3 Affordable Ways to Increase Brand Reach in 2023

If 2022 was to be the “end of the pandemic”, it proved to be the morning after with high inflation, ongoing health concerns, a war in the Ukraine, and the recurring questions about “Are we in a recession?” (Quick answer was Yes at the end of Q2 2022, but by Q3 2022 the GDP bounced back into the positive so it was over in just 2 months!)

The challenges for businesses in 2023 are still many, but with wages continuing to grow we could ‘enjoy’ another mild recession in 2023—but with 30% of economists predicting no recession for the US in 2023 we may have it easier than other places in the world where a full third of the world’s economy expecting to spend at least part of this year in recession.

Here is my second annual article on ways to increase your brand reach for little or no money in 2023.

Here are your “3 Affordable Ways to Increase Your Brand Reach in 2022 for Little or No Money.”

1) Enlist your Customers: If you have not implemented a customer rewards program, this is the year to do it…and the earlier in the year the better.

Let’s start with what Customer Referral Programs are and why they work:

Customer referral programs are effective for companies seeking to attract new customers and increase sales. When designed and implemented effectively, customer referral programs benefit companies, by providing:

1. Increased brand awareness: A customer referral program can help to increase brand awareness by encouraging customers to share the company's products or services with their friends and family.

2. Greater customer loyalty: Customers who participate in a referral program may feel more invested in the company and be more likely to continue doing business with it.

3. Higher eCommerce conversion rates: Referrals from friends and family can be particularly influential, and as a result, customers referred to a company through a referral program may be more likely to make a purchase.

4. Cost-effective marketing: Customer referral programs can be a cost-effective way for companies to reach new customers, as they rely on word-of-mouth advertising rather than paid marketing channels.

What kind of impact can this have? Here are some Numbers from AnnexCloud:

• Referral Marketing generates 3-5x higher conversion rates vs other channel conversion tools.

• Customer referral programs can quickly grow your email and SMS prospect lists

• Referred Customers are

  • 18% more loyal to your brand

  • 4 times more likely to refer more customers to you (What? customers referring customers who are referring customers?)

  • 25% higher margin on average than non-referred customers.

That being said, if you don’t have a program yet, or your program is not working well, remember it's important to carefully design, update, and manage customer referral programs to maximize their effectiveness.

If you want help in building your program, selecting the right incentives, providing clear and easy-to-use referral tools, and tracking and measuring the results of the program let us know. We are here to help.

2) Start Live Streaming vs Podcasting: Last year we reflected on the massive growth of podcasting and the effects how it was running hot coming out of the pandemic. Podcasts continue strong, but the space is now very crowded and you may do better becoming a serial guest on others podcasts while starting to livestream. This is trending very well and it is both affordable and supports brand growth with strong controls of your message.

Do this two things now:

• Add a Live Stream message on your customer account and affiliate account pages now. Let them know you appreciate them, what is working, what specials you have coming up, and what you have coming their way in the future. Update this at least monthly.

• Get your top sales people to begin creating Live Stream messages about your brand and products and put them on your website and share them with other sales people who are looking to improve their skills. Thank them and let them know how important paying it forward is to your culture.

3) Leverage LinkedIn (Yes, this was on last year’s list as well.) As the Wall Street Journal’s Joanna Stern recent makes clear in her article, Let's Face It, LinkedIn Might Be the Best Social Network Right Now, LinkedIn keeps developing to help businesses and people connect. LinkedIn’s focus on professionals, career development, and fostering mutually beneficial relationships is being underused by your company right now if you are not actively using it.

3 Quick LinkedIn Todo’s:

1. Update your personal and company Profiles on LinkedIn with current data.

2. Use LinkedIn’s algorithms to spread your message, be it personal or business.

3. Choose an approach and follow it for a year and measure results.

In 2022, we partnered with a super easy easy to work with group at Blue Door Social and they help us keep our LinkedIn messaging fresh and present in people’s minds. They are a small family business, but they have great know-how and small business friendly pricing. Book a Free Consultation with Brian and Evie by clicking this LINK.

[Note that we at Global Direct Partners do not receive any commissions or funds for referrals we make. That is part of our business practice. When you work with a consultant you should never be wondering why they are suggesting you work with another company. You are paying for their help and advice, not for them to make money of the services they suggest you purchase or the people they suggest you hire—ever.]

Finally, let us know what is working for you! We always love to hear from those of you out there building your businesses.

Kevin your partner in growth.