5 Marketing Strategies to Get the Most Bang for Your Buck During a Recession
By Bigg Success Staff
05-30-08
Bigg Success in Business
When times get tough, businesses often cut their marketing budgets. This may not be the best move you can make, but it may be necessary. If you need to cut back, there are ways to do it without destroying your future prospects.
Here are five ways to get the biggest bang for your buck during a recession.
Current customers
It’s much less expensive to market to your current customers than to find new ones. So share the savings with your customers! Find a way to save them money and they’ll be more likely to buy from you, even in tough times.
Contacts
Step up your networking efforts. The more people you meet, the more likely it is that you’ll find someone who needs what you sell. You may spend less money on marketing during a recession. Make up for that by investing more time in your marketing endeavors.
Referrals
The best way to get referrals is to ask for them! Ask your current customers for people they know who would benefit from what you offer. You may even offer an incentive to them for doing it. And don’t forget to work your contacts for referrals as well.
Customers like your customers
If you can identify people who share the characteristics of your current customers, you can target them efficiently. Check with your mailing service. They should be able to compare your customer base to their databases to find these prospects. This will also help you later with all your marketing efforts.
Counter-cyclical segments
Some products or services do better in a recession. Identify the areas of your business that are likely to gain more attention during tough times. Use those areas as a way to keep people buying from you and to gain new customers. Invest in what’s going to bring in dollars now.
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