Short Term Marketing Strategies
August 27, 2020
Reading Time: 2 minutes
Short-term success is crucial for any business. Whether you are a start-up looking for funding, or a company looking to pivot or launch a new product or service range, short-term success is necessary for long-term growth.
Short-term marketing strategies are those that produce a temporary boost in business and traffic, both instore or online.
How? Here’s a few tactics that can help you achieve short-term marketing success:
Pay-Per-Click (PPC) Advertising
Pay-per-click campaigns are way to quickly become visible to new customers. PPC advertising platforms like Facebook and Google have an enormous number of daily users and allow ads to be shown to very granular audiences. Effective implementation of PPC campaigns are proven to drive significant targeted traffic to your website. It’s important to run the numbers and make sure you understand the break-even point, so you do not bid more per click than you expect to profit.
Reduced Pricing Promotions
Presenting customers with time constraints will encourage them to act. You will very likely have individuals somewhere within your sales funnel who intend to buy but are yet to pull trigger. Lowering the price will give them an incentive to purchase. Sale countdown timers on products is also becoming a more widely used method to encourage consumers to hit ‘add to cart’.
A traditional but proven short-term way of promoting or introducing your products and services to a targeted audience. Further tactics found at tradeshows are sponsorships, guest speaking opportunities and after parties. These are a great time to take advantage of the captive event audience.
This is an effective strategy for gaining exposure, especially with a new set of customers! Generally a business will provide a permanent discount to important groups. However, be sure to monitor the performance of group offers. The revenue gained may not offset the cost of the ongoing price discount. For example, if you present a medical ID in any Noel Leeming store you will receive a discount. This encourages nurses and doctors to shop there. Obviously this tactic will lower your gross revenue significantly from these groups and will not be plausible for every business.
Social media is arguably part of both long-term and short-term strategy. In regards to short-term strategy, social media advertising, promotions and giveaways are short term wins, and produce temporary boosts in traffic or revenue. Social media is also responsible for customer service and reputation management.
Short term marketing activities are an integral part of any marketing plan. Paired with consistent brand messaging and other long term marketing activities you will boost your brand, traffic and revenue.