Surviving and Thriving: Marketing in a Recession
Posted by Sandra Eisenberg
Every day there seems to be more bad news: Circuit City is out of business, closing nearly 400 brick and mortar stores. Home Depot is shutting down its high end Expo chain. Even Microsoft and Apple are seeing tough times.
But every cloud has a silver lining. There are ways to market your business successfully in a recession. The key is “knowing your customer” aka customer business intelligence. Who is buying? Why? What are they buying, and what are the cross-sell and up-sell opportunities there?
Which prospects fit a similar profile (demographics) of your high margin customers?
So identifying the market is (as always) the first step, but in these economic times it is even more critical that usual. “Know thy customer!”
The next step is knowing what appeals to them and then selling to them in a cost efficient manner that meets their profile and your product line. This may mean more targeted email campaigns with coupons, or eZines — lower cost ways to reach your audience than traditional print advertising, or even “Google ads” and other online paid advertising.
You must know your “value proposition” as you go back to your base and target strategic new prospects. In one sentence (elevator pitch) why do they need you NOW? Can you save them money? Can you make them money? Can you help them sell more to their own customers?
This is a time of opportunity. Yes, it is scary “out there” — but as competitors fall away or draw back they leave a vacuum which a saavy firm can fill. Realize that marketing is an investment, not a luxury. Like any investment you need to have a plan to invest wisely.
Just like the Dot.Bomb bubble burst we’ll survive, and we can thrive. This too shall pass.