There are a few interesting marketing trends converging in 2024. First and foremost, everything is getting “better.” That’s kind of a euphemism, though. “Better”, in this case, may not necessarily be a good thing for the status quo. Algorithms and digital options are getting more laser focused, leading to consumer fatigue and lower response. AI-driven production value is getting more efficient which means a louder, bolder sea of sameness.
All of this means you must be open to a fresh look at every dollar you spend. The vast majority of your advertising budget works (and it works hard, too). The question becomes how best to use the last 20%. The Law of Diminishing Return tells us we are always challenged to make the most of the tail end of the spend on any single, specific media channel.
Here’s a thought: Take the “last” few dollars of a specific media channel and make them the “first” dollars of something new.
By doing this, you will be adding a fresh new layer that is at the front end of a response curve.
Looking for a suggestion? Invest in grand openings—or “re-grand openings.”
There are a couple of industry stats I saw recently that were shocking. A strong grand opening can yield three times typical weekly sales volume. Here’s another: A well-executed grand opening can increase sales of up to 50% in the first year. Read those stats again.
What if you’re not opening stores? Invest in a re-grand opening, an open house, an event to bring people in. Re-ignite a slow or challenged market. Invite a new type of customer.
I know, it’s complicated. You are not staffed to manage and scale events or grand openings. There are a thousand moving parts, and you can’t distract the field. It’s not just all the little things, either. It’s the staffing, the insurance, the planning, the branding, the execution. It seems too hard.
What if you could make it happen? Think of the competitive advantage to your brand, your stores, your franchisees, and your top line. Isn’t that worth testing instead of simply doing more of the same?
You don’t have to do it yourself. Work with a company that lives and breathes it. You use experts to run your digital, buy media, and develop creative, right? Think of this concept in the same way.
Don’t underestimate the power of experience. Seeing and hearing your message is great, but there is incredible value in feeling it, tasting it, touching it, and being around like-minded people.
Grand openings and events should be on your list to try. It may be better than doing more of the same.