Marketing In A Poor Economy
All too often, business owners respond to a failing economy
and general economic downturn by reducing their marketing efforts. The reasons
they do this are often twofold: they are worried about spending too much money
on their advertising during a financial crisis, and they figure that consumers
are tightening their own belts and are less likely to be persuaded by various
marketing techniques. However, cutting back on your marketing budget during a
recession or economic downturn is actually a very big mistake.
When a company stops advertising, it usually begins a downward spiral. After all, less advertising equals less visibility in the marketplace. When times are tough, companies actually need to amp up their marketing efforts. Otherwise, the bad effects of the overall economy can sound the death knoll of a struggling company. Rather than cut back on advertising during tough economic times, a company should instead focus on using different and more innovate techniques to remain competitive - and afloat.
Thanks to the Internet, there are more ways than ever before for a company to get creative with their advertising campaigns. Also, advertising online can be much more cost effective. The trick is to get in on phenomenon’s that are taking the online world by storm - and using them to your business's advantage. Sitting back and twiddling your thumbs while the economy takes a nose dive is a guaranteed way to kiss it goodbye for good. Set aside part of your advertising budget to explore different forms of online media to promote your company and its products and services.
Online media and social networking sites like Facebook and Twitter are great ways of getting your message out there inexpensively and productively. Even in rough financial times, people still turn to these sites for entertainment and networking. Making your brand and company a part of this online community can have a great impact on your marketing campaign. You can use these kinds of sites to advertise free giveaways in order to drum up interest; after all, when people are short on cash, they are far likelier to sign up for a contest.
Another inexpensive but very effective way of enhancing your marketing campaign during an economic downturn is by revamping your company website. This is critical if you want to remain competitive in general; if your site was designed back in the late 1990s and hasn't been touched since, then it badly needs a face lift. Even if it was designed fairly recently, its important to keep things fresh. Add a Twitterfall or links to your company Facebook or Myspace profile to keep it current.
YouTube is another great place to promote your business on the cheap. Throw together some informative and entertaining videos and post them. Make sure you include a decent number of keywords so that your video will appear in search results. Link back to your company website to generate additional buzz.
Finally, no matter what the economy is doing, it is important to remain flexible. This does not mean that you should engage in risky chances or gambles; stick with what you know, but express it in innovative ways. Be willing to adapt to upcoming market trends. Interact with your customers and follow their lead. Keeping these points in mind, you should be able to run a successful marketing campaign in virtually any kind of economic climate.