An article appeared in last week’s Westchester County Business Journal entitled ‘Marketing your business in an economic downturn’. It put forward some hints which may help you to grow your business when times are tough, especially as others around you may be curtailing their marketing efforts:
- Understand the issues facing your customers and offer them a solution.
- Look at current customers, expand relationships and build customer loyalty; if you are able to be flexible with your clients now, chances are they will remain loyal when the economy improves.
- Consider promoting long-term value as opposed to ‘luxury’ to make clients feel more secure in spending. Indeed, value should be much more important to a client than actual cost.
- A strong brand helps clients to trust a company, so don’t forget how critical it is to maintain and build a strong brand.
- Online marketing tends to be less expensive than print and radio, and can be easily quantified.
- Hosting seminars which are of interest to your client base positions you as a thought leader in your industry.
- Networking websites such as LinkedIn and online directories like Jigsaw can be useful ways of making contact with potential customers.
Of course we would strongly advocate market research in this climate, which will facilitate many of the above actions. For example, market research provides the means by which you can understand your customers issues, find out what they really value, discover how you can increase their loyalty, analyze and strengthen your brand, and much more besides. To find out more, visit our main website.
