5 Secrets to Stretching, Rather Than Eliminating, Your Marketing Dollar in a Recession - Part II
Welcome to Part II, which continues from my previous post. Stay tuned for Part III….
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 more marketing strategies that will allow your company to be recession-proof, without blowing your budget:
6. Attend networking events.
Good, old-fashioned networking is still an effective way to market your business today. The key is to focus your time on the networking groups and events that will connect you to the right audience, and to be consistent in your attendance. Start with researching local newspapers, trade publications, and chamber of commerce offices for listings of events in your area. A valuable online resource for event listings by location is fullcalendar.com or craigslist.org. From here, determine which would make the most of your time. If you are unsure about the event, then make a phone call to inquire about the types of members and attendees, and any other details that may help in your decision. Now, don’t forget to bring plenty of business cards and that winning smile!
7. Target your existing advertising.
Tracking the results of your advertising is one thing, but putting this data to good use is another. If you are currently advertising, it is crucial that you determine the marketing channels that have been the most successful for your company in the past 6-12 months. A down economy is the time to target—not eliminate—your advertising, and make sure your efforts are paying off. Analyze and scrutinize the data until you have come up with a lean, green marketing strategy. If you don’t have a comprehensive tracking system in place or you need help analyzing your data, now is the time to bring in an expert.
8. Publish valuable articles online.
Writing short articles and publishing them online is a great way to establish yourself or your company as an expert in your industry. It’s also an inexpensive (and often free) way to advertise your product or service, and bring traffic to your website. Determine topics that would be valuable to your client base, and write an article of 500 words or less for each topic. I know, I know. You are not a writer, right? Well, you don’t have to be. Just go to sites like ezinearticles.com or articledashboard.com to find a plethora of writing tips, as well as instructions to post and manage your articles. If you still aren’t comfortable with writing and publishing articles yourself, most freelance writers can write and edit them for a reasonable cost.
9. Create your own blog.
What is a blog? A blog is a contraction of the term “Web log”, and is a website providing commentary or news on a particular subject, or as a more personal online diary, allowing readers to exchange information and comment on postings. In business, blogs are useful tools for communicating with your clients and employees, providing valuable industry information, reinforcing your brand, marketing and public relations. Blogs can also drive traffic to your website. The key is to post regularly and select topics and titles that are relevant to your niche. Wordpress and Blogger are the two top blog sites—both free— which allow you to choose a site design from existing templates. But, if you want a more sophisticated and customized blog site, enlist the help of a professional website designer. Happy blogging!
10. Attend and/or sponsor an event.
Industry events and workshops can be useful in connecting you to prospects, and advertising your product or service. But, you must do some research before you decide to attend or sponsor an event. First, check local listings in print and online for upcoming events in your area. Fullcalendar.com and tsnn.com are both useful resources to find workshops, events and tradeshows by industry and location. Contact the Event Manager to discuss attendee demographics to make sure the event caters to your target audience, will allow you to gain industry knowledge, and make worthwhile connections.
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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