Inflation has caused many to pull back on spending. However, unlike individual people, retailers need to advertise to sell more product and make money to keep their businesses afloat.
So how do you advertise on a tight budget? Here are a few ideas:
- Social media advertising. If you know what you’re doing, social media advertising can be a great and affordable way to reach thousands of people. For small monthly fees, posts can target specific demographics based on your location or typical buyer. But beware the algorithm and research how to effectively advertise through social media, because it’s not always as simple as some make it seem.
- Get local. Local causes, sponsorships and events can help build a following and set you apart in the community while acting as a free advertisement for your store. Talk to other small-business members and get involved with your local chamber of commerce. Word of mouth is the best free advertisement there is.
- Differentiate. Competition in retail is hotter than ever. But carrying unique products that other stores don’t carry will set your store apart. Comb over your entire program and make sure you have products that bring people back in. Some consumers simply want promotionally priced goods, but if you can bring that wow factor to your store customers may change their minds.
- Repeat customers. If you shop at a Coach store, they will send you a personal thank-you card a few days after the purchase. This kind of follow-up not only makes people like the brand more, but it’s memorable for the consumer and makes them more loyal to the brand. This idea can easily be translated to the bedding industry. And be sure to personalize it. For example: “Thanks for coming in! We hope you get the great night’s sleep you deserve on your new [name or type of mattress]! Call us any time if you have any questions or want to complete your sleep system!”
- Print flyers. It sounds old school to print flyers and post them to cars in busy parking lots, but it’s not a bad idea if you have the time and manpower. These flyers do catch people’s attention and keep your store top of mind. Simply having consumers see your store’s name is a powerful advertisement.
There are several free or affordable ways retailers can advertise that offer a visible ROI — it just takes time, planning and strategy.