The Millennial Marketer (June 2021)

JUNE 2021 / ISSUE 02 / VOLUME 21

HELLO THERE, READER! In our inaugural issue of The Millennial Marketer, we talked about how to negotiate rough economic times through targeted digital media campaigns. The response was even better than we imagined, so here we are again with more sound advice to help your business emerge from this challenging year, better-positioned to take advantage of the myriad opportunities on our doorstep.

As more and more people are receiving vaccinations and countries around the world are starting to ease Covid-19 travel restrictions, there is very positive movement in many sectors of the economy, especially tourism, our bread and butter. Over the past two weeks alone, we have seen the opening of the newlyrenovated Harmony Beach Park in Montego Bay and announcements for the renovation and construction of several new hotels, as well as steep increases in airline, hotel and Airbnb bookings.

From the Editor

With so many of our Northern neighbors ready to get out and return to their normal lives again, we are at a tipping point and the slow stream of business opportunities we’ve had for the past year is about to become a flash flood.

There’s no doubt about it — business is back and the time to act is now!

In this issue’s feature article, Marketing Your Small Business on a Budget, we guide you through how to calculate an affordable marketing budget and lay out a simple but effective digital marketing strategy to position your small business at the forefront of what we predict will be an unprecedented economic recovery!

Warm Regards, Paul Bauer EDITOR, THE MILLENNIAL MARKETER

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Quick question: What is your marketing budget?

If you’re like many small business owners I’ve talked with, you might not have an answer.

Consider these numbers: * Companies that grew 1-15% year-overyear spent an average of 16.5% of their revenue on marketing * Companies that grew 16-30% year-overyear spent an average of 22% of their revenue on marketing * Companies that grew 31-100+% yearover-year spent an average of 50.2% of their revenue on marketing YOUR MARKETING BUDGET IS DIRECTLY CORRELATED TO YOUR BUSINESS GROWTH! So let’s talk about what kind of marketing budget is right for YOUR business.

First things first: Your marketing budget should be a percentage of your gross revenue. We recommend dedicating at least 15%.

Here’s an example: Despite the pandemic, 123 Shopping had gross revenue of JA$475,000 in Sales for January 2021. They assign 15% of that to their marketing for February 2021. 15% of $475,000 is $71,250. We then divide that budget across multiple avenues to maximize impact while reaching as many people as possible.

RADIO When compared to television advertising, radio ads tend to be a more economical form of advertising, Radio ads are effective as part of an overall marketing strategy because prospective customers will hear your ad on the radio, search your website or Social Media for product and service information. Radio advertisements are called spots, and businesses are buying these to promote their brand. A radio station has an ad time inventory of about 18 minutes per hour, which it sells in increments of 15 seconds, 30 seconds, 45 seconds and 60 seconds. As a small business, you may not be able to afford full minute ads but invest in smaller radio spots.

PAID ADS Sites like Facebook and Google have access to a lot of data. This means that they have the ability to put your ads in front of the right prospects. Google’s AdWords and Facebook Ads Manager allow you to measure results and see how individual campaigns are doing. You can view demographic information on the types of people viewing your ads and use that data to more accurately target prospects in the future. 81 percent of shoppers do online research before making a purchasing decision, and 60 percent start with a search engine. This is why it is important to advertise where they are in order to drive and boost sales.

GOOGLE ADS Google Ads is one of the most effective methods of paid online advertising. Google Ads allows businesses to reach anyone who uses Google to search for information, products, and services online. When used properly, Google Ads has the potential to send you large numbers of people who want exactly what you have to offer. Google Ads is one of the best tools for lead generation. If your campaigns are set up properly, it has the potential to send extremely targeted leads to your website, opt-in form, or other online property.

ORGANIC SOCIAL MEDIA MARKETING

INFLUENCER MARKETING

Social Media Marketing is essential for staying connected with your customers while attracting new ones. In 2020, consider Social Media Marketing as a cost-effective way of marketing your Small Business. Organic Social Media content provides the opportunity to connect with your target audience, build a relationship with existing customers while reaching new ones. It can also act as your first line of defense for Customer Support as well as stimulate sales.

Influencer marketing is more popular than ever, and it continues to grow as more and more businesses utilize influencers to promote their products. Hiring an influencer to promote your brand or products helps expand your reach because influencers share your product and brand with their own audience, granting immediate exposure for your business. However, selecting influencers whose audiences are similar to yours is essential to turning influencer exposure into new fans and customers for your brand.

MARKETING YOUR

SMALL

BUSINESS ON A

BUDGET

By: Lionel Mitchell Managing Director, Millennial Media Management

EMAIL MARKETING An Email Marketing strategy is important for staying in touch with customers, promoting your products and services as well as building your business. Whether you’re holding an exciting promotion or want to inform customers of a new product launch, email marketing is a great way to spread the message. Growing your email list is important to stay in touch with customers, market content, and build your business.

When done right, email marketing can provide a huge return on investment for businesses.

LOCAL NEWSPAPER/PRINT ADS Newspaper readers often actively look for advertising in newspapers to search for deals and coupons.

The Western Mirror, Jamaica Gleaner, and The Jamaica Observer are still considered one of the most trustworthy marketing mediums out there. When it comes to building momentum for a new brand or product, appealing to early adopters can be critical. Those early adopters tend to read newspapers.

