Saturday, 31st March 2018 | Marketing,Management

Convert coupons to customers in three steps

A coupon campaign can be a highly effective way of encouraging higher spending by your existing customers. Couponing can also bring in new customers and boost sales during slow periods. With few costs and minimal effort, coupons are a great way for small businesses to achieve a high return on investment.

A coupon campaign can be a highly effective way of encouraging higher spending by your existing customers. Couponing can also bring in new customers and boost sales during slow periods. With few costs and minimal effort, coupons are a great way for small businesses to achieve a high return on investment. Here are three easy steps to help you launch and determine the effectiveness of your next coupon campaign.

Set your coupon strategy

First, determine the goal of your campaign. Are you looking to drum up new business by attracting new customers? Are you trying to encourage existing customers to return more often, or spend more per visit? Perhaps, you want to generate buzz around your brand, or increase business during slow sales periods.

Only after you have established why you are running the campaign, and whom the campaign is targeting, should you focus on what your offer will be and how you’ll communicate it.

It is essential that the offer aligns with your goal. Some examples are:

  • A half-price appetizer day to increase traffic or spend per table on a typically quiet day of the week.
  • A weekend BOGO event to try to move excess end-of-season inventory.
  • A “$20 off your next haircut” discount to tempt salon customers who haven’t visited in over a year.

Finally, think carefully about the rules that will govern your offer, such as the expiry date, a limit of one coupon per customer or one per table, or a reservation required. Also, how will you ensure someone doesn’t use the offer multiple times (if that is important to you)?

Choose your method of distribution

There are many different ways to create a coupon, and just as many ways to distribute and promote it.

Loyalty cards encourage repeat business by offering an attractive discount to promote long-term loyalty. Customers with a loyalty card get a “benefit” such as a discount or free upgrade whenever they shop, or a free item after they buy from you several times. For example, buy nine coffees and get the 10th one free.

To run this campaign, you’ll need printed wallet-friendly cards that can be scanned, punched or stamped at the time of purchase.

Including a coupon with a customer’s bill or invoice is a simple way to encourages a single follow-up purchase. It can be printed on the receipt or on a separate card, and redeemed on a return visit. For example, buy one appetizer and get one free.

To run this campaign, you’ll need a coupon that can be cut out and redeemed in person, or a promo code that can be applied to online purchases.

E-coupons can be sent to customers or subscribers on your email list. These encourages existing customers to visit again and adds value to your being on your email list. For example, you can offer a VIP invitation to shop at a pre-sale event.

To run this campaign, you’ll need a list of customers who’ve consented to receiving emails from you. If you don’t have one, begin asking for email addresses at check-out.

Direct mail coupons introduce new customers to your business. For example, you can distribute a postcard with an offer to specific neighbourhoods.

To run this campaign, get postcards designed and printed, then contact Canada Post to arrange a marketing campaign.

Social media offers are buzz-worthy promotions that your online followers can claim. You can also extend the offer to your followers’ networks and encourage them to share it. This type of offer attracts existing (and can also apply to new) customers to purchase.

To run this campaign, you’ll need a Facebook, Twitter or Instagram page for your business that your customers can follow you on. Your offer can be as simple as a post with a key word to cite for the discount, or a designed “postcard” that can be printed or shown on a smartphone upon checkout in-store.

Track your return

While the success of some marketing campaigns can be difficult to measure, generally this is not the case with couponing. It is crucial to measure key success metrics of your campaign, so you know if couponing is worth the effort and cost.

What you should measure depends on what your initial goal was. For example:

Targeting new customers:

  • ROI (revenue generated less cost of the couponing).
  • Number of new customers who redeemed the coupon.

Increasing business on a particular day:

  • ROI (revenue generated less cost of the couponing).
  • Per cent increase in traffic (foot traffic or online redemptions).

Besides dollars and cents, there are other ways a coupon campaign can drive business; for instance, a marked increase in website traffic during your campaign. And while you can’t quantify the true value of “buzz,” a well-executed coupon campaign will likely generate conversation about your business or products through blogs, social media and even word of mouth.

