Good Online Marketing in a Bad Economy
The world economy…not just the United States economy…is in horrible shape. That is not exactly breaking news. And, the economic problems we are now experiencing are not, according to economists, leaving us anytime soon.
That means that business owners need new strategies…especially new marketing strategies…to deal with the current economic ills. If you do not have a relatively new and comprehensive marketing plan designed to take you through the current “bad times”, you need to get started on one. The sooner the better.
The best way to start is by asking and answering a few basis questions. The first is, who are your customers? The second is, how are they likely to be impacted by the economic downturn? The third is, how will that impact their need or desire for your product or service? From there, you can find a clear path forward.
You may find that you can benefit from increasing your marketing efforts, even while others scramble to reduce their marketing expenditures. But, whether you expand or reign in your advertising and marketing, a change in your primary message(s) may be a good idea.
If you sell ebooks on home-based business, for example, a weak economy may provide increased opportunities for you. But, first you have to figure out how to reach and respond to people who want to supplement their incomes in tough times, and/or people concerned about layoffs. Instead of the tried and true messages about six-figure annual income and spending more time with the family, messages about being immune from layoffs and controlling one’s own destiny may be far more compelling, and should probably be at least part of the mix.
If you are selling high end luxury items, your best course of action may be far different. You may want to concentrate on reaching a very targeted group of customers; people able to afford luxury items even in the most dire economic times. Or, you may want to focus on promoting your lower cost products. A CEO who may be unwilling to part with $300,000 for a new yacht may not be reluctant to spend $25,000 for a new mast or a new set of sails.
At times like these, it is always important to reconsider pricing. Will lowering your price increase your sales volume enough to provide adequate revenue to compensate for a lower per unit profit margin? Or, will it lower the perception of the value of your product? These are tough but important questions if there is lessened demand for your product or service.
Monitor your competitors activities closely when times are difficult. A bit of competitive research will tell you what kinds of marketing mixes and messages are working well in your industry, and which are less successful. If competitive research is new to you, a simple internet search will show you how many low cost tools and programs are available to you. And, none require exceptional technical or analytical ability.
If you ask yourself the right questions and take the time you need to answer them fully, developing an adjusted marketing plan will notprove to be rocket science. And, if need be, get some expert advice from someone with successful experience in your industry.
A good product in 2007 is a good product today. But, you may have to market it very differently to be successful.
Filed under: Public Relations