The recent economic downturn is changing the way we think about our personal and corporate spending. But how can you keep your marketing budget in a credit crisis and get more out of your ad spend?
Surely a look at the basic principles of marketing won’t hurt:
1. Forget about market share. ROI is king when calculating the effect of your efforts. Refocus your campaigns around this concept and cash flow is bound to improve.
2. Be specific. If you are selling small used cars you are not selling small cars nor are you selling used cars. Get real about what you do.
3. Know your customers. Your core buying audience is possibly 80% of your total revenue. Who are they? Why do they spend? What makes them tick? Get all this all in one paragraph and your targeting is reborn. This is of course the opposite tactic compared to an economy boom where you seek alternative audiences and sources of revenue at a cost.
4. Talk to your customers. Now is the time to get some insight. What are their core fears? Are they thinking to drop your product in favour of a cheaper alternative or stop purchasing it altogether? If you see signs of a radical slowdown in sales don’t wait until it gets really bad. Act now.
5. Know your media. What are the best sources for you? Where do your customers hang out? Is Google Search full of window shoppers? Are you actually aware of any social media networks that your customers value?
Panic and frustration does not help anyone at this difficult time. A good captain shows in the storm. Rethink and refocus. Don’t just stop spending. Your sales are going to stop.
Re-distribute the budget and push your affordable products hard. If you are in the luxury category then add value. Throw in offers and sweeteners.
Do the right thing, market :)
One Response
In this time of the year as we all face economic struggle with our business, going to the BASIC is the best tool to hurdle these obstacles.
Couldn’t agree more. Thanks for this!