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How to Market Your Small Business: Practical Tips to Thrive in a Recession

February 10, 2023 in Advertising, Blog

How to Market Your Small Business: Practical Tips to Thrive in a Recession

With market fluctuations, the shrinking economy, and mounting competition across every industry, many small businesses are getting concerned about the future of their company. Most marketers and financial experts are expecting a far-reaching recession over the next few months, providing even more reasons to be worried about the future economy.

Either way, no market will not stop existing altogether. It’s just about adaptation and finding new ways to meet customer demands. In other words, any economic turbulence is a chance for business owners to build resilience and use that specific change in the market to their advantage.

In such situations, marketing practices also walk side by side with the new business needs. If you’re wondering how you can prepare your marketing campaign to stay relevant during a recession, here’s a comprehensive guide. 

We’ll explore some of the best marketing practices during a recession and offer a few tried and true strategies to Market Your Small Business successfully. We will also examine the importance of conducting competitor analysis to solidify your marketing efforts and build a more accurate business roadmap. So, let’s dive in:

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Competitor Analysis During a Recession

Business owners are always ambitious. They are willing to make every sacrifice and fight for their own piece of the pie. And more often than not, they are constantly comparing their gains against others to ensure they rank among the winners. But during a recession, it is even more crucial to have a deep understanding of competitors’ strengths and weaknesses.

Whether you are about to launch a new product, establish a new branch, or expand your customer base, you will need an accurate understanding of the competitive landscape. And competitor analysis is the only tool that ensures you can market your small business successfully and achieve your business objectives. Here’s how you get it done:

#1 Define Your Niche

With the growing specialization in any industry, you must identify the type of relationship you prefer to establish between your products/service and your market niche. Here are some questions to illustrate how you can define your relevancy in a market:

  • What kind of values are you offering?
  • What are the needs and interests you are satisfying?
  • What is the scope of that industry, and how could that be expanded and used in your favor?

Answering questions allows you to market your small business more effectively and identify market gaps that can potentially be occupied by your offers.

#2 Define the Competitor(s)

Once you identified your market niche, it’s time to see how fierce the competition is. In real-life situations, your friends define your personality; But in business, your competitors take over this responsibility. So, make sure to choose the right competitors because they will determine what lessons and insight you will get at the end.

Generally speaking, you’ll face two types of competitors: direct and indirect. Direct competitors are those that offer similar products or services which can be substituted with that of yours. Indirect competitors do not provide the same product but meet similar needs and satisfy similar interests in the market.

It goes without saying that the geographical reach and operational scope are also essential in determining the importance of each competitor. So, make sure you are targeting businesses that operate in the same market as yours. 

#3 Find In-Demand Products or Services

To market your small business more effectively, you should focus on in-demand services and products. Do the same during your competitor analysis process and collect relevant information on similar products and services in the market, their main selling points, qualities, pricing, etc.

Start by creating an in-depth comparative review of each service and product, and highlighting their primary strengths and weaknesses. This will help you adjust your promotion and production practices to the market changes and locate untapped opportunities in the market.Finally, remember to look for any kind of perk and special offer your competitors are providing. Sometimes these additional benefits can turn into your golden ticket and give you the edge to outperform others. 

#4 Analyze Effective Sales Tactics

Before you begin to market your small business, you need a thorough plan to promote your brand and improve your sales. Without effective sales tactics, all your marketing efforts will be wasted and you will not be able to pave the way for an efficient conversion journey.

Product promotion methods, representation tactics, and communication channels all play part in shaping your sales strategy. Make sure to collect real-time, actionable insights on each aspect of your business operation and integrate them into your marketing campaign. 

Business Marketing Ideas

#5 Analyze Marketing Strategies

The next step is identifying competitors’ marketing strategies. There are tons of marketing initiatives, practices, methods, and approaches you can use to grow your business. Competitor analysis allows you to find the most effective methods that have worked in your market niche and will probably help you achieve your objectives faster and more effectively.

The first thing to look for is competitors’ websites or blogs. How are they marketing their products? Do they provide EBooks? Whitepapers? Webinars and videos? Podcasts? You can also look for their online ads, reviews, and testimonials to find out how users and consumers rate and view them. 

#6 Analyze Content Strategies

Bill Gates once said, ‘Content is King’. That was almost three decades ago. And today, that kingdom seems still to be in good shape! Content production is now one of the primary pillars of every successful marketing campaign. That’s why analyzing competitors’ content strategies is so crucial for finding efficient ways to market your small business.

