With Christmas and the peak retail season over, many small businesses may think it’s a good time to pull back on their marketing. But some data suggests that it’s an excellent time of year to continue the holiday momentum and increase revenue while other businesses go silent. Here’s why.
Online Advertising Costs Go Down
As businesses turn off their holiday campaigns and enter a quiet period, it’s common for CPC (cost per click) and CPM (cost per 1000 impressions) on online advertising platforms go down in January. In fact, according to indixital, January sees the lowest CPM of the year, making it a good time for small businesses to advertise, especially if you have a limited marketing budget. One LinkedIn study found that CPM and CPC costs in January reduced by 19% and 24%, respectively, compared to previous weeks.
With fewer advertisers in January, there’s also less competition and fighting for consumers’ attention. Continue to push out content to get ahead of competitors.
Consumers Are Still Willing To Purchase
Despite the fatigue of Christmas, some consumers are still willing to part with their cash in January. However, these purchases lean towards purpose, motivation, and practical solutions to kick-start their year, according to Zeta. Small businesses could lean into the “new year, new me” sentiment and wellbeing-focused mindsets. Furthermore, The Drum reports that January typically sees more sensible “deferred purchases” take place, such as whiteware.
January is an underrated time for advertising a small business. Use it to your advantage and continue marketing your business while others take a break. You can capitalize on cheaper online advertising costs and reach consumers who are still in a shopping frame of mind.
Feature image credit: Getty
By Chelsea Tobin
Find Chelsea Tobin on LinkedIn. Visit Chelsea’s website.