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SUCCESS IS A MARATHON, NOT A SPRINT.
In a recession, businesses with a strategic emphasis on marketing and an entrepreneurial culture will sense an opportunity and mount an aggressive response. The most successful companies will not necessarily be the largest, but those with well-defined brands, differentiated products and services, and a strong emphasis on building lasting relationships.
International Journal for Research in Marketing, 2009
Marketing in a Recession – Can you afford not to?
During this period of economic uncertainty, marketers are faced with the confluence of a changing consumer and changing competition. Consumers are looking for ways to transact business online as opposed to using traditional channels. Unfortunately, most businesses are needing to respond to these unprecedented changes with smaller budgets and fewer resources.
Where’s the Opportunity?
As they face these increasingly complex challenges, marketers have more power than ever to impact their company’s ability to compete and thrive. Even with tighter credit, the opportunity exists to leverage the resources available to focus more on efficient and effective marketing.
This period of challenges is an excellent time to step back and take a fresh look at what has made your business successful in the past and how you can evolve these proven strategies to work in a changing economy. With so many changes in the marketplace, this is the perfect opportunity to review your marketing efforts and to develop new strategies for moving forward.
Here are a few strategies that will help your business compete and thrive during an economic downturn:
Establish Strategic Priorities: With a reduction in resources, it is impossible to do as much as has been done in the past. For many businesses, the focus of marketing has moved away from acquiring new clients and customers towards retaining and growing the relationships you have.
Expand Your Reach: During this recession, traditional media has been the hardest hit, while direct, digital and social media budget percentages are increasing. One reason is because these channels are more cost-effective than other channels.
Think Globally, Win Locally: While brand-based communication is still important, the battle for audience attention and market share will be won on the local level. Smart marketers will seek to better understand their communities and will focus a more resources on reaching those people that are in close proximity to their businesses.
Listen: Now is the time to learn more about your clients and customers. Have you asked for their email addresses so that you can communicate using the channel they prefer (and that is less costly)? What immediate needs can you help them with? Do you know who the decision maker is? Have you asked what other products or services they purchase? Each of these initiatives will yield great results.
Personalize Your Message: Clients, customers and prospects expect you to know them. And, with a larger percentage of marketing budgets being allocated to direct channels, it is more important than ever to customize your messages as much as possible to your target audience.
Focus on Retention: With profits squeezed, there has never been a better time to focus on growing and retaining current relationships. Cross-selling can help a business meet “organic” growth goals.
Implement a Win-Back Program: With many businesses, the best prospect is a recently lost relationship. While there may be many reasons why, many lost clients or customers would be responsive to an offer from your business. A targeted win-back program is an excellent way of regaining lost trust and business.
Connect: Recently, you’ve seen increased competition, new media options and the changing goals of your target audience. In this crowded marketplace, it is difficult to set your business apart. Having a distinctive and informative Web presence is essential and keeps you “ connected” to clients and customers, prospects and vendors.
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