marcommlv

Embrace Common Sense Marketing in Tough Economy

In Marketing, Marketing Communications on July 12, 2011 at 7:38 am

In today’s tough economy, you need to make every marketing dollar work harder and smarter than ever before. By focusing on marketing basics, you can keep your business thriving and growing. Challenging? Yes. Possible? Absolutely. Here are five common sense marketing techniques that will help you use your marketing dollars wisely.

  1. Know your customers. Regardless of the state of the economy, your customers should be the starting point for all of your marketing strategies. Winning a new customer costs two to four times as much as keeping a customer so it is a smart investment to do everything you can to keep your customers happy. Learn as much as you can about your current customers. Analyze their buying habits to find ways to increase sales to them. Make their experience with your company so outstanding that they provide word-of-mouth marketing to others. This type of marketing is priceless.
  2. Cultivate prospects. While current customers are critical to your success, you need to continually cultivate prospects if you want to keep growing your business. Focus on untapped prospect groups who would make profitable customers. Develop a plan to reach them. Position your products and services to be as attractive as possible to turn these prospects into customers.
  3. Focus your message on your customer. Marketing is all about the customer — or at least it should be. Unfortunately, too many businesses spend time and money focusing on themselves and never talk about what the customer wants to hear. Experts estimate that the average customer is hit with 3,500 to 5,000 messages daily. If your message has any chance of breaking through that barrage, it must be customer oriented. Your message should acknowledge your customers’ pain points, develop your solution and explain what makes your solution better than that of your competition.
  4. Sharpen your marketing tools. Now is a key time to look at how well your marketing tools are working. Does your website offer information your customers want? Do you give them reasons to return to your site? Is your newsletter focused on your customers and their needs? Are you using marketing methods that actually reach your target audience?
  5. Use low-cost marketing techniques to enhance your budget. There are many low-cost marketing techniques that yield big results if you are willing to use them consistently. When you network, follow up immediately with new contacts. Use social network sites such as LinkedIn and Facebook to stay in touch. Send an email or set up a meeting to build relationships. If you don’t follow up, networking is worthless. Send a hand-written thank you note when you meet with a prospect. Keep your database updated so you can stay in touch with customers and prospects. Speak to community organizations and professional associations. Volunteer on nonprofit boards.

How It All Began

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: