When the economy slows so should your marketing, right? WRONG! If you think that cutting back on your marketing dollars and riding out the slow economy is the thing to do then think again. Now is the time that you should boost your marketing efforts in order to keep the sales coming in.
It’s just common sense, when running up a hill do you cut back on your breathing? No, your lungs need to expand further and more frequently to get more oxygen into your body. Marketing may be the only thing that keeps your business alive in a slow economy.
When fewer people are buying products and paying for services then you have to increase your market share in order to maintain your revenue stream. In fact you can gain market share buy doing the opposite of what many business owners are doing.
However, be smart about what you are doing and make sure your marketing budget is being utilized as efficiently as possible. Here are some ideas.
Hopefully you have been diligent and you have tracked the return on investment (ROI) for the marketing campaigns that you have run in the past. Do you know how much revenue your yellow page ad has generated in the last year? How about mailers, web advertising, email campaigns, print advertising, etc… If you have not been tracking these things then I suggest you start right away. Once you know how your marketing efforts have paid off in the past take the most profitable two or three and put your marketing dollars into those areas.
You can make your marketing dollars even more efficient by only marketing to a targeted audience. Do some research and determine who your buyers really are and keep your marketing dollars targeted directly at them.
In times like these rather than worry about a broad image campaign for your company that will do little for short term results I would suggest creating high quality attractive materials that will enhance the image of your company, this includes your website, emails, brochures, business cards etc… and use them to enhance your image in your targeted campaigns.
Do you have a customer database? If so then this should be one of your main areas of concentration. Most products and services are not once in a lifetime purchases, so your existing consumers who have already purchased from you are likely to purchase again as long as your product or service met their needs. Use this database extensively in all of your marketing efforts. If you do not have a customer database then start building one now for future use.
Try to be different; what is your Value Proposition? If you are a business with lots of competition (most businesses are) then why would a consumer choose you over another business providing the same product or service? What do you bring to the table that the others don’t? (Great customer service doesn’t count in today’s market, it’s just expected) Your Value Proposition can make a huge difference in the effectiveness of your marketing efforts. Think about how you can be better than everyone else and sell that to your customer.
PR is a great (and inexpensive) way to generate interest in your company. Be willing to share your knowledge and expertise with the general public or those in your industry. Make yourself known to the media and offer subject matter that may be of interest to their readers. Offer to speak at meeting and conferences, offer seminars and workshops and invite the local media to attend, share success stories and be available for interviews.
Networking is a low cost way to get in front of live bodies that you can actually talk with and share what you do. I have had countless opportunities arise simply from introducing myself and what I do. Be willing to listen to others and consider how you can help them as well, nobody likes an attention hog. There are many ways to network in your community, for example: Chamber of Commerce, associations, networking groups, social events, etc…
The bottom line is this, your businesses bottom line may depend on you to take action and evaluate what you are doing now with your marketing dollars and make the changes necessary now to secure your company’s financial future. However DON’T cut back on your marketing budget, it may be the difference between keeping the doors open or shutting them for good.
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