Category: Financial

The economy is slowly inching toward recovery, but many small businesses have yet to feel the positive effects. Entrepreneurs are keeping their eyes on their overhead expenses and bottom lines to avoid financial hardships. Some owners have slashed their marketing budgets in an effort to save money.

Entrepreneur Magazine reports that the frugal strategy isn’t entirely beneficial because it’s important to reach more consumers during tough economic times. Small business owners can find creative ways to spice up their traditional marketing tools to attract budget-conscious customers.

Consider the following tips to boost your marketing efforts during tough financial times.

Be charitable and support a cause
The news source states that charitable acts are cost-effective methods to increase market penetration. Joel Warady, a marketing consultant, said that supporting a cause forges a relationship between businesses and their customers.

“Not only does cause-marketing allow you to connect with customers, but it also allows customers to get some insight into your company’s soul. Then, it becomes less about what you give than it does about why you give,” Warady said to Entrepreneur.

Independent companies can raise awareness for important causes with unique promotional products. For instance, there are promotional key rings designed to resemble awareness ribbons for World AIDS Day. Small businesses can start their cause-marketing efforts in February with American Heart Month.

Offer value
Consumers are worried about their finances and are trying to save money. Entrepreneurs can use special discounts and promotional giveaways to motivate their customers to start spending again. Patrons are more likely to buy merchandise when they’re offered a deal, even if it’s only a couple dollars less than the regular price.

Promotional giveaways allow small business owners to add value to purchases without slashing their prices. Companies can create scales so that customers have to spend certain amounts of money to receive large gifts.

Don’t fix what isn’t broken
The developmental stages of a marketing campaign are the most expensive. While businesses design new advertisements, they aren’t actively reaching out to consumers. The lost time results in diminished brand visibility and fewer customers.

Independent companies should use their marketing materials as long as possible. If consumers are responding to advertisements, then there’s no reason to make any changes. The longer a small business uses one set of marketing messages, the less time and money it has to dedicate to developing new campaigns.

As the economy struggles to reach a sustainable recovery, it’s important that consumers budget appropriately. In that spirit, January is Financial Wellness Month, and financial institutions can distribute unique promotional products to help their customers celebrate and fiscally prepare themselves for 2013.

According to LiveScience, getting out of debt is one of the most common new year’s resolutions. Businesses can assist customers by giving away branded tools that simplify financial planning.

Calculating every expense
Calculators are some of the best promotional marketing products that banks and financial consultants can distribute. Consumers can struggle while going over monthly expenses and tallying their numbers, and some of your customers may not be able to easily to track every penny by themselves. Clients can use branded calculators to track their expenditures and ensure that they aren’t exceeding their monthly budgets.

Calculators also reinforce your company’s visibility. Each time your customers use the electronic giveaways, they’ll be exposed to your logos and develop familiarity with your establishment, which can help you hold onto your clients.

Planning ahead
The most important part of every budget is knowing when money will be spent so funds can be allocated accordingly. Tracking regular spending can be difficult for some consumers, but financial services can distribute branded calendars to help customers schedule all of their recurring expenditures.

A pocket calendar may be the best giveaway for a business client. Small business owners must stay on top of their finances, and small schedules allow entrepreneurs to remember important deadlines and how much they’re paying every day. Promotional wall calendars are more suited for homeowners, as the items can be used as decorations.

Writing it all down
Some consumers turn to financial planners for all of their budgeting needs. Before offering advice, consultants can give their clients promotional pens and notepads to take notes on their discussions. Customers will use the giveaways to write down important information and refer back to it when they’re going over their expenses.

The giveaways have functionality beyond financial planning so your clients will hold onto the branded gifts. For instance, pens and paper can be used for shopping lists during the holidays, so your customers develop brand recognition even when they aren’t focusing on their budgets.

The so-called fiscal cliff, a date in 2013 when tax increases and budget cuts will go into effect, is approaching. The Washington Post recently reported that negotiations between President Obama and the Senate have not been been going well and almost no progress has been be made.

Americans are concerned about how the fiscal cliff will affect them and are turning to financial planners for assistance. These businesses must raise their visibility to capitalize on the increased interest in their services. Promotional giveaways and mailers can help these companies reach out to consumers.

