What Would You Do with $300,000 COP to Make Your Business More Profitable?

Tips for Making Decisions in Your Marketing and Sales Strategy

… Advertising?

This is probably the first thing that came to your mind, and you might think that advertising is the smartest option. However, it depends a lot on how you go about it.

There are many channels to use, but part of the success will depend on understanding who the people are that you want to reach. Launching an ad for "everyone" will only deplete your resources because you won't be able to measure its true impact. How many people read it? How many came to your business because of it? How much money did you make from it?

In general, it's not possible to measure the profitability of advertising campaigns to attract new customers, and remember, you only have $300,000 to invest wisely. So, think twice: Is advertising the most profitable strategy?

An advertisement that will be worth it is one directed at your current customers, those who already know your business. They are the ones who not only deserve to know you're there or that you have a new product or service, but they are also the ones most interested in making a purchase once and more and more frequently at your business.

Will It Be Gifts and Promotions?

Another commonly used tactic is to offer promotions and additional benefits as a strategy to increase sales. You might be thinking of using the $300,000 COP to create aggressive promotions, such as a buy-one-get-one-free offer or even an 80% discount, in order to attract the largest number of consumers.

It's true that promotions can help increase your transactions, but it's a short-term strategy that doesn't necessarily lead to the growth or sustainability of your business. The major problem is that, if you attract discount hunters, the likelihood of them returning is almost nonexistent. Could this be the best investment to make your business more profitable?

If you ensure that the promotion targets the customer segment that will truly benefit your business, such as those who have already bought but haven't returned, those who always buy but you want them to buy more, or those who seem willing to try your new product, then those resources invested will be worthwhile.

And, if you give that gift to a frequent customer, you'll be rewarding their loyalty and giving them a reason to come back. You can offer a gift as a reward for the number of purchases, so each time they shop with you, they'll be aware that you will reward them with something they like, just for choosing you over the competition. These small decisions, like "I'll buy here instead of there," will lead to a progressive increase in your revenue.

Well, then how can I ensure that my advertising campaigns reach my customers, that promotions impact the consumers that matter to me, and that gifts help me retain customers? With only $300,000 COP, how can I know if my investment will be profitable if I have so many things to consider?

By creating your own loyalty program with Leal, you can achieve this and much more, such as:

• Consolidating an organized database that will allow you to know and manage your customers. You’ll be able to recognize aspects such as who your loyal customers are, their ages, genders, and who spends more or less, among others.
• Easily sending email marketing or mass SMS campaigns with the necessary customer segmentation. You can send promotions only to those customers who haven’t returned to re-engage them, encourage your customers to buy more with the goal of claiming their favorite reward, and even schedule automated messages to be sent automatically.
• Knowing how satisfied your buyers are with their experience with your brand. You can answer questions like: How many customers could be promoters of your brand and how many are not very happy? How did the customer fare during their last visit? How is your customer service quality?
• Becoming part of the fastest-growing loyalty network in Latin America, with over 700 partner brands and almost two million users. People are increasingly looking for businesses where, in addition to excellent service, they find something different from what similar businesses offer; it’s an opportunity to stand out from the competition.

You now have the information you need to make better decisions for your business plan and invest your resources intelligently. Want to know everything you can do with $300,000 COP in Leal? It's time to find out!