THE MILLENNIAL MARKETER LOCAL UPDATES HARMONY BEACH PARK TO BOOST TOURISM ENTREPRENEURSHIP The recently opened Harmony Beach Park in Montego Bay, St. James, is expected to give rise to tourism entrepreneurship in the resort capital.

“We are hoping that it can be a catalyst to spawn tourism entrepreneurship now that all the residential communities around the area or even the business communities around will have an attraction that will pull a lot of persons,” said Executive Director of the Tourism Enhancement Fund (TEF), Dr. Carey Wallace, in an interview with JIS News.

The Beach Park is the flagship project of the Urban Development Corporation (UDC) and is reflective of the Government’s thrust to expand green spaces in urban areas.

Ground was broken for the start of the project in February 2019 and construction was done by M&M Contractors.

Dr. Wallace pointed out that the value of the entire project was $1.3 billion while noting that the TEF contributed $600 million.

He further indicated that the Beach Park will attract both international and local tourists, who will come to enjoy its features.

“There will be an opportunity for Air BnB stays, tours emanating from it, food, drink and restaurant sales… because more and more persons are choosing to come to Montego Bay because of this new outstanding Beach Park that has been created there,” said Dr. Wallace.

“We are just happy to see it at the stage of completion now and looking forward to the opening on Friday (May 21) and the subsequent use by the people of Montego Bay and environs, enjoying this outstanding new facility that we’ve created in the resort capital,” he said.

A virtual opening ceremony will be held on Friday, May 21, beginning at 2:00 p.m., with Prime Minister, the Most Hon. Andrew Holness, to deliver the keynote address.

It will be streamed live on the UDC and the Jamaica Information Service (JIS) YouTube channels and Facebook pages.

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TRAVEL NEWS The existing protocols, which include the requirement for all travelers to present a negative coronavirus (COVID-19) test within three days before travel, remains in effect until June 30.

Since March 4, 2021, all travelers to Jamaica, including Jamaicans, must present a negative COVID-19 polymerase chain reaction (PCR) or antigen test result to check in for a flight to Jamaica. The test must be conducted within 72 hours prior to the date of travel.

COVID-19 POSITIVITY RATE FOR TOURISTS RETURNING TO USA LESS THAN 1% The COVID-19 positivity rate for tourists returning to the United States of America (USA) is less than 1%. This was recently noted by President of the Jamaica Hotel and Tourist Association (JHTA), Clifton Reader.

He pointed out that before a guest can return to the USA, they must take an Antigen test, adding that from a sample size of almost 100%, the positivity rate has remained less than 1%.

An Antigen test helps to determine whether an individual has developed antibodies against viruses such as COVID-19.

Mr. Reader said that the positivity rate of tourists returning to the USA is an acknowledgeable effort, as the tourist industry has no reports of transmission of the coronavirus (COVID-19) between staff and guests, to date.

He noted that although some employees have contracted the virus, it is seemingly due to a spread from their communities, and not as a result of activities in the tourism industry.

Mr. Reader said even though it is not mandatory for workers in the tourism industry to be vaccinated, it is heavily encouraged.

The online forum was part of a series organised by the Tourism Linkages Network (TLN), under the theme ‘Tourism Diplomacy – Rebuilding Tourism Safely’.

SWITCH TO DIGITAL TV WILL WIDEN INFORMATION ACCESS Education, Youth and Information Minister, Hon. Fayval Williams, says the transition from analog to fully digital free-to-air television (TV) will significantly increase the number of channels, thus allowing Jamaicans wider access to information.

“Currently, a high percentage of Jamaicans still only have access to analog free- to-air television, which gives them limited channel choices. When we transition to digital, there should be more channel choices,” she noted.

Minister Williams was addressing a virtual Post Sectoral Debate Press Conference on Thursday (April 29).

The process to switch from analog to digital TV is already under way, with the process to be completed by 2023.

Jamaica is undertaking a phased one-year transition to digital broadcasting technology, with the initial focus on the main urban centres as of January 2022.

Broadcasters will have at least one year of simultaneous digital and analog broadcast to give them time to change their equipment and test the new system.

Information from the Ministry indicates that approximately 83.7 per cent of Jamaicans still use analog free-to-air television service.

SIGNS OF INCREMENTAL IMPROVEMENT IN ECONOMY EMERGING Bank of Jamaica (BOJ) Governor, Richard Byles, says signs of incremental improvement in the economy are beginning to emerge. These, he said, are evidenced in the indicators related to employment and growth, among other areas impacted by the coronavirus (COVID-19) pandemic.

Speaking during the BOJ’s digital quarterly briefing on Friday, May 21, Mr. Byles said the latest data released by the Statistical Institute of Jamaica (STATIN) indicated an unemployment rate of 8.9% as at January 2021, up 1.5% points compared to the corresponding period 12 months earlier.

He noted, however, that this represents an improvement, relative to the 10.7% recorded at October 2020.

“When account is taken of the seasonal patterns in employment, these statistics suggest that more than 25,000 jobs were restored between October 2020 and January 2021, following the approximately 40,000 jobs that were added between July and October last year,” the Governor pointed out.