BtoB Magazine recently posted a great article on making the most of your marketing during rough economic times. Below are the highlights:
1. Stay in the game. Cutting back on marketing now means you will most likely have to spend more time and money later to win back your customers because your sales will likely decrease and you may lose some of your core customers to your competitors.
2. Cut through the clutter. Since marketing is usually the first thing to be cut when businesses scale back, the usual clutter from your competitors is minimized and you have a better chance of reaching your audience. The brand awareness you will build by keeping up your marketing efforts will definitely pay off when the economy recovers.
3. Convince them to spend on you. Businesses will still spend money when the economy is down. You just need to convince them that spending it on your product or service is a good decision on both an emotional and a practical level. Perceptions and preferences often change when proactive marketing is absent, so maintain your marketing efforts to help boost top of mind awareness.
4. Spend less and make a stronger impact. There are still ways to market effectively even when a business is strapped for cash. Using brandcentric public relations campaigns to secure media coverage can help reach your core audience. Also, updating your website so it uses the most up-to-date SEO techniques will help drive more traffic by increasing the chances of being found when a prospect searches for your product or service type.