Should you or should you not continue spending money on marketing in this uncertain economy?
This is most certainly the time to consider the costs in the business but it shouldn’t be at the expense of your marketing activity.
A freeze in promotion leaves your client database wide open to more savvy competitors who will take the opportunity to poach your customers and take the lead while you’re sitting quiet.
It’s up to you to not only protect your business, but to take advantage of the current climate and use it to stand out above your competition. There are many opportunities to be had and this is your chance to build your brand and attract new business while others put promotion on hold.
The key is in the planning. Set clear objectives, stick to them and be clever with your budget. High advertising spend is not necessary. As others slash their ad spend, the media will be under greater pressure to sell space. Take advantage of any offers and incentives they offer and don’t be afraid to ask for a better deal. They need your business.
It doesn’t cost much to keep in touch with customers and they in turn can become your advocates and sales people. Consider, what can you do to generate an effective word-of-mouth campaign? What can you can do to make your clients feel special? What will make them see your business as more than just another supplier?
Reward customer loyalty, communicate with them on a more personal level and listen. They can tell you what the marketplace wants. When you understand how your customers think you can tailor your online strategy to solve problems, answer questions and give your customers exactly what they are searching for. Whether you use this to improve your online advertising, web content or blog writing is up to you – just as long as you use it.
Benefit from the opportunity to set yourself apart from the competition. Think about your positioning. Are you pushing the ‘value’ in what you do? How can you add value or re-package your product or service to make it easier for customers to use and pay for? Don’t discount or sell yourself short but, instead, try to find ways to give your clients extra.
There are many marketing strategies and tactics you can employ in a recession – be as creative as you can but, whatever you do, don’t hide and sit it out.