Marketing in a Soft Economy
By Joyce L. Bosc
VARBusiness | Sep. 28, 2001
It's time to tighten those belts, batten-down the hatches and get ready for an
intense economic storm. Right? Wrong. At least not when it comes to your organization's
marketing budget.
Follow these tips in order to stay aggressive with your marketing, but remain financially
responsible:
Position your product/service as the best value in town. During a slow economy,
consumers give extra thought to quality, product longevity or shelf-life and long-term
costs. They need to get the best value for their dollar and one of the best ways
to show this is by having your satisfied customers speak for you. Try to include
client testimonials or references on your Web site. This includes making sure your
communications are consistent with your goals. Avoid impulsive, isolated efforts
that don't reinforce your overall image and brand.
Think about using repeatable solutions. Although already common in the engineering
and IT fields, repeatable solutions are being seen in a variety of industries as
a means of increasing output and efficiency. For example, take apart the components
of a CD-ROM and you will find several repeatable solutions. Did you use video clips
for the CD? Take the B-roll footage used for those clips and piece together a video
news release.
Remember to note what's working. To learn where your advertising dollars work the
hardest, track responses. Use coded reply devices such as coupons, different phone
numbers or different URLs for ads. Ask prospects how they heard about you.
Increase your news media coverage. Organizations should not ignore the power of
public relations. Reporters will cover your industry regardless, so why not be pro-active
with your public relations strategy? Keep press releases, new product announcements
and feature stories in front of the media. Make sure your Web site has a newsroom
and keep it up to date!
Fine-tune your media plan to reduce waste. Try using an aggressive, less expensive
advertising technique such as "flighting"--waves of advertising separated
by periods of no activity. It will appear as if you're always in your target market's
view without actually advertising constantly.
Make a great first impression. Every print ad, brochure, banner ad, sign or voicemail
message must reflect the quality of your organization and its brand image. These
important marketing tools often make the crucial first impression on your customers.
If your materials start to look inconsistent or have a lower quality, current clients
and prospects may wonder about your financial health.
Take your banners in-house. With the economy the way it is, other businesses may
be a little more hesitant about buying banner ad space on your site. However, while
you may not be able to use that banner space to create revenue, you can use that
space to your advantage by creating in-house ads that will guide visitors to parts
of your site where you would like to increase traffic.
Use research to ensure effective distribution of marketing dollars. Research is
often considered "disposable" during an economic slowdown. However, it
is even more important to understand the barriers to purchasing during this time
- whether they be price, quality, service, value, etc.--and to determine what buyers
need and want most.
Research doesn't have to be expensive. A simple search on the Internet or a trip
to your local library or trade association can provide you with a solid foundation.
Keep your eyes on the competition. During an economic slowdown, aggressive marketing
programs can help secure an edge
over timid competitors. Find out
where competitors have reduced spending, and maintain or increase your advertising
there.
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Joyce L. Bosc is founder and CEO of Boscobel Marketing Communications Inc. in Silver
Spring, Md., one of the most respected
and sought after branding, public relations and marketing consulting firms in the
mid-Atlantic region. A branding pioneer, Bosc launched the corporate identity and
branding of America Online from its infancy, including AOL's first free software
direct mail campaign. In 1995, she co-founded ESTN Communications Group, to provide
niche services for government outreach.
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