3 Smart Ways Marketers Can React To The Recession
Originally uploaded by Tony the Misfit
In my previous blog post, 3 Ways Marketers Will Mess Up In This Recession, I described 3 human responses to a crisis such as our economic crisis.
But there are also reactions to this crisis that are more positive.
1. Focus on your existing customers and do whatever it takes to retain them. After all, the cost of acquiring new customers can be much greater than the cost of retaining existing ones. And right now, your existing customers may be getting courted by your competitors like never before. You may have to offer special incentives to keep them. In just about every category, it’s a buyer’s market. So do whatever it takes to keep your customers buying from you.
2. Update your marketing communications to reflect the current state of your industry, as well as to announce any product or service innovations your company has come up with to survive during these times. Business has changed drastically in recent months. If you’re still talking to customers and prospects today the way you were last summer, you’re not going to connect with them at any level, and will lose opportunities.
3. Take a close look at your marketing strategy and message and ask yourself, is it as competitive as it could be. Business is more competitive than ever and if you want to survive these tough times, your marketing will have to get more competitive as well. If your current ad agency or marketing consultant isn’t bringing solid ideas and strategies to the table, look elsewhere. You can’t afford to lose ground in 2009 because of mediocre marketing.
Business has changed. And as result, you’ll need to change the way you market, as well. But by making smart marketing decisions now and moving forward, you’ll be less likely to lose precious ground to your competitors, and you may actually gain new ground for your own brand.
–Kevin McIntosh
