Here to help give your business the online presence it deserves
Looking for ways to GROW your market share during the slower economy?
Here are few thoughts and practices to consider:
When the economy gets tougher, most companies slash their marketing budgets. However, a slow economy often presents the perfect opportunity to rev up your marketing machine. Here are three easy things you can do to help your business:1. Investigate bargains.
When the economy gets tight, everyone feels the pinch. That includes media and event companies who need to sell time, space and sponsorships. During market slowdowns, these companies are often left with surplus inventory, which makes them far more likely to negotiate rates and offer steep discounts.
Although the bargaining power may be in your hands, don't flaunt it. This is a great opportunity to build strategic relationships that will pay off now and when the economy improves. If you take a respectful approach to negotiating, the seller is likely to continue to offer you good rates and prime opportunities even after the big spenders return.
Regardless of how good a deal you might find, be prepared to run your ad multiple times. Anything less won't provide enough frequency to make your message stick.
2. Bypass the competition.
When competitors slow down their marketing efforts, it's the perfect time to kick your into high gear. Marketing dollars are magnified when there are fewer companies competing for mind share. You may be able to jump ahead of even your toughest competition by simply keeping your budget intact and your strategy on course.
The trick is knowing when and where to go on the offensive. Look for opportunities to be heard while there is less noise in the marketplace. Companies that retreat into their bunkers and wait until the good times return may save money, but they're likely to lose momentum. Capitalize on their cautiousness by picking up their marketing slack. It's much harder to jump start a stalled marketing plan than it is to keep one going, even if it's at a slower pace.
3. Exercise innovation.
When the going gets tough, the tough innovate. Economic slowdowns present opportunities to better serve your customers. show them you understand, empathize and most importantly, can offer some relief from their economic woes. Take time to learn about the things that keep your customers up at night - like budget cuts, layoffs, and reduced benefits. These conversations can lead to new products, programs, and promotions that will generate goodwill as well as revenue.
Many business scale back on customer care during downturns to save money. That approach will alienate customers and encourage them to seek an alternative. Since it's more expensive to acquire a new customer than retain an existing one, skimping on service is not a winning strategy. Instead, you can differentiate your company by finding profitable new ways to create added value for your customers.
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A few recession-survival tips:
A recession occurs when the national economy declines in terms of GDP for at least eight months. Business owners are acutely aware of looming recessions because sales figures go down, expenses increase and interest rates fluctuate. You need to recession-proof your business during times of economic growth to avoid financial ruin.
- Meet with your partners and investors to create a worst-case scenario to recession-proof your business. This emergency plan should be executable within a month of approval.
- Increase your services to premium clients to protect your business from a recession. Special packages of reduced prices and expanded customer service can keep clients in the fold as the economy slows down.
- Scoop up laid off employees from rival companies to corner the market after the recession ends. The tendency to cut back on salaries and benefits by rival companies gives you an opportunity to invest in experienced professionals who will reinvigorate your business.
- Tighten your inventory practices to insulate your business after a recession. If possible, you should invest in higher-tech inventory systems that require little investment in new personnel while keeping track of every product in your warehouse/store.
- Invest in low-cost subsidiaries as competing companies retrench during a recession.
- Sell off unused properties in your holdings to recoup funds during a recession.
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Markets cycle up and down. Often these cycles follow the economy in a local area, region, or across the country. If you meet the special advertising challenges faced in a down market, you can make the most of sales opportunities and also position for the next boom.
- Asses your internet presence with a professional. The trend in advertising is away from traditional print and to the internet. Statistics show most buyers make as least initial searches online, so make sure keywords on your website bring buyers to your home page.
- Rewrite internet text to show the positive aspects of buying in a down market. Emphasize that buyers are in control.
- Highest buyer incentives in all downturn market advertising.
- Use the down market to position yourself for the next up cycle. Direct mail, emails and fliers that discuss market conditions increase your visibility and credibility.
- Tighten the advertising net. A down market doesn't mean that no one is buying. Use resources to find out where the buyers are and put advertising efforts towards those groups.