Mitigate risk and potential cash flow issues with a business line of credit

Marketing is always a key component for retailers going into the holidays and the 2021 season will be no different. One change, perhaps, is that social media will likely play an even greater role than in past years. During the pandemic, many retailers relied on social media to communicate with customers and sell merchandise. In fact, according to business consulting firm Grand View Research, the global social commerce market was valued at US$474.8 billion in 2020. If you plan on developing a social media content and advertising plan, consider what products or services you will be promoting on social media ahead of time. 

Aside from your social media concerns, there are also countless other marketing tactics to consider:

• You could run ads in print or online. 
• Direct mailings like flyers or brochures can attract new customers, as can digital mailings through email.
• A partnership with another company might allow you to tap into their customer base.
• Special offers, discounts, and coupons can bring in new leads.
• A contest or other special event is effective at raising brand awareness and stimulating sales. 
• Use your data to create holiday-themed promotions. 
• Branch out thematically and increase sales opportunities by keeping alternative holidays like Black Friday, Small Business Saturday, and Cyber Monday in mind.

There’s no shortage of holiday preparation tasks but advance prep in these three areas will get you off on the right foot and on the way to a prosperous 2021 season.

It’s common knowledge that it costs less to keep customers than to acquire them, but have you ever put a price on it? According to research from Bain & Company, “a 5% increase in customer retention produces more than a 25% increase in profit.” This, they say, is because repeat customers are likely to spend more money with your brand over time. They are also likely to refer you new business. Put simply, investing in customer service to make sure your customers have consistently positive interactions is good for your bottom line. Read on for top tips on retaining your customers.

Maintain consistent business hours

One of the joys of owning your own small business is the flexibility and ability to manage your own schedule. However, unpredictable operating hours could be costing you. Your customers are busy too and wasting their time is a quick way to lose their business. Be consistent with your business hours so customers can plan to visit with confidence that you’re open.

Keep your website and Google My Business listing up to date

If your website lists out-of-stock merchandise, last year’s pricing, or services you no longer offer, your customers may well feel like they can’t trust your business. Make sure everything is up to date, including your hours or location, across platforms. 

Offer online shopping or other options

Even though retail is reopening, many customers have become accustomed to shopping online. This doesn’t necessarily mean you have to sell your services or products online, but offering the flexibility of custom orders in cases where customers don’t feel comfortable returning in-store shows respect and thoughtfulness. Also, consider offering phone and email ordering with the option to pick it up or have it delivered. Seamless transactions that suit your customers' needs will go a long way to ensuring you get repeat business. 

Communicate with your customers

Your website, social media, email, and even newsletters are all ways to communicate with your customers. Figure out which works best for your industry and reach out. Regular communication keeps your business top-of-mind, but make sure you don’t flood your base with overly frequent messages. 

Train your employees around customer service 

Think of your team as brand ambassadors—because that’s what they are. Your employees are the face of your business and how they interact with your customers will inform your reputation. Make sure your employees are trained to provide top-notch customer service.  

Get personal

Nobody likes to feel like they’re just a number. Take the time to learn your customers’ names and a little about their lives. Encourage your employees to take time with your customers rather than rushing them to the till. A little human interaction goes a long way.

Reward loyalty

Loyalty programs can be as simple as a punch card or as complex as a multinational campaign. Giving your customers a little extra when they return is an effective way to keep them coming back, while showing your gratitude for their business. Points programs and discounts are easy-to-implement strategies that will make your customers feel valued. 

Resolve issues quickly

Perhaps a product doesn’t work as intended or a service doesn’t meet expectations. Sometimes, despite your best efforts, things go wrong. These occasions are opportunities to deepen customer loyalty. If you can resolve the issue quickly to your customer’s satisfaction you’ll build trust with your customer so they feel confident enough to return next time. 

Show gratitude

Many consumers have demonstrated their willingness to support small businesses, especially right now. Acknowledge that you appreciate them. A simple thank-you goes a long way and a grateful approach will help ensure your customers keep coming back. 

So much of customer retention comes down to simple customer service. Follow these guidelines to give your customers a positive experience every time they interact with you. Your reputation and your bottom line will thank you for it. 

Small businesses need to take advantage of every chance they have to get their message across, and their storefront signage is an often-overlooked opportunity. Displaying your business name is just one job for your business sign. It can also communicate your brand identity, advertise specials or promotions, and create an inviting entryway to your storefront. But creating the right sign isn’t as simple as you might think. In this article, we sat down with Todd Hovey, owner of Pure Image Signs in British Columbia, to find out what, exactly, makes a great business sign.

Size matters

When you’re planning out your business sign, one of the first things to consider is how big it will be. Too small, and you risk going unnoticed but a sign that’s too large can appear clownish. “Your signage company will follow distance charts to ensure the sizing is good,” Hovey says. “Of course, you’ll have to follow your city’s guidelines or restrictions for the sizing.” As a general rule, your sign should be large enough to for your customers to read easily, even from a distance.

Materials

Choosing your materials may seem like a design decision, and to some extent it is, but it’s also (and perhaps more importantly) a choice that will dictate the longevity of your sign. “You don’t want it to start to deteriorate and detract from how good your business looks,” Hovey notes. “This is worth the investment.” Your choice will depend to some degree on your storefront. You may be limited to an application on the front window, or maybe you have an awning or banners. If you have a flat façade, you have many options. “If you want to add dimension to your sign, try a three-dimensional sign,” Hovey suggests. “It stands out so much more than something flat.” Another 3D option is a blade sign that hangs perpendicular to the outside wall. “Most signage is painted or made with vinyl or another material that will deteriorate over time,” Hovey says. “A good quality sign should last over a decade or longer and interior signage can last forever.”

Lighting

If your storefront is not in a well-lit area, you’re liable to miss the mark with your customers after dark. If you are open past dark, the increased business a lit sign may bring in may mean it pays for itself in no time. It may surprise you to hear that adding light to your signage can also catch your customers’ notice in the daytime. Lighted signs require an investment upfront but the LED technology they use is energy efficient and the design choices are nearly limitless. Look into illuminated lightboxes, externally lit sign boxes, halo-lit letters, and front or back (or both) lit channel letters.

Design

Your sign is the first thing your customers see so its design should be impeccable. Make sure that your design elements like colours, logo, tagline, and business name are exact and match the rest of your business collateral. Pay attention to the spacing and lettering, bearing in mind that the eye can detect even slightly imperfect kerning (that’s the space between each character). And ensure that your sign is legible, even from far away.

By choosing the right style, size, materials, and design, can you improve the appearance of your business and attract new customers? According to our sources, all signs point to yes.