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Recession Marketing Survival Guide |
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If your small business needs help navigating the rough waters of this economic implosion, here are 9 practical steps you can take. You can use these tips to help form a practical and cost-effective marketing plan. |
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| Author: Mchansky |
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Many articles on recession marketing begin something like, "you should increase your marketing in times of a recession..." But the tacit reaction is "oh yeah, how?" "How do I keep marketing with decreasing revenue? I barely had enough money before the economic downturn.” The answer: make careful and shrewd adjustments. Don’t just worry about your business—act.
The following are nine practical tips for small businesses to actively play the economy instead of being played.
Each of the following strategies and tips assumes that you are taking the time to craft a highly targeted message.
One - Google AdWords. Even with a modest budget, the upside potential here is superior. People are already searching for your goods or services when they see your ad. The filtering process of internet search gives you a higher percentage opportunity to capture a qualified potential client. Google has the broadest reach and generally costs the least. Go with best-of breed. From auto parts dealers to real estate agents and all points in between–what many insiders are saying is that they are cutting back on TV, print, and Yellow Page ads and actually increasing their AdWords push, because it gives them the most bang for the buck. Please note: First-timers should become familiar with bidding strategies and keyword usage so that you can hit the ground running. There are many free resources available on the Internet. As with all marketing strategies, the more knowledgeable you are—the higher success-rate you will have.
Two - Partnerships. Look for high quality strategic partnerships with other relevant businesses. Make sure that this is a win-win situation and that you have equal incentive to refer good customers. Be wary of companies contacting you for referral programs.
Take some time develop meaningful partnerships.
Three - Negotiate Advertising. Advertisers are worried about the recession, too. When you advertise in print or on the web look for good deals and if you don't see them, try to negotiate a better deal for yourself.
Four - Web Links. Continue to find directories or relevant websites where you can post a link to your website. This will help increase your web rankings and Internet exposure.
Five - Printing. Don't let the cost of printing stop you from creating brochures, direct mail pieces or other marketing collateral. You must continue to spread the word. Search online for discount printers, some even offer 10% off for new customers. You can get a lot of printing done very cheaply with the right printer. Don’t know who to trust, just contact Momentum 18 and we’ll give you a list of vendors we’ve used.
Six - Advertising. This could be as simple as a small web button that goes to a special landing page on your website or as ambitious as a trade magazine advertisement. Make highly targeted ad placements to your ideal customer base. This is not the time for fishing expeditions. Try not to create a "this is who we are ad." Instead, offer an incentive, give the potential customer a reason TO ACT. Make sure to emphasize THE VALUE of your offerings. People are drawn to the lowest price in a recession, but there is also a flight to quality. Experience, quality and value are safe havens. People want things cheap, but they also don’t want to waste a dime.
Seven - Gratitude. Take extra care of your existing clients. Let your loyal customers know how much you appreciate their business. Tell them directly. If budget allows, create "Thank You" packages or incentives/rewards for your loyal customer base. At the very least make sure you have giveaways/promotional items available.
Eight - Find New Clients. Spend some time focusing on the clients that may not have been the ideal in thriving times. If you can piece together several small revenue streams from smaller clients, then you add value to your bottom line.
Nine - Quality. When many people begin in the stock market, they pay "investor tuition." They lose money trying to make quick profits. Warren Buffett made his billions by investing in Quality and Value. You should do the same. Quality printing, advertising, marketing, and design are essential. Your branding and marketing should not take a hit just because money is tight. Confucius says "cheap man travel road twice" (once to pay cheaply and once to get it done over again properly). The cheap route can be costly.
About Author
Matt Chansky leads the highly regarded Momentum 18 agency. Matt provides design and creative direction for clients throughout the United States. Learn how his business philosophy has enabled Momentum 18's clients to succeed at Momentum 18 Graphic Design.
Article Source:
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