Scaling Sales during the Festive Season: Practical Advice for SMEs
Year-end is always a fantastic period for sales for all companies. Everyone goes all out for Singles' Day in November, Thanksgiving Day at the end of November, and Christmas in December. Because this is such a crucial period, companies of all sizes fight to put commercials, resulting in higher advertising prices. According to Facebook's quarterly statistics, the fourth quarter (October to December) is their most profitable. This suggests that the majority of advertising resources are allocated during the last three months of the year.
AdRoll did a study on the expenditure of over 37,000 advertising customers in 2017 and discovered that the mobile CPM (Cost Per Thousand Impressions) climbed by 37% and 42%, respectively, in November and December compared to August. Promoting throughout November and December necessitates a larger advertising spend to obtain desired results. What, however, can small and medium-sized businesses do if they lack a substantial advertising budget?
Method 1: Begin holiday promotions in October
According to AdRoll's statistics, although advertising costs start to rise in October (with mobile CPM increasing by approximately 15% compared to August of the same year), the promotion prices in October are still relatively acceptable compared to November and December. So if your promotions are not time-limited, consider starting them in October!
Method 2: More precise ad targeting
Along with the fierce competition, ineffective ad targeting is another major factor in the high cost. Setting improper promotion objectives and inaccurate targeting (such as targeting locals but also showing advertising to Filipino and Indian domestic servants) are examples of this. These variables may drive you to spend money from your promotional budget that you might have saved.
Method 3: Explore different ad placements
Based on Facebook's data, using several locations such as Facebook, Instagram, Audience Network, and Messenger can cut the average advertising cost. According to AdRoll's data, the price rise for Instagram placements is pretty consistent compared to Facebook. As a result, if you need to market around the holidays, consider employing various spots to reduce advertising expenditures. Furthermore, Facebook is aggressively investigating new ad places, such as the recently announced Facebook Stories and Marketplace. According to Unicorn Creative's past experiences, when a new placement is released, the competition is less severe (similar to when Instagram Stories first became accessible as an ad placement, costs will be low). Small and medium-sized businesses can utilise these alternatives to reduce their promotional expenditures.
Method 4: Discover additional free promotional avenues
As a small or medium-sized business with limited promotional costs, dealing with Facebook's dwindling organic reach might be puzzling. Unicorn Creative suggested the business owner continue managing their Facebook page while experimenting with new approaches to engage customers.
Although Instagram is a well-liked option, other services like WhatsApp and Telegram can also play a variety of functions in advertising. For example, WhatsApp Status has already eclipsed Instagram Stories in terms of worldwide usage. Direct WhatsApp allows a simple connection between clients and businesses, while Telegram Channels help businesses get followers. Promotional messages, for example, may be delivered to consumers using the broadcast feature! As a result, even without large scale promotional expenditure, small and medium-sized businesses may fulfill their promotional goals throughout the holiday season.