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How are you going to get business in 2011
Well here we are fast approaching December and Christmas is just around the corner. For many of you this is an extremely hectic time which is good for business but we thought you might want to take ten minutes over a coffee to catch up on the latest marketing news.
In our last newsletter of the year we thought we’d take a look ahead to 2011. We have included a really interesting feature on some key trends that are very likely to shape consumer behaviour next year. Whilst we don’t have a crystal ball this is an accurate way of looking ahead and when we did this a year ago the trends we featured then were Social Networking, the growth of the Staycation and the increasing demand for Local goods and services. These trends have certainly translated into definite consumer behaviour and have become dominant features in the market place.
So are you ready for Retail Rebirth and Garden State ? We certainly hope that this gives you some knowledge and inspiration for the year ahead and that you are ready to make the most of the opportunities out there.
Until then have a wonderful festive season and we look forward to speaking to you in the New Year.
Yours, Fiona, Janice and Fiona
Consumer Trends for 2011
So what are people likely to be doing with their time and hard earned money in 2011?
The current economic climate has created different trading conditions for us all as we move into a new economy which is less focussed on materialism and more about a new set of values for customers.
As a result here are some of the latest trends in consumer behaviour that are likely to shape consumer behaviour in 2011 and how they could affect your business.
1. Prepare for the worst
Consumers are going to continue to be careful in their spending particularly in the first quarter of 2011. In the UK, 43% of consumers say that saving an emergency fund is their key priority and up 15% on the previous year. Debit rather than credit transactions are set to rise by around 60% between 2010 and 2011. Consumers want to know what they are getting themselves into: no loopholes, hidden costs and pricey upgrades.
What does this mean for you?
Potentially all businesses will be facing a tough start to the year as consumers yet again rein in spending post Christmas and react to the VAT increase. Hopefully after the first quarter of the year this will improve but businesses should be prepared to a tough start to 2011.
What can your business do?
Well what not to do is to do nothing yourself and then re- emerge in spring. What you need to do is to communicate with your customers and remind them of the benefits of your business and why they should continue to do business with you. This doesn’t have to be expensive. Enewsletters are an excellent way of keeping in touch with customers and giving them a reason to be reminded about your product. Social Media is also a cost effective way of speaking to existing customers and attracting new customers too.
2. Retail Rebirth
With on line experiences developing rapidly, retailers face a no-win battle against the internet. In the UK, 47% of consumers are only buying clothes which are on sale, offer or promotion and 35% say their choice of store is determined by special offers or discounts.
What does this mean for you?
This focus on looking for the best deal is not just going to just affect retailers it will affect all businesses and means that you are going to have to be innovative about how you get people into your business and encourage them to buy from you.
What can your business do?
You can think of innovative ways of getting to the customer service and may extend into advice and demonstrations while exclusivity and environment may also be key to engaging customers with real life not virtual shopping experiences. If you are a retailer, have customer shopping evenings or for other businesses why not invite your customers to a special event. These type of events are also good at attracting local Press and PR for your business and a Press and PR campaign is a very cost effective way of getting your message across to new and existing customers.
3. Smart Phones
Smart phones are going to be key again in 2011 with 28% of UK consumers owning a smart phone and by 2015 iPhones will make up 11% of all total devices used in the UK. Social Media was big in 2010 and will continue to be so in 2011 with more and more people being able to access social media sites like Facebook, Foursquare, LinkedIn and Twitter on their phones and using social media to find out what other consumers think about products and services.
What does this mean for you?
It means that you need to consider the use of social media tools as part of the marketing and communication you have with your customers because if you don’t you may find your customers are using social media and that your competitors are communicating with them through this medium.
What can your business do?
If you are already using social media as a communication tool it means you will need to continue to work hard at communicating and working via this channel. If you are not yet using social media you should consider using it as part of your communication with customers. Bright Light Marketing carry out one to one tutorials with clients to get them started on their Social Media journey which has allowed many of our clients to gain new business in a cost effective but targeted way.
