Good marketing strategies in a bad economy
The important thing to remember about branding and marketing is that it’s not fluff, it’s not a luxury, it’s not extraneous. It’s vital, during both good times and bad. So even if the market dictates that you must cut your budget, be sure you’re not cutting your business’s throat along with it.
The less money you have, the more important it becomes that you use it well. Here are a few tips on getting the most bang from your skinny buck.
1. Happy customers are your most valuable asset. Engage them. Whether it’s online or face to face, ask them to recommend you. If you’re getting good comments online, thank people. If you get some bad ones, respond and ask how you can make things better. Then actually follow up and make things better. Ask your customers what they want or need and give it to them.
2. Narrow your target. When you have less to spend, spend it on fewer people who are more valuable. Really look at what your offer is, examine who needs it most and is most likely to buy, and segment more narrowly. Move from mass to target media where it seems sensible. Choose your online tools very carefully, sharpen your senses, get inside their heads. Know what they want to hear, then say it.
3. People still want to buy stuff, just for less. However, they’re looking for value, not just the lowest price. Emphasize the benefits of your product or service – how long it will last, what it will do for the customer, what it stands for – and not just price. Otherwise, the only thing you’ll be known for is being cheap.
4. Measure twice, cut once. Look at ROI and adjust accordingly. See what affect your program is having on awareness, perception, sales. Don’t waste a cent of that precious budget.
5. Have a great marketing partner who watches your money as closely as you do. If your agency’s culture is simply spend, spend, spend then you should leave, leave, leave.
It’s not easy for anyone these days, but businesses that spend wisely will come through it best. Good luck.
Tags: brand, communication, economic downturn, marketing