Without doubt, your business has been somehow affected by today’s economic slump. One of the very first things that companies often cut back is their marketing expense – which is a little like cutting out the muscle, and not the fat. Given that the reduced ability to make a sale is a common theme for nearly everyone, smarter marketing strategies and tactics can be a lesson in survival, and not simply growth.
So what should you consider in your marketing budget that might help you sustain your business in today’s economic challenge? Consider a few of these suggestions to help you become more efficient, while still remaining effective:
- Carefully review your cost per thousand for alternative media vehicles and be even more selective about choosing your target audience.
- Perhaps you can commit to a longer advertising campaign cycle to lock-in lower rates, while incorporating additional value-added tacktics for editorial, features or promotions that support your investment as a long-term advertiser.
- Develop creative ways to incentivize your sales team to get them to concentrate on landing new business.
- Search out cost-effective public relations tactics that will keep your company or product’s name in front of your target audience.
- Team up with other businesses that may offer complementary products, then create some kind of offer to be sent to each others customer base.
- Frequently check-in with your advertising publishers for ‘remnant’ space, and be sure to get your name on their list for last-minute cancellations. Be sure to consider having some standard sized ads ready for use at a moment’s notice.
- Consider a consistent email marketing campaign to stay in touch with current customers. This can be a fairly inexpensive and low-cost way to support your brand presence with them, while offering them unique email based offers.
- Consider approaching potential partners that we’re previously unreachable. They may be more willing to partner with you now than ever before.
- Don’t be afraid to target customers of your competition. It never hurts to keep them informed of your progress, and ask again for their business.
Keeping up your brand presence in these slower economic times will help position you to take advantage of the inevitable time that the market returns to a stronger climate. Don’t waste this opportunity to place your company or product, and take advantage by getting a true head start in the strengthening economy.
What steps have you taken that you feel will be to your advantage in the months ahead?