Effective Marketing Strategies to counter the Economic Slowdown

Cutting back on marketing costs seems like an obvious decision to make in the face of a slowing economy. But this could do your business more harm than good.

Decreasing marketing efforts will lead to your business losing its visibility, revenue growth, customer retention and eventually its competitive edge.

Marketing is in-fact essential to surviving an economic slowdown. What can change is your approach and strategy.

Marketing promotion doesn’t have to be expensive for it to be effective. Some of the most effective marketing strategies will cost you next to nothing but will require your time and hard work for it to yield the necessary results.

Here are 5 inexpensive but effective marketing strategies that will help you boost your business:

Continue to Advertise

• Change the content such that it prompts action. Advertising attractive promotions/offers on you website will lead to new sales opportunities and will keep customers coming back to your site.

• Sending prospective customers monthly e-flyers that contain valuable information about the products/services you offer.

• Online advertising. It is essential to find advertising that is best suited for your business and your budget. Free online advertising is also available.

Don’t forget your existing customers
• Keep in touch with your customers. Sending regular updates about new product introductions, special offers and support programs will keep your company alive in your customers mind
• Offer them special discounts and incentives for their loyalty. This in turn will give you the opportunity to Cross sell and Upsell additional products/services to customers in the future.

Give them something more for less
• Make sure that your business is providing superior quality of products/ services at the lowest possible costs. This will give you an edge over your competition and satisfied customers are sure to bring in new customers for your business.
• Try and provide additional services such as online/telephone support, additional warranties on products etc. for free. This will please existing and potential customers and will not cost you much financially.

E-newsletter
• Publish and send email news letters on a monthly basis to all prospective and existing clients conveying new products/services offered by your business, your latest achievements, new employees, management changes, new markets, discount programs, etc.

Adapt and Accommodate
• If your business does not deal with small customers or small orders, and fails to address their general grievances then you need to become more flexible. The financial benefits will be less but it might provide your business with the basic operational expenses and in turn more customers will be served leading to the possibility for gaining new business by word of mouth.