More Thoughts On A New London Feature Page

     In a number of previous postings, I have floated the idea of creating a new page or section in the Resident featuring stories and advertising exclusively about New London. My belief is that this will have have a multiplying effect on each businesse's advertising by building more traffic into town, creating potential carry over between businesses (synergy). It is also possible for a number of businesses to combine forces by sponsoring an ad for, say, the Garde's winter schedule, with actual contact information included for the sponsoring businesses. There are many ways this may be approached, including an "advetorial" format where a combined ad is presented in an editorial format. 

      The point is to promote New London as another place for people to spend their money during the holiday season. I also intend to pursue this format going forward, tied to holidays and special events.

     Another development of this concept will be a publication, probably combining print and online, with a target market in the New London area, extending into the neighboring towns. This would be aimed at businesses whose primary market is in the more immediate area (which is realisticaly most businesses). The cost would be considerably lower given the lower cost of less copies and higher online content. In reality, though, it is still necessary to use traditional media to augment digital media.  

     Finally, a quick note on why the Resident is such an effective marketing asset. There are two kinds of marketing, in essence; interruption marketing and permission marketing. Interruption marketing is when a commercial interrupts your favorite program, or a free flier or newspaper appears in your mailbox and must be dealt with. Permission marketing is when a potential customer picks up a flier, coupon, or free copy of the Resident at a coffee shop and reads the contents as a matter of choice. The Resident in fact draws people in with its content and editing, with an editorial slant towards positive stories and interesting people. The proof of its success is that many advertisers have appear in every issue, some for more than twenty years straight. People are more receptive to offers when they have given you their permission to make the offer.

     There are of course many things that can and must be done to promote business in this city; in upcoming postings I will begin to lay out some more ideas for effective ways to bring more traffic and revenue into the city on a continuing basis.

     

Marketing: Expense Or Investment?

     Business owners are naturally conscious of expenses; they are in a constant battle to keep more money coming in than going out, and the expense of advertising and promotional work can seem very high to them. This is especially true when marketing is not cost effective, a point heightened by our present economic situation. Many business owners are simply hoping to ride out the storm until things get better and customers are once again plentiful.

     But waiting for customers, even in boom times, is never a viable strategy. Complacency will see customers go elsewhere regardless of the economy, which has been part of New London's problem for many years. In our present stagnant economy, it is necessary to do more in order to capture a large enough piece of what markets are out there to sustain your business and be part of the eventual recovery that will come in time.

     Marketing, then, is an investment; like all investments, a return is needed to keep the investment viable. This requires testing of marketing venues and campaigns, with the understanding that some will work and others will not. In time a clear picture of who your customers are, and how best to reach them, will emerge. This is never a finished process, but there will eventually be less dead ends and more clear paths to customer loyalty.

     The mistake most small business owners make is, spending money on advertising for a short period of time and, seeing no appreciable results, terminating the ads and hoping for the best. The truth is, all forms of marketing require consistency for a long period of time, and every business must have many outlets for their marketing efforts to reach their target market. Businesses which rely on a small number of resources put themselves at great risk of not having sufficient customers or cash flow to stay in business. As with any investment, the process must be finished for the results to be seen.
     This does not mean that vast amounts of money need to be spent on marketing; investing time and sweat (which are in greater supply in these times) is also a viable part of the process. Working the internet and social media is a good way to find customers (though in truth this can be a very laborious process at times).Looking for ways to leverage dollars through marketing collaborations with other businesses always makes sense, which I will address in a number of forms in future posts.
     A final word; one would not abandon a half built house or new shop, unless an unforeseen disaster forced such an outcome. Neither should your marketing efforts be abandoned in mid-stream, though modifications are likely to be needed. Building on any success is critical, and the most critical point about all marketing is: 60 to 70% of your marketing should be directed at your current customers. They are the payoff for the investment you have made in your business and your marketing plan; they are the main asset of your business that needs to be nurtured.  

      

Building Traffic. Marketing For The Holidays

     In the last post I presented a proposal to do a special holiday insert in the Resident newspaper for New London businesses. This is a concept that I have been considering for some time now, for the following reasons.
      A single business advertising and otherwise promoting itself will draw customers into the city for one reason: to visit their business.
     Multiple businesses advertising in a dedicated section will give potential customers several reasons to come to the city. This will multiply the effect of each ad, bringing in more traffic over a period of time, which is exactly what the city's business and economic centers need.
     This is further leveraged by the addition of editorial content reporting on the attractions in New London  and other positive stories. The format I would prefer would be one of businesses sponsoring stories about the city. It is also possible to use the "advetorial" format, paid ads which are formatted like editorial stories.
     I believe that this kind of organized marketing will create the tangible synergies needed to bring the increased traffic and activity that New London's economy requires.
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     The other reason for making this proposal at this time is the fact that the holiday season (November and December) represents some 19.3% of all retail industry sales (for some, the number is 40%). The last quarter of the year also generates 27% of restaurant business nationally. My perception of New London is that the city does not take in it's share of this business, holding to the notion that New London is a summer town (Mystic and Essex are summer towns; they are holiday towns as well.) In 2011, on Christmas Eve day, I stood talking to a friend on State Street; we were the only people on State Street. In Old Saybrook, you cannot stand on a main sidewalk on Christmas Eve day without getting run over. 
     I don't believe the city can continue to concede a share of the $600 billion dollars that will be spent at retail, discount, and grocery stores during this holiday season.