Following these steps will ensure you are strategic about couponing. It may turn out that the effort does not pay off for your business. On the other hand, couponing could be an easy, inexpensive way to stimulate business. You’ll never know until you try—and track.

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Money-Saving Strategies for Small Businesses

Financial planning is crucial for small businesses, especially in today's dynamic economic landscape. At iCapital, we understand the importance of maximizing savings to ensure the sustainability and growth of your business. Here are some updated money-saving tips tailored for small businesses in Canada:

1. Embrace Technological Advancements

Investing in digital solutions can streamline operations and significantly cut costs. Consider integrating cloud-based accounting, project management, and communication software to eliminate the need for expensive hardware and maintenance. Additionally, leveraging AI tools can further enhance efficiency and productivity.

2. Negotiate Vendor Contracts

With economic uncertainties, vendors are often open to negotiation. Review your contracts regularly and negotiate better terms or discounts with suppliers. Consolidating purchases with fewer vendors can also lead to volume discounts and cost savings.

3. Go Green

Reducing your environmental footprint can also translate into cost savings. Implement energy-efficient practices such as using LED lighting, optimizing heating and cooling systems, and reducing water consumption. Not only will this lower utility bills, but it will also enhance your business's sustainability credentials.

4. Remote Work Opportunities

The shift towards remote work has proven to be cost-effective for many businesses. By allowing employees to work from home, you can reduce overhead costs associated with office space, utilities, and maintenance. Invest in collaboration tools and cybersecurity measures to support remote work effectively.

5. Optimize Marketing Strategies

Digital marketing offers cost-effective avenues for promoting your business. Focus on targeted online advertising, email marketing campaigns, and social media engagement to reach your audience efficiently. Monitor the performance of your marketing efforts and adjust strategies based on data analytics to maximize ROI.

6. Automate Routine Tasks

Automation can streamline repetitive tasks, saving time and reducing human error. Explore automation tools for accounting, inventory management, and customer service to increase efficiency and productivity while minimizing labour costs.

7. Monitor Cash Flow

Maintaining healthy cash flow is essential for small businesses. Implement robust cash flow management practices, including regularly monitoring accounts receivable and accounts payable and optimizing payment terms with vendors to avoid unnecessary expenses and late fees.

8. Seek Financial Assistance

In challenging times, accessing external funding can provide a lifeline for small businesses. iCapital offers flexible small business loan options designed to support businesses with up to $250,000 in assistance within 48 hours. Whether you're looking to navigate cash flow challenges or seize growth opportunities, our financing solutions can help you achieve your goals.

Effective cost-saving strategies are vital for the success of small businesses in today's competitive landscape. Small businesses can thrive and achieve long-term sustainability by embracing technology, optimizing operations, and seeking strategic financial assistance.

At iCapital, we're committed to supporting small businesses in Canada with tailored financial solutions and expert guidance. Contact us today at our toll-free number 1-877-251-7171, to learn more about how we can help your business succeed.

Small business financing Canada

Embracing AI: Small Business Marketing Success

Venturing into Artificial Intelligence (AI) may seem like treading uncharted waters, but it's an opportunity for small businesses to revolutionize marketing strategies and spark growth. Much like the buzz surrounding ChatGPT, AI tools offer myriad capabilities, ranging from task automation to personalized customer experiences. In fact, research shows that 39% of small businesses have already invested in AI tools to innovate their customer engagement and retention strategies, leveraging AI to save both time and money.

Unlocking the Power of AI Tools

AI tools span a wide spectrum of applications to streamline processes, analyze data, and optimize marketing campaigns. Let's explore some key AI tools commonly embraced in small business marketing:

Data analysis

AI-powered analytics programs sift through vast volumes of marketing data, distilling valuable insights and trends that inform strategic decisions and fuel campaign optimization. This enhances efficiency and facilitates cost savings, with 25% of businesses using these savings to increase wages and benefits.

Natural Language Processing (NLP)

NLP technology empowers chatbots and virtual assistants to engage customers in natural conversations, enriching customer service and sales interactions.

Automated decision-making

AI algorithms offer actionable recommendations, guiding marketing strategy decisions to ensure resource allocation aligns with business objectives and budget constraints.

