generate revenue as soon as you finish it, as well as in the future.

For example, a fine dining restaurant could have the chef create a workshop on knife skills, or a gym could put together a multi week online fitness program.

Be seen as the expert in the industry by offering entry level courses online for your business. The truth is, once people see how difficult it is, they are more likely to appreciate your services and be willing to pay for them.

5. Host a live online fundraiser event

Your community and brand fans might be looking for a way to support your business during a difficult time. Give them the option by hosting a live online fundraiser. Share the circumstances that forced you to close your doors and what you are raising money for.

To increase the likelihood of people donating, give away something for free to show your good faith. For example, a bar forced to close its doors could host an online mixologist demo on Facebook Live and invite viewers to donate “tips” to the bartenders.

6. Engage your customers so they are ready to come back when your doors open

If the doors to your business are shut because of extenuating circumstances that will eventually be resolved, start planning now for re-opening your doors.

Don’t fall out of the mind of your customers.

Keep in touch with them via email marketing and social media. Share updates on your situation and what your business is doing to cope, and get promotions ready to release right when your doors open again.

When the doors to your brick-and-mortar business suddenly close, it can be a scary and unnerving time. Hopefully, with these tips, you’ve found ways to spark customer engagement and generate revenue during a difficult time.

Need help moving these ideas into action? Call Branding Iron and we’ll do the heavy lifting.

Do billboards work? Absolutely. The fact is, we believe all advertising works, but some tools work better than others when used properly. Not everyone can make billboards work for their business. While they’re great for brand awareness and way finders, they are not good for conveying large volumes of information.

Here are the top 4 mistakes we see business owners make when they invest in billboards. 

1. Cluttered design

This is a VERY common mistake, and one that is very understandable. You have many things you want people to know about your business. Maybe you have the best prices, the best products, etc, but it’s important to understand while these are good things that people should know, throwing all that information on your billboard simply means that it’s going to be overlooked. Always remember to keep it simple and direct when it comes to billboard design.

Pro Tip: Try to keep it to 8 words or less. Include your brand/logo, a short message, and call to action.

2. Lack of contrast

Another very common mistake is not allowing enough contrast between the letters and the background. Without contrasting colors, the words will be practically invisible especially in the sunlight. The key to billboard design is to ensure that the message stands out and pops from the background image or color.

Pro Tip: If it doesn’t conflict with your brand, red and yellow are the most eye catching colors.

3. Poor placement

Billboard placement is a top priority when it comes to outdoor advertising. You’ve spent your money on getting the perfect design, but that design will be useless if no one can see it! Make sure that you place your billboard in a busy area without any obstructions that could potentially block it. Have trees overgrown the sign you’re buying? Is the sign lit at night? How many other signs are in the immediate area? What is the traffic count for the sign you are choosing? 

Pro Tip: A great way to compare different billboards is the cost per thousand. How much does your billboard cost divided by how many impressions it will make? It’s simple math that will help you find the best deals.

4. Choosing poor font styles

Think about the difference between various font styles. It’s clear that the more effective fonts are simply easier to read. Try to shy away from fancy or more complex fonts as much as possible. This will ensure that every word will be seen with clarity.

Pro Tip: After you’ve designed your board, zoom out on your view. Way out. If you can make the billboard tiny as if you were more than a mile away, and you can still read it, you’ve done well.

Billboards are one of the oldest forms of advertising and are still effective when used properly. For help designing and choosing the right billboards, call Branding Iron Management today. We’ll help take the hassle out of your marketing.

Nowadays, having great products, a quality website, active social media accounts, and dedicated employees isn’t enough to bring your business to new heights. You need a well-planned marketing strategy to attract new customers, keep the loyal ones, and boost your sales. Unfortunately, many businesses immediately jump into social media without much thought and preparation. Here are seven things brands often do to hurt their social presence — and how you can avoid these problems.

1. “Prioritizing” every social media platform

As a brand, you want to acquire as many customers, and make as many sales, as possible. However, this doesn’t mean that you have to be present on all social channels. On the contrary, you should focus your attention solely on the right ones for your brand and objectives.

Choose the platforms that your target audiences frequently use and that will help you achieve your business goals. These networks should be where you can compete for customers’ attention and what you can effectively manage.

For instance, while Twitter is one of the original leaders of the social media world, you might not sell much product there. In that case, why invest your time, money, and resources for little to no return? All you’re doing is spreading yourself too thin. It’s okay to not be everywhere.

When you try to prioritize everything, you end up prioritizing nothing. Being on only the most important platforms for your brand will allow you to maximize your investments and engage with your community through great content. 

2. Posting only about your products

Customers love brands that they can relate to and establish relationships with, not those that only post to sell products all the time. That’s why it’s essential to know your audiences well, understand their interests, be part of the community, and join in on conversations. Showcase such knowledge by having the right balance in your content mix.

Vary your posts between product-centric, limited-time promos, brand story and values, social causes, inspirational, and user-generated content. Make your captions relevant to your market, so they can easily connect and engage with you. Doing this will not only attract new customers, but will also help to retain the existing ones.

