Wondering just how to navigate during this time of economic turmoil? Should you slash your marketing budget or bolster it? Studies have proven that companies that are on solid ground when the economy slides need to maintain and further their advertising efforts. In so doing, they can successfully weather the economic storm, oftentimes experiencing growth over their competition who have opted not to advertise.
Following are tips to consider while creating your marketing plans for 2009:
1. Maximize your advertising dollars: Don’t blow all your money on one ad. It’s proven that consecutive advertising over a period of time garners better results than a larger ad placed only one time. Be smart about your money and plan a one-year campaign; choose an ad size that your budget will support over that time span.
2. Co-op your ads! Share the ad space and cost with another company; be it a manufacturer, online store, distributer, etc. who has a similar interest. You’ll save money while getting the exposure you’re looking for.
3. Know your client - niche markets vs. mass marketing. Make the most out of your budget by addressing your target demographic directly. Instead of diluting your marketing by addressing a wider market, that may not be interested, you can usually expect a better ROI (return on investment) by addressing a specific niche market that you know will be interested in your product/service. For example, if your product was a new-fangled corkscrew, you’d want to target wine lovers. It would therefore be more effective to advertise in a wine magazine rather than a general foods magazine. Therefore, it’s imperative during the planning stage of your marketing campaign that you identify that appropriate niche market. Once you’ve done that you have the opportunity to take risks and try new marketing ideas that will give you the competitive edge you’re seeking.
4. Your slice of the pie: It’s important to gain as much market share as possible during a recession. Instead of focusing on expanding your company into different sectors, now is the time to hone in on the strengths of your company and strive to gain a competitive edge over your rivals. That means knowing your competition and making sure you are differentiating yourself to your target audience.
5. Create additional value for your customers. Incite customers to choose you over your competition by offering “added-value” packages. If your clients are going to part with their hard-earned cash, they’ll want to feel assured they are getting the most for their money (more than what they’d get from your competitors whether it be in superior product, customer service or price).
6. Get editorial: Send samples, pictures, press releases to the media. Make sure you follow up. And remember, like advertising, consistency and repetition will get you the best results!
7. Stay in touch:: Start a mailing list and consistently stay in touch with your clients, keeping your company and products fresh in their minds.
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