Sunday, September 7, 2008

Marketing in a Slow Market

As many small businesses find ways to trim the fat, many are mistakenly putting less budget and energy towards marketing. Instead of cutting marketing, revamping your marketing strategy would be a wise move. There are four vital steps that a business owner must take in order to endure these times.

  1. Assess Your Customer's Behavior. Just as you are making adjustments to your business, no doubt your customers are as well. You need to figure out how these tighter budgets and perceptions of the importance of your offering and services affect the business that they conduct with you. Small business owners will need to adapt what and how we sell so as to meet the customer's needs as they emerge.
  2. Measure ROI. All advertising designed for branding or image awareness is not appropriate in this economy. Are your campaigns specifically designed to drive customers to use your services? Each step in the marketing chain must lead to a measureable response and ultimately a sale of your product or service. Always ask your customers how they heard about you.
  3. Market to Current Customers. Consumers, including your customers, are being a bit more careful about how they spend their money and look for companies that they know and trust. Remember it is more costly to find new customers than to maintain the ones that you have. Regularly reach out to customers through use of some sort of customer relationship management too. Vary your tactics, but stay top of mind without wearing out your welcome.
  4. Emphasize price promotions versus price cuts. As consumers are looking for ways to save money, they are more inclined to use coupons. This is a strong indicator of the trend towards price-specific promotion. Avoid full-scale price cutting, after all you still need to service as a business owner yourself. Short terms promotions will stimulate sales from current customers and draw in new ones.

No comments: