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When we see a downturn in the economy, businesses usually rush to cut expenses, and the marketing budget often gets the first cut. However, experts say a downturn is the time to revaluate, shift and even increase your marketing efforts.
Smart business owners continue to market in good times and bad. It seems logical to spend money on marketing in good times, but more importantly you need to spend on marketing in bad times as well. Companies that keep their names and logos in the public eye during a slow economy are more likely to be perceived as successful, enduring and solid. Strong marketing strategies will pay off in the future.
Marketing consist of market research, advertising and public relations. Experts suggest changing the marketing mix, but not the overall budget. For example, in down times a business may not know exactly who is buying and why. So market research is critical in a downturn economy.
Likewise, a business should find out what forms of advertising are producing sales and then increase the budget for those while reducing the others. Tracking and monitoring systems need to be in place to figure out which forms of advertising are giving your business the biggest return.
Even in downturns, folks are still paying attention to the news. Public relations can help to keep your business name out there. Or start to research your own ways in receiving free press. The Internet provides a vast opportunity to connect with your customers.
Tips on Marketing in a downturn economy:
1. Spend more money and time on your market research. Areas to pay attention to is opportunities in new markets. Consider the hot "Green" market.
2. Update your web site and offer discounts. People are shopping for deals and are looking for ways to stretch their dollars. Be sure to have a time limit on such discounts.
3. Start a frequent buyers program and give those members special deals in appreciation for their loyalty. This will also allow you to keep your business name in front of these customers.
4. Join Network groups on the Internet. Network groups offer the potential to open new doors to new markets and keep your business name out there with little to no costs.
5. Start or continue to be involved in community or charity work. This will give your business name more exposure and offer opportunities to receive some free press. People always want to do business with businesses that give back.
6. Holiday gift giving. When most businesses are cutting back on gift giving to customers, now is your chance to step-up with a unique corporate gift. Consider giving custom sandals with your business name or logo printed on the flip flops. It’s an inexpensive gift and very unique – and it’s the thought that counts.
Downturns in the economy can actually open doors to new opportunities. Work smart and be creative. Most importantly, don’t cut the marketing budget – just be smarter about it.
Disclaimer: All information on this site is provided for informational purposes only! By no means is any
information presented herein intended to substitute for the advice provided to you by any health care or other professional
or organization.