There are several things to consider in analyzing content strategies. But most importantly, the level of engagement should become your priority. User engagement shows how online viewers and leads react to a specific piece of content. You can simply go through the comment section and read reviews carefully to get a sense of customers’ feedback.

Keep in mind that content promotion and publication are essentially the beating heart of your marketing campaign. The more relevant information you can collect at this stage, the better you will be prepared to market your small business in the future. 

#7 Analyze Social Media Strategies

Social media is undoubtedly one of the –if not the one- main battlefields for competing businesses. During a recession, you can use the exceptional potential of social media platforms to reach new customers and market your small business.

To find out how each platform can contribute to your business growth, analyze your competitor’s activities and the level of engagement they receive from their audiences. Check out the number of viewers and followers, the content virality, posting frequency, and consistency. 

If you have limited your social media presence to one platform, consider social media expansion as a relatively cost-beneficial option to market your small business. But if you are working on a limited budget, find a platform that offers an environment better suited to serve your interests. 

5 Tips to Improve Your Marketing Efficiency During a Recession

Once you completed the competitive analysis, you will have an abundance of super-valuable data that will help you make better strategic decisions. Remember that the market is continuously changing. So, to keep your brand relevant, you need to keep collecting insights and analytics from every marketing effort you make.

Here are some of the best tips to help you market your small business: 

#1 Value Your Current Customers

Having a loyal customer base is every business owner’s dream. But customer loyalty is especially a valuable asset during hard times like a recession. When you market your small business to current clients, you will have to spend less money, time, and effort to build brand awareness or convince them to convert since you already have gained their trust.That said, your customers will need the same recognition from you. So, try to keep in touch with them by informative news feeds, sending them emails on exclusive discounts, offering special gifts, etc. 

#2 Identify New Prospective Customers

While customer retention is a huge plus for every brand, you should always look for new audience segments and markets that you haven’t reached yet. During an economic downturn and recession, advanced targeting methods can help guarantee your business survival by preventing you from spending money on uninterested viewers.

If you are working on a shoestring budget, focus on a particular niche within your audience with the highest chances of conversion. Understand their pain points and devote your entire social media strategy and content marketing to address their questions and concerns. This is a surefire strategy to attract the right audience and improve your ROI on marketing efforts.  

#3 Play the Long Game

Making impulsive decisions is one of the most common mistakes people make during poor economic conditions. As a business owner, you should realize that the market never stays the same and you will always experience ups and downs throughout your journey.

While it is important to be flexible and be able to make quick decisions, most of your choices should aim for long-term achievements. In short term, you should only focus on maintaining your competitive edge and collecting information that can help optimize your marketing campaigns.

One of the most important variables that determines your marketing approach is consumer behavior. Economic fluctuations can significantly change the behavior of individual consumers. So, make sure to keep tracking these changes and find out which methods have remained effective regardless of the market trends. 

#4 Focus on More Specific Needs

We often recommend small businesses explore various business angles in order to find new opportunities in their niche. But during a recession, your best bet is sticking to a handful of services and products that are needed most.

Even without a recession looming, you should get on the same page with prospective customers to strike a balance between supply and demand. But when household spending decreases, you must focus on specific needs that keep your business in the game.  

#5 Ensure Brand Consistency

Another common mistakes during market fluctuation is changing brands’ social image. Every marketing effort, brand promotion tactic, and advertising approach can be replaced. But no change should compromise your brand consistency.

Brand consistency essentially translates into ensuring that the way you present your business remains the same across all your marketing efforts and communication channels. In other words, brand consistency provides a unified image and message to your customers and potential customers.

Brand consistency is important, especially during hard economic conditions. Why? Because it reinforces positive values, establishes longer-lasting customer relationships, and builds trust and credibility. So make sure to use a consistent voice and image throughout all your blog posts, emails, PR campaigns, news feeds, digital ads, etc.  

Bottom Line

Preparing for a recession is not exciting! But following a proactive marketing approach is the only way that will keep your business ready to meet harsh weather. Many business owners underestimate the impact of recessions. But if you don’t intend to lose your investment and compromise your business survival, it’s best to come up with a pre-emptive plan.
Competitor analysis and market research will allow you to always be a few steps ahead of others. Instead of reactive, panic-driven decisions, you’ll have a chance to turn threats into opportunities. And hopefully, the above-mentioned strategies will help solidify your marketing efforts during a recession.
Aside from a well-thought-out marketing plan, you also need to find a well-trained, professional team who can help you implement your ideas. And that’s exactly what we offer at Momentum 360.