People love getting to talk about their thoughts, feelings, and opinions. So, you should be inviting them in to do just that. Additionally, this is an efficient way to learn more about your target audience and gain feedback and insight. Use this important information to improve your products, branding, and social media approach.

Take note: 24/7 hard-selling doesn’t work! Social networking is about just that — networking. Take the time to grow and nurture relationships with people who might care about your brand.

3. Having poor customer service

Customers want to feel heard, cared for, and appreciated. In today’s age of digital marketing and instant gratification, people want your brand’s assistance immediately, if not sooner.

As a brand, you don’t want people to take their negative sentiments to social media because you failed to listen and respond to them, and to do so fast enough. You also wouldn’t want to lose potential customers and sales because you ignored their questions. That’s why we must always strive to provide excellent customer service. 

Here are some ways to do so:

• Respond promptly to feedback and complaints.
• Show appreciation for positive reviews, shares, and high praise.
• Use appropriate language and tone in your replies.
• Avoid impersonal and insincere-sounding canned responses.
• Address negative situations by having the conversation in private.

We know this can feel like a lot of work. Managing comments, reviews, and private messages across multiple platforms is no easy task. We can help. Branding Iron Management can assist you in monitoring conversations, messages, comments, and mentions surrounding your brand, so you can punctually respond and engage with all your customers. It brings everything under the one roof. Simple.

4. Failing to implement email marketing

Forgetting to follow-up and follow through with customers is a big mistake many brands tend to make. If you’re not yet capturing email addresses and nurturing these online relationships via email automations, it’s best to start now.

Email marketing is a great way to remain in contact with your customers. Not only will this be a positive for customer service, but it’ll also help grow a loyal following.

5. Hard-selling

Customers become annoyed if brands sound too pushy or aggressive when promoting their products. That’s why your product descriptions should inspire people to make a purchase instead of blatantly trying to get their money.

Use words that depict what benefits and positive experiences shoppers will have when they use your products. Make sure they understand that they’re getting a great deal – talk about the items’ multiple uses while highlighting the savings they’re getting. More importantly, your descriptions should be easy to read and comprehend.

You should also take care not to only post about your products directly. Keep in mind that effective product copy convinces people to make a purchase by explaining the benefits and not by hard-selling. 

6. Not maximizing videos

We all know that video is still king; however, brands fail to take advantage of this opportunity to create captivating, engaging, and impactful content. Videos are a powerful way to capture people’s attention and to share inspiring background stories.They help increase sales, build brand awareness, and keep consumers up-to-date.

Short formats are effective in promoting interactive engagement and showing your business’s personal side. You don’t need fancy or expensive equipment to create powerful videos.

7. Disregarding metrics

Many brands assume that once their website is up and running, the hard work is done. In contrast, it’s only getting started. You still have to make sure there’s proper monitoring of metrics.

Customer preferences, social media trends, consumer habits, and purchase journey change rapidly. Thus, you have to pay attention to the numbers to stay ahead of the game. Keeping track of results helps you find ways to generate more leads, better connect with your audience, and improve user experience.

Tracking and analyzing your insights is the only way you can truly know if what you’re doing is working. For instance, if videos are getting far more clicks than static images, that tells you to concentrate more effort on video content. If long-form, text-based posts get higher engagement than shorter posts, go with the former more often than the latter.

Branding Iron Management offers complete social analytics, tracks key metrics, and optimizes data for best results.

The Key Takeaways for Brands Online

Having an effective marketing strategy is challenging. When done well and consistently, you can reap the rewards through increased reach and customer growth, better audience engagement, and higher sales and conversions. Finally, use the right tools and resources that will keep track of all the important numbers.

Branding Iron Management can help you do all of these things and so much more. As a powerful tool, we’ll help you handle your social media efficiently and productively. Ready for the next step? Contact us today!

As Warren Buffet puts it, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

There is no greater compliment than a referral for your business. Online reviews play a significant role in shaping your business in the digital marketplace. They can help you develop your brand, attract new leads, drive more revenue, and educate yourself on strategies to grow and improve your business. They truly are an important resource for your company, and they’re only becoming more important by the day. If you aren’t paying attention to online reviews it could cost you. There’s a certain degree of apathy that business owners & managers feel toward feedback from customers.

Fact: online reviews can attract new customers.

Reputation management is not a marketing tactic that you should ignore. We understand your fear of getting negative reviews, or even suspicion about their reliability, but ignoring them can cost you big dollars and send market share to your competition. Even worse, many business owners see online reviews as a waste of time. In reality, nothing could be further from the truth. All of these reasons or excuses are a recipe for disaster. Online reviews can quite literally make or break your online presence.

Here are the facts with their corresponding statistics that prove the value of online reviews.

1. Consumers refer to online reviews before making any purchasing decisions

Consumers use peer reviews to decide where, what, and when to buy. According to a study conducted by Spiegel Research Center, 95% of consumers read online reviews before making a purchasing decision on products and services. In fact, 30% of respondents from that survey reported that they read reviews before every single purchase they make.

Additionally, 72% of customers won’t take any sort of action when it comes to making a buying decision until they’ve read reviews online. Reviews are the digital equivalent of a word-of-mouth recommendation. Potential customers are going to listen to, and trust, current customers more than your brand. We’re inherently skeptical creatures and don’t simply take a brand’s word for it.

It’s clear, then, that a lack of online reviews will be a huge obstacle for your brand. It’s simple: collect more reviews, and your sales will go up.

2. Customers rely on reviews before making big purchases

The higher the price of the product, the greater importance is placed on customer reviews. This is because high-priced products such as personal gadgets, appliances, and even automobiles, are based on personal preference. The upfront investment is greater for the shopper, which means that the risk is too. Thus, they want to stack the odds in their favor as much as possible. That’s where online reviews come in.

So, if you’re selling something with a higher price point, then you’re going to want to take extra care here. Asking for online reviews from people after they’ve purchased from you and have had time to use the product/service will be crucial to your success.

3. Reviews increase confidence in your brand for prospective customers

A study conducted by Brightlocal’s annual Consumer Review Survey found that 87% of American-based consumers need a business to have an average rating of three to five stars to use it. Interestingly, only 11% looked for businesses with a perfect five-star rating. Excellent ratings, in reality, lead to consumer skepticism. Having a perfect, or near-perfect, score makes consumers suspicious and gives them the impression that reviews are too good to be true. An average rating of 4.5 to five stars is actually more appealing to customers.

 

4. Negative reviews can be a good thing

Though negative reviews are inevitable, they can actually work in your favor. Negative reviews can increase conversions by up to 85%, and more than two-thirds of customers trust businesses more when they see a mix of good and bad reviews. This is good news for your business! A few bad reviews won’t derail your average score as long as you have a steady stream of mostly positive reviews.

We really mean it when we say that negative reviews happen to everyone. It will never be possible to please everyone. The most popular brands and products in the world have people who hate them. So, don’t lose sleep over people who have not-so-flattering opinions of your brand, as long as these reviews are the exception — not the rule.

5. Higher review quantity affects credibility

Besides the overall star rating, the number of online reviews is also a powerful factor that customers consider when evaluating a business. How many reviews are enough? An average of 112 reviews would make consumers trust a business.

This indicates that as consumers prefer businesses with a higher volume of reviews, business owners should actively and consistently encourage your customers to share their experience about your business. The more reviews your business has, the more credible you appear to consumers. You can easily ask for reviews by hanging a sign in your store (if you have a brick and mortar). You should also be asking for reviews via email and social media outlets. Facebook, Yelp, and Google My Business are all important places to collect reviews.

6. Online reviews can drive more sales

Reviews do more than build trust. They can make or break your business growth. Statistics published by Reevoo found that 50 or more reviews per product can mean a 4.6% increase in conversion rates. With more favorable reviews, customers are more likely to come back and will prefer you over your competitors. Furthermore, a study published by the Harvard Business Review showed that simply achieving a one-star increase in your overall online review rating can increase revenue by up to 9%. A closer look at this study reveals that reviews result in an increase in sales and overall business growth.

Think one more review won’t make a difference? Think again!

7. Reviews create customer engagement

Engagement is not a one-way street. Businesses overlook a major opportunity when they do not engage with customers to leave reviews. According to the report, 77% of consumers agreed to leave an online review if given the chance. Businesses need to look for ways to make it as easy as possible to encourage customer reviews. In order to collect reviews, you can share customer experiences via social media, have a feedback button on your website, reviews through loyalty programs, or send an email request after their purchase.

It’s also possible to use reviews to rectify poor customer experience. By simply responding to a negative review, you can restore your customer’s trust and improve customer experience. By doing that, 30% of consumers become optimistic about a brand. This is also an opportunity to possibly learn something about your brand, product, or service. When people leave negative feedback, LISTEN! This information is as insightful and informative as positive feedback, if not more. Use it to improve your brand.

One caveat, never, ever get into a public argument with an upset customer. Your only efforts should be to try to take the issue offline and find a resolution.

8. Reviews build your reputation and expand your customer base

Creating and maintaining a good reputation isn’t an overnight achievement. 95% of customers are more likely to share their bad experiences with peers. This is why it’s critical that you reach out to disgruntled customers and address the situation right away. Sometimes, all it takes is offering a quick apology to turn an unhappy customer into a loyal one.

Ultimately, a good brand reputation leads to referrals. To accomplish this, you need to amplify the voice of customers and build a culture where reviews are considered valuable.

It’s clear to see why getting more online reviews should be one facet of your digital marketing strategy.

Make managing your social media posts easier than ever with the help of Branding Iron Management. We bring all of your platforms — and their inboxes — under one roof. Find more efficient, streamlined ways to listen to and engage with your target audience. Call us today to see how much more productive your social media marketing efforts can be.