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Slow Economy? —Keep Marketing! |
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Monday, 03 November 2008 |
Marketing Generates Revenue
When sales fall many companies make the mistake of cutting expenditures in the wrong areas. The budget for marketing is usually the first one to be cut or even eliminated. The reality is that the amount of money a company spends on marketing is directly related it's gross revenue. So cutting the marketing budget will not help the company's income but rather hurt it.
Stretch—Don't Eliminate—Your Marketing Dollars
In a slow economy it's crucial to think of more effective ways to market your company, thereby stretching your marketing budget. For example, can you make small changes to your products or services that will enhance their benefits. Use a blog to initiate a dialog with your customers. Ask them what could be changed to make your products or services even better. Remember, small changes are often just as if not more powerful than large ones.
Strengthen Your Company's Brand Identity
Is your logo or brand identity on par with your company's personality? If not, now is a great time to give your brand identity a refreshing update. Team with a competent graphic design studio to realign your business with your marketing objectives.
Enhance Your Website
Is your website optimized with descriptions and tags that search engines use so that your customers will find you? What about your website navigation? Is it easy for visitors to navigate through your site? Is your website copy relevant to your audience? Partner with a reliable graphic and web designer who can enhance the experience of those who visit your website as well as encourage them to contact you.
Create a Referral Program
We all know that some of the best clients are those that are referred to us from an already loyal one. Reward clients that refer you with a small personal item that is useful to them. The gift will be well received and you will have connected with your client on a personal level.
Customer Touch Points
For many companies, 80% of their sales come from only 20% of their customers. Concentrate on persuading that 20% to purchase services or products from your company again. Some of the best ways to accomplish this is through a postcard campaign, a phone call or a newsletter. The more times you touch base with your customer the better.
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