Wednesday, October 22, 2008

Marketing Through Tough Economic Times

Typically the first reaction to a market trending downward is to cut marketing spend. In these tough economic times savvy brand, and search marketers alike are seeing this time as an advantageous opportunity. Well how can THAT be, you ask!?

When things get quiet in the world of our competitors opportunities may present themselves in a way you have not thought about. Think about it, if you are considering cutting back on marketing spend what do you think your competitor is thinking, potentially the same thing, right? Therefore, continuing your marketing efforts as you were, or even increasing your spend, to gain more exposure can open a door of opportunity to increased brand awareness and higher profits in the end when all is said and done. As a business owner you just need to be wise in how you spend those marketing dollars. Tune into your customer base and present a message that will stick as well as make sense in these tough economic times.

Now you might ask yourself, well what do you mean by “stick” or “make sense”? If you are running a Paid Search Campaign in Google, Yahoo! or MSN, now is the time to be creative and test new ad copy that could have a positive affect on your traffic and overall sales. Change your call to action to something like, “Shop Online Now” vs. “Buy Now,” if you are running a special promotion try, “Save Now,” instead of “Shop Now.” Get it? You can also call more attention to your products or services by stating they are more “efficient” or “provide a better value.” These slight variations can really hit home with what consumers “want” to hear instead of what you want to tell them.

The bottom line is to be innovative, don’t be afraid to try new things, stand strong through tough times. Tailoring your message to consumers can really grab their attention and make a difference in your success. This is the time to be more visible, and emerge with a stronger brand when things get back to normal. Spending money wisely is the key, and focusing more on your consumers needs is crucial. But please be careful when you begin to ask untrained employees to make critical decisions for your business just to save a buck. Be smart, yes these are tough economic times but that does not mean you need to lose sight of your business goals. Plan ahead with thoughts to replace companies that probably won’t survive this economy, this should make your pain a bit more manageable don’t you think?

No comments: