On RetailWire this week author Tom Ryan invites small business owners to join the discussion in his article, American Express doubles down on ‘Shop Small’ . As the interest in Small Business Saturday and the Shop Small Movement continues to grow, it is important to consider how to take advantage of any buzz created but also look beyond these events to truly develop more lasting strategies in order to grow local business.
American Express is offering promotional support with the larger than life charm and wit of Shaquille O’Neal. This day to support the local business owner has been developing since inception in 2010 and generated $16.2 billion in 2015 according to the article. However, according to one of the insightful comments following the article, “Small businesses need to do more than “wait to participate” in events.”
There are many things to consider when a business is developing its brand. Will it accurately reflect the single aspect that differentiates “us” from “them”? Will it convey the personality and illicit the emotional response anticipated? Will it clearly communicate the promise of the value that the business has to offer? In order to be effective, the savvy brand builder will ponder these questions and be able to more successfully develop a stickier message.
The best messaging will attract the right audience and hold onto them through the sales process hopefully converting them into loyal customers and ultimately brand evangelists. In the article, “3 Ways to Clearly Communicate Your Marketing Message. Stop Using “Trump Talk””, David August shares some great keys to effective brand building. The first takeaway the author provides is, “Communicate a promise – one that your business can keep — that addresses peoples’ preferences and concerns proactively.”
This article is a great reminder to avoid cliche and buzz words and phrases, which give weak and watered down messages. Consumers want authenticity. Clearly communicate what makes a business different and what is the promise of your brand. Using the businesses own words will resonate with prospective customers. August concludes, “Use your limited space to say something meaningful. Something that will put your offering at the top of peoples’ lists.” By doing this a business’s brand will become stickier.
Although Radio Advertising remains a solid part of advertising budgets in 2017, local advertising spend on online marketing is continuing to grow. According to a new article on the RAB (Radio Advertising Burea) blog, digital spend is predicted to surpass print media by 2018. However, radio does continue to be an important medium especially for local advertisers due to the exposure to captive audiences during commutes as well as the growth of streaming content from desktops and smart phones.
In the article entitled “Radio’s Place in the New Local Media Advertising Marketplace”, the author states that “According to the recently published 2017 BIA/Kelsey U.S Local Advertising Forecast, which provides a five year national forecast and 12 individual media forecasts, radio does reasonably well”. And the article summarizes by stating, “radio’s position in the local advertising marketplace continues to be solid. The growing influence of online/digital advertising opportunities will prompt radio to be flexible and be broad in the types of services that they offer and focus on new and distinct offerings that increase digital revenue opportunities.”
In an article by Omar Soliman, Co-founder and CEO of College Hunks Hauling Junk and Trash Butler, entitled, 4 Lessons About Handling Stressed Customers That I Learned From Being a Mover, Soliman ultimately makes the case that businesses should be setting aside money to invest in customer experience. This realization comes as the author tries to answer the question, “How can an entrepreneur address a customer’s emotional and logistical needs simultaneously?” The answer to this question is to reflect the promise of the brand by best understanding and investing in customer experience.
By knowing what the brand offers and finding a team that can be empathetic to the customer throughout the interaction with the brand, the business will be successful. Understanding the customer’s journey and fine tuning the experience from start to finish will improve close rates, increase loyalty and hopefully produce brand evangelists.
As the author concludes, “Growing a loyal and enthusiastic customer base isn’t as complicated as you might think. You can build a viral brand by going above and beyond for your clients and making just such a focus on customer experience part of your business model. In turn, you’ll gain “brand evangelists” who will spread the good news of how your company saved the day for them.”
Hiring the right person can take time, money, and intuition but retention may be all about the appreciation. According to a recent survey outlined in the article, Thank You! Gratitude Is the Best Retention Strategy, “60 percent of surveyed workers said they put the most value on being appreciated by management, and that appreciation plays a big role in employee satisfaction and retention.”
According to the survey, the employee’s job satisfaction seemed to be more tied to connection and relationship than to compensation or other traditional fringe benefits. Harry West, VP of Services and Product Management at Appirio, the organization that conducted the survey, said, “Support and gratitude seem to be more motivating and cherished than any other form of reward”.