One of the most effective ways to market a school is offering a tailored education 3D virtual tour along with a broad array of multi-media solutions to optimize your online exposure. With Momentum 360, you can enjoy the exceptional quality of our services provided by a team of dedicated professionals. Don’t hesitate any further. Contact us today

How to Market a Restaurant: Top 9 Tips to Bring in New Customers

February 9, 2023 in Advertising, Blog

How to Market a Restaurant: Top 9 Tips to Bring in New Customers

How to Market a Restaurant: Top 9 Tips to Bring in New Customers
If you’re a restaurant owner, one of your main concerns is finding the right marketing methods to make your brand stand out from the competition. But how do brands get noticed? And how should you develop a marketing plan that fits your business size and budget without costing a lot of time and money?
Marketing a restaurant business in 2023 is both simple and challenging. It’s easy because there are tons of resources and data-driven practices that can help you bring in more customers. But if you want to market a restaurant, you should also overcome several challenges and continuously adjust your marketing plan based on market trends and customer feedback.
In this article, we’ll explore some of the best ways to market a restaurant. These strategies can help restaurants of all sizes and budgets attract more customers, increase sales and solidify their brand image in a niche market. So, let’s get started:

how to market a restaurant

What Is the Best Marketing Strategy for a Restaurant?

The first rule of marketing is relativity! The effectiveness of every marketing effort depends on your specific goals, your target audience, your planning and implementation process, and your ability to collect data and adjust your next steps.
That said, you can still rely on market-proven practices and integrate them into your brand promotion plan. Here are some marketing tips and ideas that will help you market a restaurant:

#1 Rank High on SERPs

Every business needs an online presence. And while there are many ways to get people’s attention in the digital world, improving your business profile on popular search engines like Google is probably the most efficient one. A high ranking on search engine results pages (SERPs) indicates that your restaurant is a legitimate and trustworthy business.
Think of it from the customer’s perspective; They hear a brand’s name on social media or in conversation with colleagues and friends. But they want to make sure they know how you run your business, what cuisine and dishes you offer, and how other people rate your services. Or, perhaps they just want to know where you are located.
A strong online presence significantly increases your chances of getting quality leads and brings you more customers every day. You can start with a Business page on Google, add your restaurant to Google Maps, and provide additional information about your business, such as opening and closing times, contact info, etc.
Providing social proof is an excellent way to gain trust and customer loyalty, which are essential for any restaurant. So, encourage your regular customers to fill out the review section and share their experiences about the food, menu design, management, customer service, staff expertise, and more.

#2 Offer Free WiFi

Many restaurateurs struggle with the idea of offering free WiFi to their customers. Of course, there are pros and cons to offering free services in your business, but the benefits of offering free WiFi from a marketing standpoint far outweigh the cons.
Free WiFi is a great way to market a restaurant and attract new customers. Most cafes have already embraced this method, creating a friendly environment where people can work, relax, and enjoy life in comfort. By implementing this idea, you can boost your revenue and turn your restaurant into a cheerful place.
Besides, offering free WiFi makes cashless payment much easier and convenient. You can simply provide a QR code or link that allows customers to access a payment portal directly from their table. By doing so, you save both time and money and ensure a satisfactory customer experience.

#3 Offer Live Music

One way to approach marketing is to focus on the customer experience rather than the need to sell more and generate more revenue. And there’s nothing that could elevate a dining experience more than live music for your beloved customers.
Offering live music is also a big plus for building a pleasant atmosphere. You can entertain your customers while they wait for a seat or their meal, and they can enjoy the place without getting bored.
Last but not least, offering live music can also attract more customers. You don’t even have to start with big names. Sometimes a live act or a popular music genre can do a great job of promoting your brand awareness. Prepare your restaurant by asking potential bands for a set list and the equipment they need to do a show.

#4 Leverage Video Content

You have certainly witnessed the shift toward video marketing over the past couple of years. Content marketing has always been about delivering relevant content to a specific target audience. But videos have significantly improved our ability to shape a unique brand voice by leveraging insights derived from consumer behavior and any relevant content that goes viral.
In the restaurant marketing space, one of the first challenges you face is establishing an efficient line of communication with prospective customers. Video marketing can offer an easy and effective way to reach out to more people and encourage them to visit your restaurant.
Moreover, most people need to have a clear picture of the kind of business you have, the staff, and the food before they come to your restaurant. Offering video content with an in-depth tour of the entire property is a powerful tool to build trust and offer customers all they should know about your exceptional brand.
You can also offer a virtual tour, and give your restaurant a proper introduction. All you need is an experienced, professional team to understand your business needs and showcase your expertise, equipment, and resources.