Content generation

AI-driven tools churn out written content, such as blog posts and social media captions, at scale, freeing up time for creative endeavours while maintaining quality and consistency.

Real-time personalization

Leveraging customer data, AI enables personalized marketing experiences by delivering tailored recommendations and offers, thereby enhancing engagement and driving conversions.

Leveraging AI for Marketing Success

Incorporating AI tools into the marketing toolkit can yield substantial benefits for small businesses. Here's a roadmap to harnessing AI for marketing success:

Harness data insights

Utilize AI analytics platforms to extract actionable insights from marketing data, empowering informed decision-making and continuous optimization.

Elevate customer engagement

Deploy AI-powered chatbots and virtual assistants to provide personalized customer experiences, fostering satisfaction and loyalty.

Make informed choices

Rely on AI-driven recommendations to shape marketing strategy, ensuring alignment with business objectives and market dynamics.

Streamline content creation

Utilize AI content generation tools to produce high-quality written content efficiently, maintaining relevance and resonance with the audience.

Deliver tailored experiences

Leverage AI to deliver real-time personalized marketing messages and offers, nurturing deeper connections and driving conversions.

Designing an AI Marketing Strategy

Designing an effective AI marketing strategy requires careful planning and strategic execution. Here's how to do it:

Identify Business Requirements

Assess business needs and objectives to determine how AI can support marketing goals.

Decide AI Framework

Choose AI tools and technologies that align with business requirements and budget constraints.

The Right Approach

Adopt a strategic approach to implementing AI in the marketing strategy, focusing on areas where it can deliver the most significant impact.

Evolve

Continuously monitor and refine the AI marketing strategy to adapt to changing market dynamics and emerging trends.

By embracing the power of AI, small businesses can unlock new avenues for growth and competitiveness in the ever-evolving digital landscape. With careful planning and strategic implementation, AI can be a game-changer for small business marketing, driving engagement, loyalty, and business success. So, let's embark on this exciting journey together and seize the opportunities that AI has to offer.

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Cybersecurity Strategies for Small Businesses

 

As we embark on a new year, the ever-evolving digital landscape presents opportunities and challenges. In 2024, one of the paramount challenges demanding attention is the persistent threat of cyber attacks. 

Safeguarding your business against these threats is not just advisable—it's imperative. Let's explore the crucial cybersecurity strategies every small business should adopt for a secure and prosperous journey throughout 2024.

Understanding the Landscape

The IBC’s 2023 Cyber Security Survey revealed a concerning trend among small businesses. Despite over 60% considering their size immune to cybercriminal attention, small businesses with 1,000 or fewer employees experienced a surprising 43% of yearly cyber attacks in 2023.

Crucial Cybersecurity Strategies for Small Businesses

Educate Your Team

Empowering your team with effective cyber threat identification skills is essential. Regular training sessions can equip them to recognize phishing emails, use strong passwords, and identify potential security risks. A well-informed team serves as the first line of defence against cyber adversaries.
Ensure your training addresses these common security issues:

1. Phishing attacks: Deceptive tactics to trick victims into sharing sensitive information or deploying harmful software.

2. Malware attacks: Cyber threats involving malicious software executing unauthorized actions.

3. Ransomware: Malicious software designed to deny access to files, demanding a ransom for decryption.

Employee Training and Awareness Programs

Acknowledge that your employees are not just integral to your business—they are the first line of defence against cyber threats. Regular training and awareness programs inform your team about the latest cyber threats and preventive measures. Cultivate a culture of cybersecurity awareness where every team member actively contributes to the protection of your business.

Strengthening Your Digital Shield

Crafting an impenetrable shield for your small business involves developing good cybersecurity habits through daily practices:

1. Regular Software Updates: Keep all software, including operating systems and security applications, up-to-date to patch vulnerabilities.

