Stimulus Checks Strategies for Businesses
How to promote business and capture new + existing customers as stimulus checks are received
This week, stimulus checks are being distributed into the pockets of consumers. Trends already show that people are spending their stimulus money on food, utilities, and gas. It shouldn’t be ignored that many folks receiving this check are looking for the financial support they need to simply survive the economic strain the coronavirus has caused. However, as a small business owner it is important that you market wisely to generate income during this time, too.
Small businesses are a pillar to the economy, and generating revenue is crucial to reviving the economy.
The way businesses choose to market and capture their audience + keep them engaged throughout the year is imperative. The saying, “business is business” has never held a truer meaning. As a business owner you cannot change the status of your customers’ bank account. But, you can put your best foot forward by inviting customers to spend with you and offering yourself as a useful resource.
Positive thinking related to business is very important right now. In order to implement a productive campaign, you must be willing to take some creative risk and pivot the company’s direction as needed. In a recent article, The Washington Post acknowledges that financial planners have urged people to use the money to buy basic necessities or pay off debt. Spending trends have already shown people are spending on essential goods. So if your company is non-essential, how do you market to potential customers?
First, think about who your ideal customers are. Then, consider what the company provides that could be beneficial to them right now and why it is helpful. The customer needs to trust you, and pitching something useful plays a part in that.
If a business is non-essential, promotions should incentivise the customer.
Furthermore, enrich the client database by capturing simple marketing information like an email address. Then, continue to engage these clients throughout the year with business updates and other promotions.
For example, perhaps your business decides to run a contest. The contest is to win a discounted service, which means the company still earns revenue. To enter the contest, the client must enter their email address into a form, which is then captured and organized into a CRM system. Utilize this same idea with a survey- the customer completes a survey which benefits the company by providing feedback. Upon completion of the survey, the customer is entered for their chance to win a small service/product. This same contest method can be implemented on social media as well. The client motivation should still be a reward, and the business incentive is customers (or in this case, followers/audience).
The idea is the customer provides useful information to the business, and they’re rewarded by the company. Therefore, potential revenue from customer growth + increased engagement = the ROI.
Lastly, create a way for people to give back to your company. Not everyone will have the finances right now to shop your product or afford your service. However, there are a lot of folks looking for ways to give back in amounts that are feasible to their wallet. And, you can’t leave out those who are financially stable and want to give back. Erin Lowry of Acorns suggests,
“If you’re fortunate enough to have job stability and an emergency savings fund that can cover anywhere from 4 to 6 months worth of expenses, you could spend some or much of the money to support small businesses and charitable causes you care about."
There are numerous ways to receive donations online. Keep the door open for those who want to come in! If you’re lucky enough to fall under this category, check out The Post and Courier Charity Guide for ways to give back.