Financial planners can buy mailing lists and send leads items branded with contact information. For instance, a firm could mail local residents small flyers and logo-emblazoned pens. This strategy puts marketings materials directly into consumers’ hands so they’ll develop awareness of a company.

Once leads come in, you can reinforce your relationships by giving away other promotional items like calculators and notepads. These branded gifts can make your new clients feel appreciated so they’ll be more likely to retain your services, which can help you in the long run because it’s more cost-effective to hold onto customers than find new ones.

As the economy struggles to recover, an increasing number of consumers have begun to take payday loans. The Pew Center on the States recently reported that an average of 12 million Americans take cash advances from short-term lenders annually.

As more borrowers seek their services, financial institutions must raise their visibility. Without a proper marketing campaign, a payday lender may lose potential customers to its competitors. One of the advantages these businesses have is the ability to use promotional giveaways the same way banks and credit unions do.

For regular borrowers
The Pew Center also reported that the average borrower takes eight loans per year. Repeat business is only a good thing if your client returns to your institution. You should find incentives for your loyal customers so that they don’t seek out an another business’ services.

While consumers are attracted to low interest rates, payday lenders can’t reduce their charges without hurting their finances. A rewards program that offers small gifts for repeat business, however, can provide sufficient motivation for borrowers to stay with one financial institution.

Due to their loyalty, regular customers deserve more benefits than new clients, so they should be given larger promotional items as tokens of appreciation. You can give them calculators so they can budget their finances while accounting for their loans or you can give them branded coffee mugs as a nice gesture. These are gifts that wouldn’t necessarily be given to leads, so your patrons may appreciate them more.

For potential clients
With so many people taking payday loans, institutions must reach out to consumers and raise brand awareness. Creating exposure can be difficult, however – especially if a lender isn’t sure how to create a lasting marketing campaign.

Distributing promotional marketing products allows a business to put its advertisements directly into consumers’ hands. Print and broadcast messages can easily be ignored and don’t last long, but tangible gifts are held onto and can raise a pay lender’s visibility in the long run.

Giving every incoming customer a pen is a simple method for increasing your marketing presence without developing an expensive campaign. Instead of advertising to every consumer, you’re only sending information to likely leads who have come in and inquired about your financial services.

Advertising on pens isn’t flashy, but potential borrowers hold onto the items so they won’t forget about your company. Lenders can leave pens around their establishments for anyone to take or have employees personally distribute the branded gifts to every consumer who asks about their loan options.

Customers are dissatisfied with banks and have begun seeking alternative financial services. Citing exponentially increasing fees and rapidly degrading customer service quality, some customers are leaving banks for institutions such as credit unions. According to Credit Union National Association (CUNA), 1.3 million new members joined credit unions during the first half of 2012.

The industry is becoming more competitive as establishments vie for new business. Promotional advertising can help credit unions differentiate themselves from the rest of the sector, so consumers know which institutions offer the best financial services.

Enticing new business
While some banking customers are dissatisfied with their current financial institutions, they may not be aware of alternatives. Promotional giveaways attract consumers who might be on the fence as to whether they should find new ways to save their money. Credit unions can distribute fun gifts to motivate prospective clients to start thinking seriously about leaving their banks.

Consumers appreciate free items, especially if the promotional products are things that can be used regularly. Credit unions can take advantage of their locations to maximize their gifts’ usefulness. For example, if an institution is near a supermarket, it can give away logo tote bags to help carry groceries. Establishments in traditionally rainy areas might consider handing out umbrellas to help attract new business.

Educating potential clients
Credit unions that find leads need to explain their services because not every consumer knows the difference between financial cooperatives and banks. When prospective customers speak with employees, the establishments can educate potential clients while creating marketing presences.

Learning about new fees, rates and guidelines is difficult for some consumers. Credit unions can distribute promotional notepads and pens so leads can take notes during their initial question-and-answer meetings. These functional items prevent potential customers from forgetting important information so credit union workers won’t have to repeat the same messages during follow-up discussions. The gifts’ everyday uses also create brand awareness by putting advertisements in consumers’ hands.

Consumers may bring the gifts when they meet with other credit unions. While customers might not think much about one establishment’s logo as they speak with another, that constant advertising presence can make a difference when people are trying to remember which institution seemed like the better choice.

Credit unions need to take steps to stand apart from their competitors as more consumers leave banks. Creating a marketing presence through promotional items can help these financial services stand out from the rest of their growing industry.