Right now, we are all struggling with everything that is going on and it can seem like a lot. The thing is it’s not all bad news. If you pay attention to your marketing efforts you may be able to not only survive but thrive. During these unprecedented times, reducing your marketing budget may have a devastating, and possibly permanent effect on your company’s future. Currently, our target base is shrinking. We have fewer potential clients to choose from. Some of your competition may see this as a chance to go after that shrinking base. Don’t let them.
Here is a list of 5 basic marketing ideas for tough economic times.
KEEP IN TOUCH WITH YOUR EXISTING CUSTOMERS.
It has been proven that it costs more to get a new customer than to keep an existing one. Right now, go to your existing customers. Thank them and let them know you appreciate them. You may be able to make up some of your sales loss by increasing sales to existing clients. Keep in touch with them and continue to strengthen your partnership with them. Also, look at some of the previous customers that are no longer doing business with you to see if you can re-establish a relationship so that they will do business with you again.
LOOK TO YOUR CURRENT CUSTOMERS FOR HELP.
Word-of-mouth and referrals can be very effective and save on your marketing budget. Testimonials are extremely effective in gaining new business. A happy customer is much more likely to talk about your business than an unsatisfied customer.
LOOK FOR UNIQUE FREE WAYS TO PROMOTE YOUR COMPANY.
Be creative and think outside the box! Tough times call for creative thinking. Use press releases whenever possible. Offering a new service, or product line or making business changes can always be considered newsworthy and may be just what that new customer needs.
REMEMBER THE PEOPLE WHO WORK WITH YOU.
Remember that these times are not only affecting your business but them as well. Recognize that and let them know you are aware of it. Your employees may be thankful they have a job but they also want to know that you are thankful that they are with you. This may not be an obvious marketing tool but a happy employee reflects well on your organization.
TAKE ADVANTAGE OF ONLINE MARKETING.
Many companies still don’t take advantage of the marketing potential that the Internet offers. If you’re not, you need to start using it more effectively now. Maximize your website and social media and promote it as a tool to educate and inform your current customers and potential customers. The internet is a valuable tool that continues to change how we market our businesses and if you don’t keep up you will be left behind.
These five marketing methods aren’t the solution that will keep your company strong but they will help you to stay ahead of many of your competitors during these difficult times and when things turn around, and they will, you will be in a better position to prosper.