Marketing World

Traditionally, during a period of economic downturn, the marketing budget has been the first to suffer. Yet this is the worst thing you can do.

To maintain momentum during an economic downturn, the focus should not be on reducing your marketing activity but rather on extending a more targeted approach to both your marketing activity and your existing and new customer base.

This is a prime opportunity to offer long term ROI for your business for when conditions improve, being able to capitalise on competitive market share and develop key relationships with your core customers. And you’re focusing on reducing your marketing budget?

In this article, we examine a series of key initiatives to allow you to capitalise on the economic downturn and build long term sustainability for you business.

• 1. Focus on customer relationships. Staying true to your customer base and maintaining regular contact with existing and new customers. The loyalty that you show them now will be rewarded by extending your market share and ensuring the viability of your business when conditions improve. It’s important that you listen to your customers and find out how their needs have changed and address these concerns. Incorporate cost effective marketing relationship tools such as Blogs, podcasts and social networking sites. Remember, it’s highly likely that your competitors have cut their marketing efforts, reduced their quality staff and are failing to offer their customers the level of attention they deserve. Every situation presents an opportunity, so capitalise on this situation!
   
• 2. Focus on supplier relationships. Relationships are not just about your customers, your focus should also be directed to your suppliers and developing industry alliances. Think about how your suppliers business has been affected. Look to develop online links (including SEO webpage links), customer offers that benefit your suppliers, your business and your customers. Look for new alliances, even if this involves your competitors. I’m reminded of a time when two competing businesses were able to buy and promote stock more cost effectively in diverse regional areas. Suppliers will agree to the benefits of split deliveries and advertises will agree to provide group media buys.
   
• 3. Extend Online Marketing Efforts Whilst the rate of traditional media has been declining, the growth of internet marketing has been expanding, and for good reason. It provides measurable results, it can be trade targeted, it’s cost effective and with the right skills, you can do it all yourself. It is estimated that there are 1.46 Billion online users in the world and over 4 Billion web pages with popularity growing at an unprecedented level. (Stats link here) 

 Cost effective internet or online marketing initiatives include:

• a). Ensuring that you have a modern website presence (preferably a Content Management System or CMS). This means that the look, feel and content of the website needs to be in keeping with today’s market and relevant design to you customers. It’s amazing how many websites have content that is over 12 months old, are poorly or completely not optimised, don’t encourage customer registration via the site or the blog, no loyalty associated, not focused on the correct target audience or miss valuable target segments such as the wholesale trade!
• b). Regular customer focused email campaigns
• c). Regular e-newsletters and e-bulletins
• d). Search Engine optimisation or SEO – this has become one of the most critical areas of market share. To achieve higher natural search engine ranking is paramount to your business success. Your objective should be a top 5 ranking for your industry group. We will touch on this subject in a separate Blog entry.
• e). Developing a social media marketing strategy for your business
• f). Introduce podcasts to relevant market segments
• g). Providing blog entries relevant to your website
• h). Develop online vouchers to encourage customers to regularly visit your website, physical business or franchise stores (customer loyalty)
• i). Update your website home page regularly (it’s a bit like a window display in a department store) – keep it fresh
   
• 4. Publicity is often forgotten in the marketing mix, yet it’s as old as the hills and happens to generate fantastic market share, new customer interest and loyalty. Essentially, look for opportunities to introduce new products or services when your competitors are cutting back. Get on board with your local media suppliers and generate editorial, press-releases and online marketing campaigns to promote your products/service and long term loyalty.
   
• 5. Competitive Watch. What does it really cost for you to start analysing your competitors? We are not just talking about their shop window or their product sales and service. Do you know if they are reducing staff? Are there good staff available? Have you done a SWOT analysis on each of your top five competitors? Have you visited their website and looked at their source code for clues as to their keywords, SEO campaign, page ranking, online marketing strategies? How do you really compare? Do you even know what to look for? 

At Marketing World we provide cost effective marketing solutions for your business, regardless of economic conditions. We’re here to help… so ask away or visit our website here. Comments are most welcome and may remain completely anonymous.

Tags: crisis, Economic, Marketing, Marketing Suggestions

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