Times of economic distress forge two paths in a road for business owners - doom or opportunity. Which road you take starts with your attitude. Feed into the fear and you are doomed. Open your eyes and mind to new opportunities and innovations and you will thrive. Here are 10 marketing tips for your business, regardless of its size, industry or budget:
1) Have a Plan. Operating without a written plan is never a sound business strategy. You can find a variety of marketing plans online or construct one with a marketing professional. The key is to create and execute a realistic and comprehensive plan.
2) Remain Consistent. Research shows that cutting marketing expenditures equates to short and long-term market share and revenues. Consistent communication creates trust which works to your advantage during down times. Even in down markets, people typically keep doing business with brands they know and/or ones that have built trust in the marketplace through a consistent presence.
3) Adjust Marketing Outlets. Balance consistency with ROI generating outlets only. Cut out the fat and stretch your investments by decreasing ad sizes or by purchasing remnant TV, radio and/or print space. Incorporate new media marketing and implement client appreciation and referral programs. Routinely measure your marketing return, such as using inexpensive 800 numbers or web site links.
4) Utilize New Media Resources. Use the power of new media resources such as blogs, YouTube and social media sites. Identify industry blogs respective to your and your clients’ businesses and post relevant facts, tips and other resources. The same also applies to YouTube videos. Create social media pages on MySpace, FaceBook, Linked In, etc. to promote and share ideas and grow your network. Programs such as Google ads and affiliate marketing programs are also potential business boosting outlets. Remember to keep your company web site updated with new information and links to these new outlets.
5) Strengthen Client Relationships. Find out how your clients are possibly impacted and then identify innovative ways to help them to weather the storm. Together, you may find untapped avenues to grow your respective businesses.
6) Use Public Relations. PR initiatives such as hosting seminars, client success case studies (with their permission), new product/services launches, etc. will help to establish your credibility and visibility in your industry and beyond. PR can be time-consuming and some service deliverables pricey. However, the rewards can generate outstanding results.
7) Co-Brand. Consider collaborating with clients or colleagues to share the costs of marketing campaigns or events. Think American Express Card/Pinkberry ads. Apply the same logic on a scale that is relative to your business. Be sure to cross-link across all participant’s online platforms.
8) Diversify. Brainstorm with your staff to find new ways to deliver your core expertise to new industries or add on some adjunct services to make your client experience more turnkey. Looking at your business from new angles will generate new ideas.
9) Evaluate Your Competition. In any business environment, understanding your competitors’ weaknesses and capitalizing on those by doing things better can be the few tweaks your business needs.
10) Creative Communication. Now is the time to flex your creativity with new and relevant marketing messages and incentives. Solution-oriented and humorous angles generally stand out. Assign a sense of urgency to incentive-based offers. Avoid deep discounts which are prone to hurt your business over the long-term. Set your prices and substantiate the value with the right message.
Marketing is a science and an art that requires dedication, innovation and consistency. By exploring and employing these ten tips, your business can flourish even during challenging times.
Yvette Craddock
is the Founder and Managing Member of multi-award winning Click Marketing Solutions (www.click-marketing.net).
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