Cost-Effective Marketing at Crunch-Time
With the United States in an economic free-fall, businesses are pinching pennies and tightening up the purse strings in an attempt to survive the crunch. Marketing budgets are limited and are unfortunately often the first to go. What does this mean? It means that not only are you struggling to make ends meet, but also you’re not attracting any new clients. It’s time to dig deep and put your business sense to good use! Here are some tips on cost-effective marketing to get you started.
- Client Retention. Keep your current clients as happy as you can. Ask about their concerns and work with them to accommodate their every need.
- Testimonials. Grateful clients are often happy to spread the word about your great products or services. Encourage them to do so! Then, share their enthusiasm with potential clients. Ask if they would like to be a “featured client” on your Web site or blog in return for their testimony about your company.
- Public Relations. Executing a well-organized public relations campaign can be invaluable in a recession. A good public relations plan includes face-to-face interaction, consistent production and distribution of press releases and editorials and attendance at special events and workshops.
- Network, network, network. Join professional organizations; attend events such as conferences, trade shows and association chapter meetings, and take full advantage of social networking.
- Collateral. While you’re out networking and collecting those contacts, be sure to distribute your own information as well. Always have current, updated business cards and any other materials that can immediately identify your company and explain how you can be of assistance.
- Cross-Marketing & Promotions. Join forces with other companies in related businesses to share the cost of marketing ventures. For example, a hair salon and a nail salon might promote a “spa day” sale, or a mortgage firm and real estate company could share the cost of local advertising for special events or open houses. By splitting the expenses, you’ll keep your marketing budget in line while still benefiting from the exposure.
- Outsourcing. It’s sometimes better to hire temporary help for a special project rather than to use valuable time and resources to add to your current staff. Hiring some things out will help to keep customers and employees as content and stress-free as possible.
- Remain Aware. In times of economic hardship, stay well versed in terms of what is happening in your field. Pay attention to headlines that might affect your client’s bottom line, and have a solution ready. Then share your knowledge by forwarding relevant articles and announcement to existing and prospective clients.
- Evaluate and Adjust. Set aside time during each month, quarter or year to thoroughly re-evaluate your marketing situation. Determine what has been working and what has not, and proceed accordingly.
- Stay the Course. When constantly berated with headlines of a crashing economy and the fall of the American dollar, it is easy to panic and start slashing budgets indiscriminately. It is important therefore, to realize that thoughtful adjustments to your marketing plan can help to keep the business on an even keel in order to weather the storm.
Cost-effective marketing can be your best ally during a recessive economy. Remember, marketing is an investment in your company as well as your future. Hadfield Communications can be your source for marketing help in these times of uncertainty.
Contact Hadfield Communications for more information and to take the next steps in a positive direction for your company.