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Marketing is often one of the first casualties of recession. But think twice before you cut the budget and reduce your activity. A recession is not the time to make your products and services less visible. Companies that keep on marketing throughout a recession are more likely to survive.
Keep your profile high but make sure that your marketing is recession savvy. Find out how the recession is affecting your customers – help to address their concerns and show that you are still able to satisfy their needs. Make sure you are clear about your USP. If quality is your thing, don’t sacrifice this for lower prices. Make sure your customers understand why your products are worth the price. If value for money is your chief appeal, make sure that you are still competitive and think of ways you can offer even greater value.
Tools You Can Use
There is a whole took box of marketing activities you can use to keep on getting your name out there. Here are some ideas to consider.
Local press advertising
Depending on your business, this is often one of the most straightforward and effective ways you can reach your audience. The readership of printed newspapers is declining, but the local freebie that plops onto the doormat every week is how many people source local trades people. Or why not try the free community magazines that are delivered door to door?
Direct mail
Direct mail and leaflet drops are a great way to reach lots of potential customers at low cost. There are some real bargains to be had from local print shops, many of whom are offering recession-busting deals on flyers and leaflets. Consider using the flexibility of digital print to personalise your mailers and tailor content to different audiences.
Brochures and leaflets
Good quality, well-designed publicity material can help you promote your products and services and convey a strong image of your brand values.
Make design work for you
Does your logo need a face lift? Are your colour choices stuck in the ‘80s? Take an honest look at your image and decide whether it really gives the best impression of your business. Refreshing your image could pay dividends.
Networking
Many of us dread networking events: exchanging business cards and making small talk with strangers. But done well, networking can be effective. Choose the events you go to carefully – will they be supported by people who might be interested in your products or services, or will they put you in touch with others who are? Prepare a quick spiel about what you do, gather up your business cards and leaflets, take a deep breath and go for it. And remember, when you make a connection, follow it up.
Social networking sites
The popularity of social networking sites continues to grow. Tools like Facebook and Twitter are new channels you can use to promote your messages and generate awareness of what you do.
Internet marketing
Make sure you are exploiting the potential of your own website and look at low cost innovations that could make your site stand out. A blog could generate interest or controversy that gets your name known, or how about posting information on your website that could make it a destination site for people seeking advice and guidance on purchasing products and services like yours.
Review your website – is it easy to navigate, is it clear what you do, does it make it easy for customers to get in touch and find out more?
Corporate social responsibility
An impressive sounding name for what is basically being a good neighbour. Look at ways your business can contribute to the local community. If you have some budget, then sponsoring the kit for a local youth football team could be a good way to promote your brand. If money is tight, donating time and expertise to local voluntary groups could be an option. Staff will enjoy the opportunity to give something back and you will be able to demonstrate your commitment to the community.
Remember...
Get the professionals in
You may want to do your marketing in-house to save money, but not everyone is a good copywriter or a great designer. Badly written or badly designed marketing materials could damage your image. So be honest about your skills, and if you can’t do it in-house, get the professionals in. If you can’t afford to employ an agency, check out local freelancers who can typically offer an excellent, personal service at a good price.
Evaluate, evaluate
Someone once said: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Try to measure the success of what you do. Simple methods like quotable reference numbers on adverts or flyers can help you track the source of new business and find out what works.
Top Tips For Recession Busting
Plan a strategy
Don’t leave success to chance. Examine your company’s strengths and weaknesses, review the market, find out what your competitors are doing. Get as much business intelligence as you can and use it to plan your strategy for success.
Stick to the knitting
Focus on what you do best and keep on doing it. Highlight what makes your products or services different, better, or the best, and tell people about it.
Manage your finances
In uncertain markets, cash is king. Keep the cash flow healthy by getting your invoices out on time and chasing up late payments. With banks cutting lending, you don’t want to be going cap in hand to the bank for cash to keep you solvent while you wait for money to come in.
Build customer relationships
Look after your existing customers. Think about ways that you can enhance your service to them and help them to ride the storm. You may not be able to reduce prices, but can you find other ways to make your service stand out?
Keep your staff happy
Staff are a key channel for promoting your brand. If they are unhappy, they can damage your reputation. With job losses announced all over the country daily, staff are bound to have anxieties about their job security. Keep them informed as much as possible, and keep motivation and enthusiasm high by showing you value their commitment.
