+ RSSWinning Marketing in a Bad Economy; Just Adapt
It is no secret that the economy is in bad shape. Not just in the United States, but throughout most of the world. And, to make things worse, experts are in agreement that there is no relief in sight.
That means that you almost certainly need an adjusted, or maybe even an entirely new, marketing plan. If you do not have one in place very soon, you will be leaving money on the table. Perhaps a lot of money.
As with all marketing plans, begin with some basic questions. Who have been your customers? What do you need to do to keep their business? Who are your potential customers now? How can you reach and sell to them? Answer those straightforward questions and you are off and running.
Some businesses actually benefit greatly from a weak economy. However, their marketing mix and marketing messages may require a change when times are tough.
If you sell ebooks on home-based business, for example, a weak economy may provide increased opportunities for you. But, first you have to figure out how to reach and respond to people who want to supplement their incomes in tough times, and/or people concerned about layoffs. Instead of the tried and true messages about six-figure annual income and spending more time with the family, messages about being immune from layoffs and controlling one's own destiny may be far more compelling, and should probably be at least part of the mix.
Business people selling big ticket items will need to consider a far different set of issues and strategies. Are their customers so wealthy that nothing will really change for them? Or, might they want to promote lower ticket options? People used to trading in and buying new $70,000 cars every year may not be willing to consider doing so now, but perhaps they can be steered into buying $55,000 cars.
Lowering prices is always tempting when sales are down, but it is not always a good solution, especially if lower pricing will produce only a marginal gain in volume. Always think of all of the implications before reducing your prices.
Of course, you have to consider what your competitors are doing. A little competitive research to find out where your competitors are putting their advertising dollars and what they are saying about their products can be very instructive, particular if you track them on an ongoing basis to see what they stick with. Remember, you can assume they only stick with promotional efforts that have proven to be successful. And, there are lots of good tools and programs that make competitive research easier than ever before.
If you ask yourself the right questions and take the time you need to answer them fully, developing an adjusted marketing plan will notprove to be rocket science. And, if need be, get some expert advice from someone with successful experience in your industry.
Remember that a bad economy does not turn a good product or service into a bad one. If you provide something people needed or wanted last year, it is almost certain that they still need or want it. All you have to do is find the best way, under current economic conditions, to market it. Discover that, and your business can only be stronger, both now and in better economic times.
