Can You Successfully Market Your Business in the Face of Tough Economic Times
New businesses are actually at an advantage during this economic slump simply because you can easily modify your offerings to fit your client’s changing needs. Larger, more established companies have too many stakeholders to make changes very quickly. Below are cost-effective marketing activities for small businesses (or any business for that matter) to engage in without negatively affecting their bottom line.
The answer is simply yes! New businesses are actually at an advantage during this economic slump simply because you can easily modify your offerings to fit your client’s changing needs. Larger, more established companies have too many stakeholders to make changes very quickly. Below are cost-effective marketing activities for small businesses (or any business for that matter) to engage in without negatively affecting their bottom line.
- Advertising
- Viral Marketing
- Direct Marketing
Print and online ads are great ways to get your name out there. However, advertising is very costly and oftentimes hard to measure. Many publications engage in swaps or barter agreements which allow you to post an ad in their print publication or website usually in exchange for ad space, access to your customers, or even for services. The terms of the agreement will have to be negotiated with each publication on an individual basis, but this is a great way to save valuable marketing dollars while still getting your name out there to relevant prospects.
With many companies making budget cuts, advertisers are suffering so you may be able to negotiate terms that they normally wouldn’t agree to (ie. larger ad space, 2 ads for the price of 1, etc.). Don’t pass up this opportunity to form new relationships with relevant industry publications that have a following of qualified buyers/subscribers.
Your website: Viral marketing is more important during economic slumps than ever. Make sure your website is search engine optimized and displayed high in search results. If it’s not, you should start by identifying a few keywords that describe your site and incorporate them into your copy without sounding spammy. This is an art and can be time-consuming, but it’s definitely worth it. Also, you want to make sure your website serves as a resource for industry professionals. They will come back often if they see your site as a pool of knowledge. Link to other industry websites and stay current on news and trends.
Blogs: Blogs give you more freedom to speak without interfering with the design of your website. Make sure you update your blog regularly and always use relevant content. Encourage your readers to ask questions and provide feedback by asking questions and conducting polls and surveys. You want to be seen as an authority in your specific area so that people will want to pay you for your products/services. Blog content is also crawled by major search engines so don’t forget to link back to your business website.
You should also be posting on other blogs. Post to relevant industry blogs, answer and ask questions and promote your product/service as a solution to common problems.
Social Networking: Networking has always been the key to success in any business. Websites like Linkedin and Facebook make it even easier. You can find others with similar interests and maintain professional relationships. The way you choose to present yourself and your business is up to you, but don’t disregard the power of online networking tools such as these. Also, do your research because there are other networking tools out there for business professionals and some for specific industries.
Traditional: In the age of Web 2.0 we can sometimes overlook the traditional forms of viral or word-of-mouth marketing efforts. Attend industry events including conferences, tradeshows, social happy hours, etc. This is a prefect way to unwind with your peers and hand out a few business cards.
Direct Mail: The data you own is your most valuable asset. You must make sure your data is complete and up to date. Data diminishes at a tremendous rate due to turnover in companies, mergers, relocation, etc. Make sure you update your customer and prospect data regularly and that you are constantly acquiring new data. There are many services available to aid you in data acquisition and data hygiene (Check out DataOverhaul.com).
Email marketing can be very effective when done correctly.
DO keep a list of unsubscribes
DON’T send emails from your personal email address, use a third party email service provider
DO abide by the rules set forth in the CAN-SPAM Act
DON’T annoy your clients/prospects. Only contact them when you have something to say
DO provide them with valuable information about their business, not just “click here to buy”
Telemarketing: It never hurts to utilize a qualified sales professional to close the deal. Unsolicited calls could ruin the chance of any relationship you may have with someone in the future, but you should always try to get permission for phone contact and ask for the best time to call.
These are basic marketing techniques that don’t require you to shell out tons of money and will take your business to the next level.