Whether its the hippest, happiest, healthiest, most exciting or one of the best cities for entrepreneurs, Charlottesville has much to offer “locals” as well as its multitude of annual visitors.
Every year local businesses advertising in Charlottesville, Albemarle and surrounding counties experience an influx of prospective customers that are not familiar with their brand. Considering why people are coming and who they are, can inform how a local business may choose to advertise in this transient marketplace.
They’re Coming to Charlottesville
The University of Virginia
Residents in Charlottesville and local businesses no doubt are aware of the fact that the University of Virginia brings new students, graduate students, faculty and staff into the area each year. The ebb and flow each semester can be felt anecdotally as anyone driving up and down US 29 can clearly see. Charlottesville’s population of over 46,000 adds over 15,600 undergraduate students, and over 6,300 graduate students throughout the school year and these students change and are increasing every year providing a steady stream of newcomers into the local market.
Healthcare – Top Hospital in Virginia
Another contributor to local visitors, The University of Virginia Health Systems, is nationally ranked in the “Best Hospitals” and “Best Children’s Hospitals” by U.S. News across many specialty care services. They are also listed as the #1 Hospital in Virginia serving more than 840,000 outpatient visitors in 2015 alone. Needless to say this is another catalyst for visitors to the area. Not only the patients but friends and family will also visit the area due to the healthcare services provided.
Central Virginia Tourism – Historical Locations, Vineyards and Changing Leaves
Local businesses are also aware that tourism brings in the visitors however, the growth of tourism and actual numbers may be surprising. In 2015, the greater Charlottesville area experienced almost $1B in revenue from tourism according to a recent article in The Daily Progress. And according to Forbes.com, over 500,000 people visit Thomas Jefferson’s Monticello each year. This is just one, albeit the most famous one, of three nearby homes to former U.S. presidents with Montpelier and Ash Lawn also drawing their fair share of tourists.
Agritourism, wineries, breweries, distilleries and cideries are gaining popularity throughout the region with the young professional and other crowds. Thousands line Skyline Drive every year to take in the majestic beauty as fall begins in the Shenandoah Valley.
Also, concerts, festivals and other shows continuously bring new visitors to the local market. The LOCKN’ festival alone had over 30,000 in attendance this year in neighboring Nelson County.
The fact remains that whether by VW van or jet airliner, large numbers of people are traveling to this area throughout the year. In fact, The Daily Progress article states that, “according to the CHO website, the airport has seen a 63 percent increase in passenger traffic from 2008 to 2015, with 549,521 traveling through the airport in 2015.”
How Does This Influence Advertising A Local Business?
There are many reasons for the growth and dramatic change in the local demographic throughout the year in Charlottesville. This ever-changing base of potential customers presents unique challenges to the local business and entrepreneur. Some traditional approaches to advertising may not be as effective.
For example a business that invests in building a brand to a static population, though continuing to invest in feeding the top of the funnel, may be able to shift dollars away from branding and over to other tactics including promotions and discounts, retargeting and customer loyalty. They may even rely more on word-of-mouth referrals. The business may also be able to leverage past experiences and proven channels to consistently market the business in a stable and effective way. In reality, they may even be tempted to rest on their laurels and just do that what they have always done since it continues to work. For this business, perhaps nothing more is needed in order to maintain a profitable enterprise.
In a dynamic environment, the business owner must remain vigilant in order to be successful. A transient customer base may require additional branding efforts as new people need to be introduced to your business, product or service daily. Also, each attraction to the area brings a different demographic. The millennial University of Virginia student will have different interests, needs, and behaviors than a retired historical sight-seer or an international patient’s family. Wise advertisers will keep in mind seasonality, locations, audiences, and interests within the local market in order to be the most effective. Proven methods from the past may need to be revisited with each entering class to the University.
Where to advertise will continue to evolve. What local radio stations or other traditional media will visitors most likely be exposed to while in the area? What print resources are these visitors picking up and reading? What is your digital strategy? Are you considering more mobile advertising as smartphones and tablets are much more likely to be used than desktops for entertainment, content consumption and researching local businesses by the visiting population? Having an awareness of the local economy and changing customer base provides business owners the information they can use to develop the most successful advertising plan.