2. Security Audits: Conduct routine security audits to identify and rectify potential weaknesses in your systems.

3. Password Policies: Enforce strong password policies, promoting the use of complex, unique passwords.

4. Require long, varied passwords for sensitive accounts.

5. Enable two-factor authentication for added security.

Invest in Cybersecurity Technology

As cyber threats advance, upgrading defences is crucial. Invest in state-of-the-art cybersecurity tools like antivirus software, firewalls, and intrusion detection systems to serve as your digital guardians, actively monitoring and thwarting potential threats.

Proactive Preparedness

Craft a comprehensive incident response plan that includes:

1. Communication Protocols: Clearly define communication channels during a cyber incident.

2. Data Backup Strategies: Regularly back up critical data to minimize the impact of potential data loss.

3. Mitigation Steps: Establish procedures to mitigate potential damage during and after a cyberattack.

The Stakes Are High

In 2023, small businesses accounted for a significant portion of annual cyber attacks, emphasizing the need to view cybersecurity not as an expense but as an investment. Cybersecurity is not a luxury—it's a prerequisite for sustainable success. As you navigate the intricate web of business operations in 2024, remember that a secure foundation is key to achieving your goals. Despite the challenges in the digital realm, informed decisions and proactive measures can help your business emerge stronger and more resilient than ever.

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The Top 10 Small Business Trends for 2024

As small business owners, anticipating the shifts that shape success is always on your agenda. In the ever-changing business landscape of 2024, specific trends will be crucial to staying relevant and thriving. Let's recap the top 10 trends that should be on your radar for the coming year:

 

1. Tech Integration for Maximum Efficiency:

Small businesses are unlocking the power of technology to streamline operations. From intuitive software to smart automation tools, embracing these innovations can enhance efficiency, trim costs, and keep you at the forefront of your industry.

2. Sustainability and Climate Change:

Sustainability is not just a buzzword; it's a game-changer. Small businesses are discovering the benefits of eco-friendly practices, not only for the environment but also for their bottom line. Going green can set you apart and resonate with conscious consumers.

3. Flexible Work Models:

The 9-to-5 office setup is evolving. Small businesses are embracing flexible work arrangements—remote work, flexible hours, and hybrid models—opening doors to a global talent pool while fostering a healthier work-life balance for your team.  

Related: A shortened workweek: fad or the future of work?

4. Personalized Customer Experiences:

In an era where personalization reigns supreme, small businesses are customizing customer experiences. From targeted marketing to personalized products and services, understanding and meeting individual customer needs are keys to success.

5. Continued Growth of E-commerce:

E-commerce is not slowing down. Small businesses are seizing the opportunity to reach a broader audience, implement targeted marketing, and offer convenient purchasing options. Investing in a robust online presence is no longer a choice—it's a necessity.

6. Prioritizing Mental Health and Well-being:

A healthy work environment is essential. Small businesses are putting employee well-being first, introducing initiatives like employee assistance programs, flexible schedules, and wellness benefits to create a thriving and productive workforce.

7. Digital Marketing, Content Creation, and Artificial Intelligence (AI):

Stay ahead in the digital era by creating valuable content, engaging with customers through social media, and implementing SEO strategies. Integrate AI to streamline content creation processes, adding a layer of innovation to your marketing strategy. 

Related Article: 7 ways how AI empowers small businesses to achieve more in less time

8. Cybersecurity and Data Protection:

In the digital age, safeguarding your business is crucial. Invest in strong cybersecurity to protect sensitive data and maintain customer trust. Shockingly, small businesses, including those with 1,000 or fewer employees, account for 43% of annual cyber attacks in 2023. This data underscores the need for comprehensive cybersecurity strategies to fortify your defence against potential threats.

9. Innovative Payment Solutions:

How we pay is evolving, and your business should evolve with it. Consider offering various payment options, including mobile wallets and contactless payments, to cater to diverse customer preferences.

10. Agile Business Models:

Agility is the cornerstone of success in 2024. Be responsive to market changes, adapt swiftly to challenges, and capitalize on emerging opportunities. Flexibility in operations and decision-making will give your business a competitive edge.

Incorporating these trends into your business strategy isn't just smart; it's the key to staying relevant and successful. Keep these considerations in mind as you navigate the dynamic landscape of 2024.

Sales ,Marketing ,Accounting ,Management ,Personal Loan

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