The economic downtrend during a recession doesn’t mean it will drag your business down. A recession is actually a right period for business owners to tightly monitor their marketing activities or rethink about business strategies changing and optimize business efficiency. When the economy is turning down, as a business man, you should focus on survival first, not plan for growth. Since there are changing in customer behavior that they tend to evaluate their purchasing priorities and more emphasize to the value of the product; it’s also the right time for you to rebuild your product’s value.
The general reaction during recession is to cut all types of expenses. Instead of being panic by reducing all spending, you should think in a way that the economic recession gives the opportunity to explore new marketing strategies. Since the aims are to retain existing customers and to gain new customers; a progressive marketing of your most valued products in a less cost is a must to do during this economic crisis.
Here are some marketing strategies that can be applied during recession:
1. Invest in brand of most valued product or service. Regardless of recession, to attract lots of customers, a business owner must build the brand of product or service more by spreading sales and marketing campaigns progressively. You may cut other costs, but advertising cost should not be included. Maintaining the sales rate is a chance of survival.
2. Website marketing. You can promote your business online using lots of free hosting web service. It is good to make a marketing website that functions as a means to keep the existing customer base. There should a feature to maintain connections with present customers since customers are reluctant to deal with unknown product or service suppliers. The web should also contain all business information clearly without overselling. Avoid the unwanted information or excessive sales offers that may annoy customers.
3. Internet marketing tools. You can make the best use of e-mail marketing. With free cost, you are able to reach your targeted customers list by sending regularly email which contains newsletter on your updated business information. The benefit that you get is providing your existing customers with updated business information and spreading the same information to attain new targeted customers.
4. Verbal advertising. Don’t underestimate the power of verbal advertising; especially in your local area. Be more active in every community event in your area such as charity event, Independence Day celebration, etc. The main objective of verbal advertising is a significant increasing in awareness of your business existence and positive images. With a simple verbal advertising, you can grasp the aim in just a low cost.
5. Take a benefit of a media. Usually there is business press release section which presented on radio, printed and online media. If there is interesting business event happened that is proper to be publicized, you can publish a press release using each media. Published press release on different kinds of media could be an effective marketing tool in less expensive way to increase public consciousness during recession.
6. Build a network of partnership. You may not be able to survive recession on your own. Create a network of trust between other businesses of the similar product line and face the economic recession together. Before applying this strategy, you had to build solid and strong product’s brand with niche market first. Otherwise, instead of increasing in business existence, your business will get drowned among other business.
Source: marketing your small business during the recession
Labels: 6 Simple Ways for Marketing Your Business During a Recession