| Tips on Adjusting Your Marketing Strategy in a Rough Economy |
In the weeks following the Fourth of July, Federal Reserve Chairman Ben Bernanke warned the NPR audience that the U.S. economy is facing “numerous difficulties.” Obviously, most people know this, what with the $4 a gallon gas and all the foreclosures happening in every state. People are being more and more careful as to where they spend their hard-earned money. Business owners and marketers should remember that the economy is cyclical, and this is just another down time to deal with.
You can survive this down time by adjusting your marketing strategies. You need to be savvy and streamlined in your marketing decisions. When times are tough, you don’t want to cut from your marketing budget first, which is a common mistake. Your long-term success depends on your marketing campaign staying strong. But strong doesn’t mean expensive. For instance, to save money on printing costs, ask your catalog printing company if they’ll also print your business cards or brochures for a discount. Many printing companies will be willing to give you a discount if you buy in bulk.
Here are some tips to help you adjust your marketing in a rough economy:
1. Get to know what’s important to your customer in this rough economy. You need to know what drives your target market and how they are dealing with the current economy. Are they not driving as much? Throw in free or low-cost delivery. Buyers are now willing to hold off on making big purchases, or they’ll only go with the brands they have a relationship with. Build your relationship at this tough time by addressing their concerns (like high gas prices) and your solutions in your marketing materials.
2. Pay attention to your actual and projected sales. During a slow economy, you need to be constantly monitoring your sales and adjusting your strategies. Keep track of your incoming and projected sales and compare that with past data so that you can predict what’s going to happen before it happens. Make sure you are marketing for the months ahead if you know that the fall is slow for your business. This way you’ll keep your customer flow steady. Move your annual August sale to October if you think you’ll need the sales then.
3. Don’t try to introduce a new product or service now. A slumping economy is not the best time to launch a brand new item. If you own a coffee shop, now might not be the best time to introduce gourmet pastries. You don’t want to take the risk of failing when you can’t be sure if it’s your idea that failed, or just the economy that made your new venture fail. Right now people might like the idea of enjoying a gourmet pastry with their coffee, but they just can’t afford it right now. But how will you know that?
4. Emphasize your unique brand. In a time when people are prying open their wallets with a crane, competition becomes brutal. Be sure that your marketing materials emphasize how you are different from your competition and why that difference is better.
5. Emphasize the value of your product or service. Promote the value your product or service always brings to your consumers, no matter what the economical weather. Emphasize durability, reliability, performance and quality in your marketing materials. Also be sure to let customers know how much you value and appreciate their business.
By keeping your marketing strategies up to snuff with just a tweak in approach, you’ll keep customers through this bad economy and you’ll also bring in new customers when the economy rebounds. Stay focused to stay successful throughout the year.
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