The most common mistake companies make in a down economy like today’s, is cutting or eliminating their marketing budget. In fact, companies should beef up their budget, and become more aggressive in their marketing efforts when the economy is suffering. Why? Because in a recession, there are more companies just like yours going after the same clients. If you don’t put your best marketing foot forward in both print and online communication, your competitors will.
Here are five marketing strategies that will allow your company to be recession-proof, without blowing your budget:
1. Solidify and strengthen your brand/identity in print, web and voicemail communication.
If you don’t have a logo/identity and website for your business,, now is the time to get one developed by a professional. If you have an existing logo/identity and website, it’s time to make sure it’s professional, updated and your brand is presented consistently across all points of communication. Consistency in marketing creates recognition, which increases the likelihood of results. Is the information on your business cards, website and other printed materials current? When you spread out your most recent marketing materials on a table, do they look like they are from the same company? Even your voicemail message needs to convey the same level of professionalism, and reinforce your brand/identity.
2. Purchase and distribute a promotional giveaway that is consistent with your brand/identity.
An accounting and bookkeeping firm, a certified green business, purchased imprinted pencils made from 100% recyclable material for under $1.00 each. They distributed these to existing and prospective clients, many of whom called to ask for more! Promotional items do not have to cost a lot of money, but need to be unique and align with the companies overall strengths and brand. Everyone loves to receive something for free, especially in a down economy.
3. Personally communicate with past, existing, and prospective clientele.
Go through the old rolodex or online address book and get in touch with clients you haven’t worked with in awhile. Call, email or write a personal note (and be sure to include your new promotional item) to say hello, and ask if there is anything you can do to help make their job easier. Once you’ve contacted all of your past clients, start contacting clients you’d like to work with in the future, and also reconnect with existing clients.
4. Create a cost-effective direct mail piece or campaign.
A small printed piece or series of pieces with a consistent, strong message can set your company apart from the competition, and bring results. Though mail is highly competitive today, it is still one of the most cost-effective marketing channels. The key is to offer an irresistible incentive that appeals to your client base, and encourages them to act. The piece must be unique—in size, design or content (or all of the above) in order to be successful.
5. Launch an email marketing campaign.
If managed properly, email marketing is one of the fastest growing marketing channels used by companies today. Why? According to research conducted by the Direct Marketing Association (DMA), email marketing generated a ROI of $48.34 for every dollar spent on it in 2007. This number is expected to be $45.06 for 2008. Email marketing allows a company to precisely target their marketing message, builds client relationships, awareness, loyalty and trust. Most importantly, the results can be directly tracked, allowing companies to refine the approach and message.
Despite the pressures of today’s tough economic climate, companies need to be both innovative and aggressive with their marketing dollar. If you follow these secrets to marketing in a recession, your company will outlive your competitors, and reap the rewards once the economy stabilizes.
Stay tuned for “5 More Secrets to Stretching, Rather Than Eliminating, Your Marketing Dollar in a Recession”…
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