Take stock of your online assets!
To be successful in this industry, you need to stay on top of your inventory. And that means your digital inventory as well as everything else!
How often do you take stock of what’s in your warehouse? You have a consistent schedule to do your physical inventory, when you review your stats, look at where you can consolidate and make sure you’re not losing money. Are you doing the same for your digital inventory?
That includes your Google Ads, Facebook advertising, and whatever you may be doing on your website. What are you paying for? Look at how you’re spending money on your digital presence. Evaluate what kind of return you’re getting, or where you could be doing better.
For example, while you’re busy running your physical storefront, you may end up paying double for a service. I’ve seen instances where there were two companies running a Facebook presence for a tire retailer! Those were two separate fees that could have been consolidated into one. That would not only save money, but be significantly more effective. You don’t want to have two different messages out there.
Using calendar invites on your computer can help remind you to do that digital inventory. Why not set up a file system on your computer to store your digital bill for digital marketing? If it’s in a folder, you can check it very quickly, see what you’re doing, and remind yourself of what you’re spending. Ask your vendors or in-house people to report on their activities, and archive it.
Here’s another example. Every year, tire manufacturers come out with incentives, often in winter tire season. You want to let your customers know about those incentives. So set up some time to review what you’re doing online, and you could find a way to allocate more funds for Facebook ads or Google ads. If you know your budget and what you’re doing online, you can jump right onto those incentives as soon as they come out.
And if you’ve got surplus tire inventory that you want to move, your online marketing can be invaluable. Even if you have recurring customers, they don’t always know what’s available. And when they’re in the market, they’re going to be on Google, Facebook and so on. You have to be reminding them what you have available because, who knows? You may have something they never even thought about. They’re exploring your digital storefront before they ever walk into your physical storefront.
Hold vendors accountable
On the other hand, you may find you need to make some cuts. Don’t wait until the last minute. You don’t want to make rash decisions and drastic cuts that could hurt your business. Search engines and platforms like Google, Facebook, Yelp, Bing and Yahoo don’t care about a business. They want to know how you’re going to deliver something to a consumer. What kinds of ads are you showing?
Do you have all your information spelled out on Google My Business or your Facebook page? They’re looking at your business from that level, because they want to make sure that when a consumer is searching, they can match them up with the best possible option.
Make sure you hold your digital vendors accountable. Would you let a tire distributor or manufacturer only deliver half of your tire order? If someone promises you something, make sure they’re being successful and fulfilling all the promises they made to you.