Marketing your way through the recession
Many of us will know people who have been directly affected by the economic downturn and the media continue to highlight the human costs attached to some of the well publicised business failures.
But whilst the recession is tough on many businesses, it is also a time of opportunity. It is worth remembering that many of today’s leading businesses were started when times were difficult – Hewlett Packard and Disney, for instance, both began life in the recession of the 1930’s.
The smart businesses that continue to sustain their investment in marketing will be the ones that have the best chance not only to survive the current climate – but to develop, once the recession is over, into more robust companies.
Marketing is often misunderstood and narrowly defined as ‘advertising’ or ‘PR’ - but these are just two of many potential marketing tactics that you can use. Successful marketing focuses on knowing who your customers are, researching their needs, communicating how these needs are better met by the benefits of your products and services, compared to your competitors. Once you know what motivates them to buy from you, you can then choose the most efficient way to deliver your products to your customer.
By maintaining your marketing presence you will reassure customers that you are a stable and successful business to buy from, even in turbulent times.
Five top tips for marketing your way out of the recession
1. Know your customers – and know your competitors
How are your customers’ attitudes changing with the current market? What are your competitors doing and how do they sell themselves?
2. Focus on your key selling points
How can you strengthen your sales messages? How about testimonials or guarantees to build confidence?
3. Customer and prospect data
Your database is the lifeblood of your business. Make sure it’s up to date – and make sure you use it!
4. Direct response marketing
Direct response marketing is cost effective, targeted, personalised and measurable. Are you communicating enough with your customers? Or are you leaving that to your competitors?
5. Does your website need a spring clean?
Remember that your website is your shop window – is it vibrant, effective and a credit to your business? Or is it tired and in need of a service?
Remember that the Enterprise Hub is here to help local businesses and we can provide support to help your business prosper. In addition, there are a number of good marketing resources available locally that can provide specific marketing help.
Pearce Marketing – offer subsidised marketing services for manufacturers and free training to increase sales
Diligence Media and Marketing – provide website design, e-communications and also offer a free Marketing Review for Enterprise Hub clients
FAT Promotions – provide website design and e-marketing services.
You may also wish to visit the Hub Membership Directory for other local companies who provide marketing advice and help.
16 Mar 2009