In view of the economic challenges in the country, many organisations are adopting different approaches in marketing their products.
Surely, marketing your business in a depressed economy requires re-strategising especially if your current marketing techniques are not yielding positive results.
Besides, when it comes to marketing, you do not need a big budget to make an impact and drive new business. What is required of you is to remain visible and project an image of strength and stability.
Again, for your business to thrive in a weak economy, you must work on your areas of weakness and improve on your strengths by engaging in more marketing activities.
Here are some helpful marketing tips you can adopt to grow your business:
Rethink Your Marketing Strategy
Rather than making random budget cuts to reduce your marketing costs, determine how much spending is realistic based on your current financial situation. Then create a new marketing strategy that enhances every Naira and incorporates your activities to gain the highest return for every effort.
This approach will however ensure you copy a consistent, strategic plan that would enable you to remain visible and strongly compete on a reduced budget.
Evaluate Your Brand
Now is the time to prudently evaluate your brand, the market and your competitors. You need to assess your current situation with utmost sincerity and understand how your existing marketing activities align with the current market conditions.
Reviewing your marketing assets (such as your company’s brochures and website) will enable you to determine if they are germane to today’s customers.
Moreover, monitoring your competitors closely to determine if your company stands out will assist you in paying more attention to improving on your weaknesses.
One of the easiest ways to promote visibility of your products is by advertising them. You can do this by joining industry associations, clubs and other relevant groups.
In addition, you can offer to talk about your business and build your network. After all, many companies are using Facebook and twitter pages to advertise their products.
Stay Connected To Customers
Though your budget may be lean, it is important to stay on top of the mind of your customers. Some of the most common methods include publishing an email newsletter, creating surveys, and developing a website.
The strategy is to maintain a strong dialogue with your most valuable customers through a series of ongoing communications.
Build Good Relationship With The Press
Companies that know what marketing entails try as much as possible to build worthy relationships with the press to gain prominence.
Start by creating a press tools with your company brochure, fact sheet, and history. Make contact with your local business journal or newspaper and send press releases about important company news and industry events.
Having a positive story published about your business is free and a great marketing tool.
Target Your Marketing Efforts
When marketing on a limited budget, you need to focus and identify your target audience, as it is vital for the growth of your business. Invest your time in creating a targeted customer database to use for direct marketing. You may not be able to afford broad advertising efforts. Do not worry, because direct marketing (snail mail and e-mail) allows you to directly reach your customers in a more efficient and cost-effective way.
In a highly competitive market, you need to stand out with messages that are relevant to the times.
Evaluate your messaging to ensure it connects with customers and keep in mind that their wants, needs and interests may have shifted with the economy.
Update Your Core Marketing Materials
If your brochures, website and other materials are not significant to today’s customers, or if they blend in with those of competitors, make the investment to update your core materials.
Many times, customers will visit your website or request information before calling your business. Be sure to make a good first impression to optimise every opportunity.
Increase Your Network
Network with other business owners and customers at industry or local events to increase awareness of your company and generate interest. Do not underestimate the power of word-of-mouth for it is a powerful and cost-effective marketing tool.
Remember that people do not have to work for your company to work with you, and your peers are in the same boat as you are. Many companies cannot afford to hire far-reaching staff or experts when times are tough.
Still, corresponding companies can provide you with new leads and grow your network without adding costs.
Therefore, look for win-win partnerships that can help your business move forward and help you to achieve your goals.
Optimise Your Existing Customers
Many companies spend all their energy trying to win over new customers when existing customers may be the quickest way to increase business.
It is therefore, critical to maintain strong customer relationships to retain customers by creating opportunities to upgrade and cross-sell to your existing customers since you already have a relationship with them.
Sometimes, the greatest marketing ideas are the simplest. However, each month or quarter try to think of new and unique ways you can promote your company and keep a file of good ideas, direct mail samples, great ads, and other information.
Each quarter, use the information to brainstorm on new ways to help your company gain visibility and drive new business.
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