Successful Marketing in Difficult Times
Or How I Learned to Stop Worrying and Love the Recession!
These are tough economic times. No doubt about it. And like a lot of business owners, you may be feeling the pinch today and worrying about planning for tomorrow. In this environment, marketing plans take on an entirely new meaning. Maybe you are questioning whether to scale back your existing marketing plans, or do away with them altogether.
Well, I think you will find neither of those is a good alternative!
Uncertain economic times provide the perfect opportunity for you to take stock of your existing customer base and to leverage those relationships in order to weather the downturn-and stay competitive in the future. Now is the time to assess the fundamentals that drive your business: knowing your existing customers; acquiring new customers; connecting with customers in meaningful ways; and delivering the right solutions to meet customers' needs.
Let's look at some useful tips for leveraging what you already know about your business. We can help you create an actionable, effective marketing plan that will help you survive-and even thrive-in this particular economic climate. Your existing customers are your most precious asset, even more so during challenging economic times. These customers not only provide your most immediate revenue-generating opportunities; they are also the gateway to new business. By understanding your customers better, you can make your business more attractive to both existing and new customers and be positioned to successfully market through the economic storm.
Here's how you learn more about your customers:
You can get to "know" your customers better by creating a profile of their characteristics, buying habits, and interests. For example, answer questions like:
. What are the characteristics of your best customers?
. Are they male or female? How old are they?
. How close to they live or work to your business? What is their income?
. How often do they buy? What is their purchase behavior?
. Why do your customers choose you over the competition?
. Which customers are most likely to refer you to prospective customers?
. What preferences and interests have your customers noted in their email sign ups or in conversation?
While this exercise may take a little time, a spreadsheet with the answers will provide an immense start on identifying with your customer and creating business even in down times.
Use the information you've gathered from your customers profile to segment your existing customers into groups with similar characteristics. Segmenting your customer list in this way will help you identify those customers with the greatest potential for generating revenues and/or for referring new business. It will also help you prioritize the most effective ways to market to each customer group.
Further segmenting this information by adding special interest groups could aid in developing a more rewarding relationship with your customer.
In a tough economy, your first instinct might be to cut your marketing spending. But, most experts agree that, in a down economy, you should keep marketing, but do it smarter. There is a good chance that, during this downturn, your competitors are cutting back on their marketing budgets, so if you continue to invest in marketing, you will accomplish these three important items:
. gain market share over your competition
. instill confidence in your customers that you're in it for the long-term
. be poised to move forward successfully when the economy bounces back
To make your marketing dollars work harder for you, take time to think about the costs associated with acquiring new customers.
In a later article, we will discuss using your marketing budget effectively, the real cost of customer acquisition and using referrals to your advantage while making your customer happy.
Or How I Learned to Stop Worrying and Love the Recession!
These are tough economic times. No doubt about it. And like a lot of business owners, you may be feeling the pinch today and worrying about planning for tomorrow. In this environment, marketing plans take on an entirely new meaning. Maybe you are questioning whether to scale back your existing marketing plans, or do away with them altogether.
Well, I think you will find neither of those is a good alternative!
Uncertain economic times provide the perfect opportunity for you to take stock of your existing customer base and to leverage those relationships in order to weather the downturn-and stay competitive in the future. Now is the time to assess the fundamentals that drive your business: knowing your existing customers; acquiring new customers; connecting with customers in meaningful ways; and delivering the right solutions to meet customers' needs.
Let's look at some useful tips for leveraging what you already know about your business. We can help you create an actionable, effective marketing plan that will help you survive-and even thrive-in this particular economic climate. Your existing customers are your most precious asset, even more so during challenging economic times. These customers not only provide your most immediate revenue-generating opportunities; they are also the gateway to new business. By understanding your customers better, you can make your business more attractive to both existing and new customers and be positioned to successfully market through the economic storm.
Here's how you learn more about your customers:
You can get to "know" your customers better by creating a profile of their characteristics, buying habits, and interests. For example, answer questions like:
. What are the characteristics of your best customers?
. Are they male or female? How old are they?
. How close to they live or work to your business? What is their income?
. How often do they buy? What is their purchase behavior?
. Why do your customers choose you over the competition?
. Which customers are most likely to refer you to prospective customers?
. What preferences and interests have your customers noted in their email sign ups or in conversation?
While this exercise may take a little time, a spreadsheet with the answers will provide an immense start on identifying with your customer and creating business even in down times.
Use the information you've gathered from your customers profile to segment your existing customers into groups with similar characteristics. Segmenting your customer list in this way will help you identify those customers with the greatest potential for generating revenues and/or for referring new business. It will also help you prioritize the most effective ways to market to each customer group.
Further segmenting this information by adding special interest groups could aid in developing a more rewarding relationship with your customer.
In a tough economy, your first instinct might be to cut your marketing spending. But, most experts agree that, in a down economy, you should keep marketing, but do it smarter. There is a good chance that, during this downturn, your competitors are cutting back on their marketing budgets, so if you continue to invest in marketing, you will accomplish these three important items:
. gain market share over your competition
. instill confidence in your customers that you're in it for the long-term
. be poised to move forward successfully when the economy bounces back
To make your marketing dollars work harder for you, take time to think about the costs associated with acquiring new customers.
In a later article, we will discuss using your marketing budget effectively, the real cost of customer acquisition and using referrals to your advantage while making your customer happy.
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