The grand opening is one of the most important events for a new business. It’s critical to launching your business and starting out on the right foot.
The harsh reality is that you only have a limited time to prove your business model works. Only half of new businesses survive the first five years.
A grand opening is a proven method to market a new business. It brings excitement, attention, and revenue to your business.
There are a number of tried and true marketing strategies to ensure your event is successful, including a grand opening banner.
Read on to learn tips and tricks for holding an effective grand opening.
Invest in a Custom Grand Opening Banner
In the age of social media and digital marketing, some business owners forget to keep it simple. The easiest way to advertise your grand opening is with a large, custom banner.
Even large corporations still employ the use of banners. Drive past the local car dealership and check out the landscape. There almost certainly is a large banner advertising the deal of the month.
Best of all, a grand opening banner will not break the budget. Without a steady revenue stream, new businesses are operating on a very tight marketing budget.
A banner will achieve its primary objective–to draw attention to the grand opening event.
Extend the Grand Opening for an Entire Week
Some have the misconception that a grand opening is a single day event. Instead, savvy business owners should extend it to a weekend or entire week.
Keep the buzz going strong over a longer period of time. This gives consumers extra time to check out your business and spread the word to friends and family.
You should also keep grand opening promotions active. While margin is important for long-term business success, the most important thing is to establish a reliable customer base.
Establish a Reasonable Budget
The rule of thumb for a grand opening budget is 20% of first-year marketing expenses. In terms of small businesses, experts recommend a minimum of a $6,000 investment in the grand opening.
If the budget is too low, you run the risk of failing to draw attention to your business. If the budget is too high, there’s a chance of putting the earnings statement in red.
Find a sweet spot in the middle and stick to the budget plan.
Ditch Blanket Approaches in Favor of a Targeted Marketing Campaign
Nothing drains an advertisement budget quicker than a blanket approach.
Ditch the saturation of the general population. Instead, target specific groups that are most likely to buy your product.
For example, if your product is geared towards younger consumers, perhaps you could advertise on popular radio stations that play today’s music. It would be an ineffective strategy to waste advertising dollars on an oldies radio station.
Wrapping It Up
The importance of the grand opening cannot be understated. This is the community’s first impression of your business.
It’s critical to stay on budget while marketing to the right crowd. Advertisement items like a grand opening banner are great investments.
If you’re interested in purchasing a banner, please contact us for more information.
There’s enough to worry about during a grand opening. AZ Banners is the easy order banners resource!
Call us at 480-458-8128 today! Our products ship fast, anywhere in the U.S.!