Before getting into some tips on marketing when the economy is down, I briefly want to express why it is so important. The number one reason is simply because more of your competitors are cutting back on their marketing. During down economic times, both large and small companies cut back on their budgets; marketing is often the area on which many companies cut back. This is not a good idea for them, but it's great for you if they do! If they cut back on their marketing efforts and you increase your marketing, there is less competition for you and you are more likely to get your message heard. The number two reason is because people forget fast and move on. If you are not connecting with your target audience on a regular basis, they will forget about you and all the great things you offer.
Here are some tips to help you concentrate on effective marketing in a down economy:
1. Don't push your services and products on your audience. Push marketing worked significantly better years ago because new products and services were being introduced and there was more desire and demand for these new things. Currently, many companies and retailers offer the same things, so there is more for the consumer to choose from. Especially in a down economy, you'll want to concentrate on offering your audience valuable information about your company, your specials, products or services and build (or rebuild) trust in them and give them the opportunity to make buying decisions when the time is right for them. This trust builds strong relationships, and these relationships are what inspire people to want to buy from you over and over. This is what pull marketing is all about.
2. Be sure that you are getting your name and what you offer out as much as possible. As I said above, people forget fast, so if you are not contacting them with information that is of value to them on a regular basis, it will be easy to forget all the wonderful things that you offer.
3. Listen! When times change, peoples' priorities often change. Listen to what is really important to your target audience, then make strides to provide it to them.
4. Concentrate on value-based marketing. This can mean "value" as in offering coupons or an "added gift" with a purchase and it can mean "value" as in knowing your audience and what their values are. If you know what their values are, if you understand what is really important to them, you are then able to target your marketing efforts to cater to that.
5. Make informational connections. An informational connection is just that; you are contacting people, whether it be through networking events, talking to people while standing in long store lines, or sending out emails to provide them with information on what you have been up to in your business. I recommend sending out monthly email newsletters to the people in your database. If you don't have a database of people in your target demographic, it's time to get one. It's very simple and efficient once you get one started. Offer a free article or sampling of a new product for those who sign up (subscribe) to your newsletter on your website. Then, each month, it is easy to send them a short email about valuable tips, information on a new product that you have in the works, events you will be hosting, or whatever else will be of value to them. This is a great way to stay connected to your existing customers as well as new customers who are interested in building a relationship with your company.
These are just a few of many tips. If you want to learn more about efficient and effective marketing, take a look at the other articles in my blog and at Lisa Hromada ID Studio.
Copyright 2009 Lisa Hromada lhcreativeidstudio.com - All Rights Reserved.
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