I was interested to hear from a Business Link adviser recently that the area that firms are looking for guidance on above all else during the downturn is marketing.
Companies realise that to survive they have to adapt – they need to fine tune their product or service offering, build their customer base, and ensure that communications with existing clients and intermediaries is as strong as it can be. Firms that maintain spend through a downturn often see their market share increase as weaker competitors pull activity. Here are some quick marketing tips…
Realise the full potential from your existing customers
Just as you are targeting potential new customers – you can be sure that your competitors are targeting your current clients. Your first priority must be to ensure that your existing customers are receiving an exemplary service. Getting closer to your clients may identify opportunities for drawing greater value from them – which can be a highly cost effective growth strategy.
Don’t compromise your brand
It is often tricky for marketers to work out how best to talk to consumers during a recession. Should they talk about the product quality, the longevity of the brand or simply the price?
Research has shown that in a downturn many companies drop their well-established values and distinctive marketing styles in favour of reactive promotions. This technique may result in some brands losing the very elements that make them valuable to people. It takes years of hard work to build a reputation for quality that you can be proud of. Don’t jeopardise this by aggressive discounting strategies to boost your revenue.
Be selective in the markets that you target
If your business is focused on serving a market that is impacted by the current economic downturn, this might be a time to broaden the base of your business, breaking into new sectors.
Review your online strategy
The current downturn coincides with a massive change in the structure of the media, with online social media channels presenting important new opportunities. These tools can present a cost effective opportunity to promote your business.
