Market Pressure: How to get your message out in a down economy
In difficult financial times, running a successful business requires more than hard work. Careful decision making, cautious purchases, improved efficiency and streamlined budgeting sit at the top of the list. Adding marketing expenditures to this list may not seem prudent during down times, but you must reconsider.
Maintaining marketing activities in a difficult market helps your business soar when the economy bounces back. Contrary to popular belief, consumers still make purchases during difficult times — they just do so in a different way. Purchasers are more diligent with research before spending and will buy items appropriate to their needs and budget. Here are some tips for effective marketing in a down economy.
1. Be Opportunistic. Make your business visible to viable markets. Analyze where paying customers come from and focus investments in those areas. At the same time, keep a critical eye on areas that aren’t profitable and consider whether or not these targets will be viable when the economy turns around. If you find they will not bounce back in a meaningful way, discontinue servicing those areas and focus on the future.
2. Continue Advertising. Carefully assess your current advertising campaigns by analyzing how many ads you run and where they are placed. In down times, fewer businesses will advertise, creating less competition for existing ad space. Take advantage of decreased advertising clutter and strategically place your ads in more visible positions. Be sure your ads are easy to see and include a ‘call to action’ so that you can trace any direct business.
3. Keep Market Share. Use a public relations campaign to create venues for informing consumers about changes in the market or other important issues facing consumers. Positive presence is essential to positioning your business for success when the economy turns around. As a result, you will be ahead of other businesses that decreased marketing efforts, giving you the competitive edge.
4. Word of Mouth. Build and sus- tain meaningful relationships at all times. Ultimately, when all other factors are similar, people buy products and services from people they like and trust. Maintain relationships and develop new points of contact through sustained networking. Staying top of mind to a potential customer is the key to positive word of mouth.
5. Understand your Customers. Be aware of how your customers are doing and if their business needs have changed. Help your customers weather the economy and they will remain loyal. This is a solid business practice regardless of how the economy is faring.
Marketing your business takes a consistent effort over a prolonged period of time. Periodically stopping and starting your marketing practices will always hurt your business. Lost time and effort will directly affect your long-term success. Keeping visible, understanding target audiences and building loyal relationships with customers are just a few of the essential components of a successful marketing plan. Aligning your business goals and sticking with your marketing plans will pay off in the long run, regardless of the economic climate.
Deborah C. Scaringi is a marketing professional who works with law firms and businesses of all sizes. She can be reached at deb_scaringi@mac.com.
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