3 Marketing Tips to Beat the Tough Economy

What are some ways to actually succeed in a down economy? I have been asked this question many times in the last few months, so I wanted to write about some specific down-to-earth strategies that can help you weather the storm.

The biggest problem for marketers during a bad economy is their shrinking budget. With less capital to spend on advertising, the pressure to always succeed is greater. There is no room for failure or trial and error when times are tight and budgets are shrinking. So smart marketers need to focus their attention on things that are proven to work and carry little risk.

A well executed game plan during a recession can separate the marketing pros from the wannabes! Here are 3 marketing tips to beat the tough economy:

Mine Your Customers

Many times in this site I have mentioned the 80/20 split. If you don’t know what I mean by this, you need to register for my daily marketing tips!

As a general rule of thumb, most companies reap 80% of their margin from a mere 20% of their customers.

Which means one of the best opportunities to increase sales is within your current customer base! If you have not done so already, now is the time to meet your customers face-to-face. Take some time to thank them for past business, develop a stronger relationship, discuss ways to improve your service offerings, and most importantly discover opportunities for new business. Make sure they are aware of all the ways you can add value to their companies.

Get Economical

Look for ways to offer new programs and services that take into account the tough economic conditions. Offering product and service options that let your customers know you are aware of their struggles can go a long way toward securing additional business.

No one wants to feel under appreciated. Take this time to let your customers know they are appreciated and offer them discounts and incentives to stay with you through these tough times. Even something as simple as amending your payment plans can have a huge impact. Talk to your customers and see what they need most – you may be surprised how minor adjustments to your sales strategy can mean great rewards.

Get Out of the Office!

Ask any great marketer, “When is a good time to gain market share?” and they will all say the same thing.

There is no better time to gain market share than during a recession!

You need to get out of the office and start networking… Embrace social media, attend industry meetings, sponsor local events, visit potential customers, do anything that gets your name in front of potential buyers. During a bad economy there are hoards of people that simply do not have the funds to enter your buying circle. Now is the time to meet and persuade them!

When the economy turns and they are ready to buy, you need to be at the top of their list. For this reason alone, a recession is one of the most crucial times to maintain your branding campaigns and build market awareness. As your competitors scramble to keep afloat, you need to be out there beating the streets and building consumer trust. When the clouds part and the storm recedes, it is the persistent marketers that will haul in the business.

I know… These are things you should be doing no matter what the economy looks like. But now, during a slow economy, is a great time to hone your marketing skills and build lasting relationships. Those that do, will come out on top.

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