While R 1 million may not seem like a massive amount of money, if you had it, what would you do with it? Here are some suggestions about what you could use it for now to keep your business moving forward:
Because digital activities can be updated and changed to accommodate responses rapidly, they are likely to be the first port of call for extra spend at high ROI.
Firstly, launch targeted digital marketing and public relations (PR) campaigns to increase brand visibility and attract new customers over the holiday season. What would this include? First, determine the platforms that would offer the best ROI for your particular services or products.
Targeted Social Media ads
Allocate a significant portion of the budget to targeted ads across popular platforms like Facebook, Instagram, X (Twitter), and TikTok.
Facebook and Instagram ads: Use advanced targeting based on customer interests, demographics, and behaviour (holiday shopping patterns). Budget: 30-40%
TikTok ads: Create short, engaging video content focusing on holiday themes, discounts, or limited-time offers, noting that TikTok is not “just for kids”, but is a platform that all age groups pay attention to and forward to others. Budget: 10-15%
X (Twitter) ads and long-form articles: Note that X offers your company the opportunity to “speak” directly to marketing managers, sales staff and CEOs, craft messaging that gets their attention, highlighting costs and reach. Budget: 10-15%
Influencer and micro-influencer partnerships, TikTok collaborations and content marketing create valuable holiday-related content that attracts new audiences organically, including blogs optimised for SEO and video content. Budget: 5-8%, primarily for content creation and promotion.
PR campaigns
Craft PR campaigns to increase brand visibility in relevant publications and media. Work on a Budget allocation: 10-15% on PR agency or in-house resources for media outreach and distribution and include:
- Press releases that focus on holiday specials, new product launches, or CSR initiatives during the holiday season.
- Media outreach, to engage with journalists and bloggers for product reviews or features in holiday gift guides.
- Holiday-themed giveaways where you partner with or pay for media outlets for giveaways to drive engagement.
Holiday landing pages
Creating holiday-specific landing pages designed to convert traffic into sales, including holiday deals, gift bundles, or limited-time products. Use mobile-friendly, consistent designs across all your platforms. Budget 10-15 % for development and design, and make sure you have staff on hand to respond to queries and orders throughout the season.
While these are just some digital ideas, experts suggest that a balance between paid ads, PR efforts, and organic campaigns can maximise brand visibility and attract customers during the high-traffic holiday season, offering good ROI on your R1-million.
Got change? Use it wisely…
You can’t go wrong investing in upgrading IT systems, software or e-commerce platforms that can improve operational efficiency and customer experience. And don’t forget the value of continued enhancement of your cybersecurity.
Consider upgrading your company website and your database to increase online sales.
If you’re a manufacturer or reseller, use some of the money to stock up on high-demand products or raw materials to avoid potential supply chain disruptions and capitalise on seasonal demand.
You can make extra cash go further by negotiating better deals with suppliers by offering upfront payments and avoiding price rises and changes in exchange rates in the long term.
Finally, funds should be allocated for employee training programs to enhance skills and productivity, including leadership training, customer service improvement, or tech skills development, all of which aim to build a more capable and motivated workforce. This is something that should be ongoing as business practices and technology change.
With just two months to go to holiday season, SMEs can make a head start on initiatives for maximum impact – and perhaps doubling that R 1 million.
