HOW TO MARKET YOUR BUSINESS IN A TOUGH ECONOMY: A CHECKLIST

All too often in an economic slowdown, the first thing businesses will do is cut their advertising and marketing spend. This is now universally acknowledged as a BIG mistake. Now more than ever is the time to ensure that your business or service is ahead of the competition. Here are some approaches which have been followed by various businesses.

Remember, even in an economic downturn businesses can still gain market share, mind share and continue to grow.

Consider all media options available in particular “new media” like website advertising.

Rather than sell a service or a product, look at selling a solution or goal. Understand your target clients, what motivates them and how best to reach them.

Always differentiate your product or service from others by selling the subtle differences.

Remember that customers are not loyal when discretionary income starts to disappear. They will choose the best value and most desirable experience. If your company provides that they will buy from you, if not they will buy from your competitor.

There is a good chance that your competitor may pull back on advertising in such a climate. Take advantage of the lack of clutter in advertising and have a message that will make an impact.

Never underestimate the power of your brand. Brand awareness is critical in this market. No point you believing you’re the best if you don’t tell your potential customers.

Customers get pickier in a slower economy. Be sure that you are the best in your market and that everyone knows about it.

Make sure that your customer sees the value of a purchase as quickly as possible the faster a customer figures it out the faster they’ll buy again.
 

“The person who stops advertising to save money is like the person who stops the clock to save time”

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