How to Market in Hard Times
I get it. Right now, in the midst of all this mess and chaos, you probably don’t have unlimited money to market your business. In fact, you may have little to no budget. But that doesn’t mean you should just give up. In a sluggish economy, the right marketing strategies are even more important to keep attracting new customers, raise your brand, or expand into new markets.
To do it right, the owners I interviewed for my book, The Success Code, spent a great deal of time during the last recession focused on marketing tactics that cost them little, but reaped big rewards. Here are a few examples:
- They closely examined the strength of their target markets. (Demographics, Psychographics, Industry, etc.) Selling to the right audience can make or break a company. During a bad economy, it’s even more important. So, these owners carefully reviewed each of their traditional and potential customer markets to determine the level of demand and willingness to pay for their core product offerings. Sales and marketing strategies then focused on those markets that fit and others were quickly eliminated.
- They made their advertising dollars stretch further by utilizing strategic alliances. They worked with industry alliances and other relationships in the community to help them identify new prospects that fit their target market. Likewise, they supported active partners with systematic referrals of their own, continuously strengthening the relationships.
- They tested and measured every single strategy to determine its return on investment. When paid marketing opportunities presented themselves, they carefully tracked activity to ensure the investment paid off. Then dropped ideas quickly that didn’t work and amplified those that did.
These aren’t complicated ideas, but they don’t always get the attention they need. So, if you’re looking to ramp up sales right now, your marketing activities need more than a casual approach. We recommend you take time this week to discuss some of these proven strategies with your team. Then, put a plan in place to execute, follow through, and watch your revenue grow.
I’ve also created a short video on this subject that you can find in the “Resources” section, “Videos” page of my website.