Whether the U.S. economy is in an actual recession or not, the picture isn’t as rosy as it was two years ago. With the current mortgage crisis, and unsettling news about IndyMac, Fannie Mae and other financial institutions, confidence is down. And costs are up. You may be feeling the pinch, and maybe you’re thinking about scaling back or reallocating your marketing budget. But, as marketing is a necessary component of both short-and long-term business plans, now is a great time to reevaluate your current strategies and make the most of unexpected opportunities to market smarter.
Five Recession-Proof Marketing Tips
1. Keep your current customers near and dear
You’ve probably heard this before, but it bears repeating: It costs 10 times more to acquire a new customer than to sell to an existing one, so do all you can to solidify your customer relationships.
• Send your customer’s emails on a regular basis—to thank them, announce a special offer, or share tips and hints.
• Mail postcards with an invitation or a reminder. Consider including an offer, redeemable at your website. When your customers log on you can capture current email addresses.
• Keep your customers engaged—and bring in new customers—with a “refer-a-friend” program, offering a free gift or a discount for referrals.
2. Go for measurable results
When you want your marketing dollars to work as hard as possible, choose media that let you measure your results. And according to the U.S. Postal Service, 30% more dollars are spent by multimedia shoppers than single-media shoppers, so consider a mix of direct mail and email, which let you:
• Target only the people who want your product or service.
• Customize messaging to different audience segments.
• Test offers, messages, timing, even size and colors to learn what elements generate the biggest response rates and return on investment (ROI).
3. Share the costs, increase the sales
Get creative, reach out to friends and associates and combine marketing efforts and costs. For example…
• At your brick-and-mortar locations, organize partnership marketing events with your business neighbors.
• Raise awareness through community service programs. Partnering with other organizations in support of community programs has advantages for the community and for you.
4. Brush up your social skills
If you’ve got some time on your hands, ramp up your networking to create top-of-mind awareness for you and your business.
• Attend Chamber of Commerce and other business breakfasts, socials and forums.
• Volunteer for community and charity work.
• Explore some of the new social networking websites geared for businesses, such as Twitter, Plaxo, Yelp and LinkedIn. Most are free to join.
5. Put your expertise to good use
Remember, you’re not just selling a product or service. At some level, you’re selling yourself. So position yourself as THE expert in your field.
• Write articles or white papers and offer them as free downloads on your website or include them as part of mailed newsletter—an affordable and effective marketing tool in any economy.
• Start a blog, accessible from your website. Keep it light and interesting; let your personality shine through.
• Host a webinar, which gives you the added benefit of tracking who attends.