Build it, market it, then they will come
YOU'VE heard the famous quote from Field of Dreams - "build it and they will come".
His name escapes me, but a wealthy American property developer suggested it was a dire misquote, and should have been, "build it, market the heck out of it and then they will come".
I'm on board with the latter.
The first rule of business is what you can't measure you can't manage, and this applies to your marketing activities too.
You want a pretty good understanding of what your desired outcome is before you spend a cent or commit your own or your staff's time to a project.
Over the coming weeks, I'll discuss questions you should ask yourself and your team to help you get the most from promotional activities.
First cab off the rank: Will this promotion bring new and/or repeat customers, and/or additional business?
Unpacking that, you'll want to ask yourself the following: How many new customers/clients are you expecting? How many are likely to be converted to long-term customers? You should know your average dollar spend over the lifetime of your customer, so what does that calculate to by this promotion? What will the average cost of acquisition per new customer/client?
One question many businesses forget to ask is: will this promotion disrupt the current business, staff and you personally? Will it take away from your normal trade, for example, a midnight sale? Normal day trade could be disrupted. You could expect lower margins, plus you have the added burden of staffing after hours - plus, you are away from your warm cosy bed.
You should consider the full scope of the promotion - not only the financial cost/benefit ratio, but also the human factor.
Another aspect to consider, particularly when introducing a new product line or service, is additional staff training required before the launch.
Next week I'll run through a more questions to consider in your promotional activities.