4. Garden State
There has been a huge growth in gardening in the past year and this is likely to increase in 2011. In the UK one in five consumers grow their own fruit and vegetables and the UK allotment waiting list has grown 20% in 2010. In addition to the increase in growing your own, the past year has seen a growing interest in local food products and companies who are local and not big brands.
What does this mean for you?
Rural businesses have a huge opportunity to tap into this interest in local, particularly food businesses, retailers and tourism businesses however other rural businesses can tap into this trend by highlighting the benefits of local knowledge and customer service that tend to exist in rural areas.
What can your business do?
Highlight in your communications the local in your product and also your local knowledge and customer service.
5. Staycation is here to stay
Although the first quarter of the year may see less people taking short breaks, 2011 is likely to a good year for tourism with more people staying in the UK for their holidays and with the price of the Pound against the Euro making the UK attractive for European holiday makers.
What does this mean for you?
Well if you are a tourism business it gives you a huge opportunity to speak to past and current enquirers and customers and communicate with them to bring your tourism product back to their minds. If you are not a tourism business you may still benefit from this as visitors to any area don’t just stay in their accommodation but will of course spend in the local community where they are staying.
What can your business do?
Again like some of the other trends in order to take advantage of this you need to communicate and raise awareness of your product to visitors in your area. If you are a tourism business this can be by sending out a regular enewsletter to your database and use other communication tools such as Press and PR, the media will pick up on this trend and are likely to increase their focus on UK Holidays, make sure you get some of this coverage. Again social media is an excellent tool and is used by a lot of very successful tourism businesses. If you are not a tourism provider but do benefit from visitors why not communicate with local accommodation providers and let them know about your product and ask if you can display a leaflet within their accommodation?
Borders Book Festival – Economic Impact Study
Bright Light Marketing have just completed an Economic Impact Study of the Borders Book Festival. The results show that the event makes a significant impact on the Scottish Borders.
2010 was the seventh annual Borders Book Festival, held in Melrose over four days in June  and registered record ticket sales of 10,288 – up 22 per cent on 2009 – and brought in more than &7million to the region’s economy.
That success is revealed in the Economic Impact Study which was commissioned by the organisers of the event which this year boasted many celebrity writers from the worlds of entertainment and politics, including Victoria Wood, John Prescott, Kate Adie, Rory Bremner, Kathy Lette and Vince Cable.
The research shows that the Festival, which takes place in the grounds of Harmony House in Melrose attracted 5,635 ticket-buying visitors, two thirds of whom were female. Three quarters of those who attended were aged 55 or over, while 69 per cent were resident in the Borders.
The results were welcomed by Councillor Graham Garvie, the executive member for culture on Scottish Borders Council which sponsors the Festival to the tune of &,000.
“These figures are amazing and show clearly the crucial importance of the creative and cultural sector to the Borders economy, especially following the decline of our traditional textile industries,” said Mr Garvie.
“What is particularly striking is the enormous return on the Council’s annual investment of &,000 in the Festival. For every &of that grant assistance, &8 new spend is generated into the Borders economy. By any measure, that is extremely impressive.”
Talking Shop
Bright Light Marketing have been speaking at a number of conferences and events this month. Firstly Fiona Drane was one of the speakers at the 2010 Wigwam Holidays Conference giving marketing advice to the 60 plus audience from across the UK many of whom are Wigwam Holidays licensees. Nearer to home Fiona Drane also spoke at the monthly meeting of the Border Architects Group giving them tips on how to market a professional services company whilst Fiona Mackinnon spoke on “Why bother with marketing” to the Women in Business Event sponsored by Stark Main in Selkirk.
Finally Bright Light Marketing would like to congratulate our client Angus Fordyce of Cavens Hotel who has become the tourism representative for the South of Scotland for the Scottish Tourism Forum.
Win a Free Social Media Tutorial
This month we are offering a Free one to one Social Media tutorial. Please email info@brightlightmarketing.co.uk for the chance to win.
Good Luck
Congratulations to the County Hotel in Selkirk who won last months prize of a free Marketing Consultation.
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