#5 Offer Online Ordering and Delivery

Once upon a time, online ordering was only a nice option for restaurants. Today, it’s a must-have support service for customers who seek more efficient ways of organizing their time. Offering online ordering for take-out or signing up with food delivery apps will help you leverage this trend and attract more customers to your restaurant.
When you want to market a restaurant, one of your main objectives should be making your brand accessible to a wider range of customers. Online delivery takes geographical proximity out of the equation and attracts many people who refrain from visiting your restaurant just because it is too far away.
When it comes to online ordering and delivery, you have two main options. You can use popular food delivery apps that will often charge a commission for every order. Or, you can hire an expert app designer and create your own application to avoid paying this commission.

Social media increases online presence and awareness among potential customers and clients who may not have enough information about your restaurant. A solid social media presence is a great way to market a restaurant, as it allows you to reach a wider audience inexpensively and quickly.
That said, if you want to market a restaurant on social media, you need to know the basic principles of social media marketing. For instance, if you are working on a limited budget, you should thoroughly research and identify the platform that will give you access to quality leads.
Also, it’s better to have a strong presence on one well-established channel than a poorly managed account on multiple platforms. Depending on your brand objectives, customer identity, budget, and audience needs, you can leverage brand advertising opportunities on any of the popular platforms such as Facebook, Instagram, Pinterest, YouTube, Twitter, TikTok, etc.

#7 Run Local Digital Ads

Digital advertising is another tried and true strategy to market a restaurant. Many local businesses underestimate the power of digital advertising. They imagine it’s just a marketing method for brands with multiple branches all over the country. But they surely haven’t heard of geo-targeted ads.
Geo-targeting is a market-proven practice that will deliver different content to visitors based on their geolocation, categorized based on country, region/state, city, metro code/zip code, organization, IP address, ISP, or other criteria. Geo-targeting will help you identify specific areas or a radius around your restaurant and display your ads to viewers in those locations.
Geo-targeting is an excellent way to optimize your marketing campaign by removing anyone from your ad targeting that would be more unlikely to visit your restaurant due to geographical limitations. You can activate this advanced targeting capability on most social media platforms like Facebook and Instagram, or search engines like Google.

#8 Create a User-Friendly Website

A well-designed, attractive website is a great tool to market a restaurant. Business websites offer efficient and easy communication channels with current and prospective clients with an opportunity to inform your target audiences about what you offer. Moreover, an SEO-optimized website increases brand online credibility and drives more quality leads to your website.
Your address, contact info including your phone number, and hours of operation should be front and center on your homepage. The goal is to facilitate communication and provide an easy way for your guests to find you without having to browse your website. If you have several branches in different locations, list them all with direct links and all the necessary information.
Make sure to include your menu as well so that your viewers can easily find and order their favorite dishes. And if you want to evoke an “Oooh – that looks good” response from website visitors, make sure to include high-quality, enticing images from your menu.

#9 Partner with Influencers

With so many different channels and strategies to market a restaurant, it is sometimes hard to find the best start-point. But one of the most effective tactics to enhance brand awareness and bring in more customers to your restaurant is leveraging influencer marketing and partnering with inspiring figures who can help promote your brand.
Influencer marketing has an incredible potential to enhance your social credibility, especially among the younger generation that prefers to see what people have said about your restaurant on social media before they decide to visit your restaurant.
Successful influencer marketing requires thorough research to ensure you find the right people whose follower base is interested in your services. So, do your share of research and provide the influencers and partners with a clear brand guideline that promotes your objectives.
Keep in mind that running an influencer marketing campaign doesn’t have to cost you a fortune. You can look for micro-influencers whose followers count ranges from about 5,000-25,000 and find a couple of brilliant ideas to convert their follower base into your regular customers.

9 tips to market a restaurant

Bottom Line

Developing a marketing plan for restaurants is not the easiest job on earth. In a competitive market, you need to exploit all market gaps and use every opportunity to promote your brand and enhance awareness.
With the above-mentioned strategies, hopefully, you have now a clear idea about how to start your marketing plan. But remember you also need to find a well-trained, professional team who can help you implement your ideas. And that’s exactly what we offer at Momentum 360.
One of the most effective ways to market a school is offering a tailored education 3D virtual tour along with a broad array of multi-media solutions to optimize your online exposure. With Momentum 360, you can enjoy the exceptional quality of our services provided by a team of dedicated professionals. Don’t hesitate any further. Contact us today.

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