The economy has tanked. Prices are rising. Sales are sluggish. Businesses should abandon all marketing efforts and lay low until the storm has passed. Right?
Wrong! While your marketing budget may seem like a disposable "luxury," it is more important than ever to promote yourself during tough times. Many businesses actually thrive during economic downswings simply because their competition is hiding under a rock, waiting for things to improve.
Companies that succeed when the going gets rough know the secret: smarter marketing. Notice we didn't say "extravagant, expensive" marketing. You don't need to spend big bucks to get yourself noticed.
Here are 6 things you can do now without breaking the bank.
1) STAY IN TOUCH WITH YOUR CLIENTS.
It costs more to win new customers than to retain existing clients. Make them feel important by reaching out to them on a regular basis. Give them a call. Send them handwritten notes. E-mail them with industry updates or other things that may interest them — a book or restaurant they might like; a travel hotspot they'd dig; or even a recipe they'd enjoy. The point is, stay in touch.
2) LAUNCH A CLIENT-REFERRAL PROGRAM.
Our spa gives a five-dollar gift certificate for every new client we refer. A local business coach rewards her referring clients with Starbucks gift cards. Since word-of-mouth and referrals are both effective and cost efficient, implement a client-referral program that incents people to send business your way. Even a nice note, like the one our dentist sends, is greatly appreciated.
3) NETWORK.
Business and networking organizations cost money and time, so it's important to hone your memberships down to a key few that work for you. Ax those groups that don't yield good prospects and referrals.
At one time, we Turtles belonged to eight organizations. We were never home! We eventually narrowed them down to three and became involved in each of these groups by serving on boards and committees. This has given us tons of great exposure and boosted our credibility among members.
4) START AN E-ZINE.
An e-zine (or electronic magazine, like the one you're reading) is both easy and affordable. It keeps you in front of clients and prospects and lets you disseminate valuable information to hundreds, even thousands of readers at a time.
Position yourself as the expert and include things like educational articles, helpful tips, a question-and-answer section, special offers, invitations to upcoming seminars, and so on.
To give your e-zines high-octane style and selling power, check out the Ezine Queen, one of the premier experts in e-mail marketing. You can learn more about her here.
5) GRAB A PARTNER.
Forming strategic partnerships with professionals whose occupations complement yours is a great way to expand your marketing efforts. For example, if you're a business attorney, you may want to reach out to accountants, financial advisors, business advisors, and even other attorneys in complementary fields.
If you're a personal trainer, hook up with nutritionists, massage therapists, weight-loss organizations, and healthcare professionals.
Offer to refer business back and forth. Send out a mailing to your clients introducing your partner(s) — and ask your partner(s) to do the same. Conduct workshops, seminars, and networking events together.
6) WHAT ABOUT BLOG?
A blog is a potent marketing vehicle. Here you can post news, opinions, musings, and/or commentary and establish yourself as an authority in your field. You can also invite visitors to comment on the topic at hand, creating a dialogue between you and your audience.
Assign a member of your company to be the designated blogger, or invite various members of the organization to create their own blogs, each with its own spin.
Just be sure to update the blog frequently — weekly or even daily — to keep it fresh and relevant. To set up your blog, check out blogger.com, googleblog.blogspot.com, or typepad.com.
Ready to market your business during the economic slump? We Turtles can help. Contact us today for a complimentary consultation.
