8 Tips for Marketing in a Downturn

Though views of the economists are mixed, government sources predict a recession on the horizon. A recession can present opportunities for the smart solopreneur and small business owner. Studies from the 1920s confirm that the biggest sales increases were rung up by companies that marketed most during a recession and that profits actually fell for firms that cut back. But here is your advantage: if your competitors cut back, your marketing messages will be even stronger.

If your sales are down, try some of these low-cost ways designed to keep your current customers and attract new ones. Your goal is to stay in your customers’ minds. Regular contact will help you do that:

• Cross-promote with complimentary businesses. Example: a massage therapist and a hair stylist leave customer discount coupons at each other’s shops.

• Get out your pen. Send handwritten notes to thank your customers for their business, to send them birthday greetings, or to announce a special event.

• Call your clients or customers. We’re not talking sales calls here. Just a friendly “checking-in” call to let them know you’re here in case they need anything. It’s amazing how many times I have gotten a call back a week or two later because the reminder put me on my client’s radar screen again.

• Send a postcard. It’s cheaper. Announce a special sale or event. Or show a photo of your website screen and address to direct more traffic there. You can get a design, print and postage package of 1,000 postcards for 57 cents a card at ImageMedia.com.

• Try cooperative marketing. Many solopreneurs do not realize that they share the same customers. Keep your name out there with a cooperative newsletter. For instance, an attorney, an accountant, a financial advisor and three or four other non-competing businesses go in together to send an information-packed newsletter to each of their clients. The result: lower costs and better results by sharing expenses and customer lists. For more details, visit profitconcepts.info.

• Update your website. Consider making a short video to engage your customers and attract new ones. Some of the newer computers have built-in cameras. Or get a Flip Video camera from amazon.com, $119 for the original version and $149 for the Ultra with a tripod mount.

• Get involved in the community. Join Rotary Club or your local Chamber of Commerce. Sponsor a softball team or let the cheerleaders hold a car wash in your parking lot. Offer pro bono products or services to a deserving nonprofit.

• Consider more online marketing. A business blog takes only time and a few dollars a month for hosting fees. Or offer your customers something free in exchange for their e-mail addresses so you can send out sales announcements and offers electronically. Lists, forums and online communities are also an inexpensive way to build your credibility, if you offer advice and avoid the hard sell. And be sure to add a link to your website in your signature line—if it’s permitted.

Try these strategies to make your marketing dollars stretch farther. You may be pleasantly surprised by the results.

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From the Smallbizmarketingblog.com:

Look What YouTube Started: Shine in Your Own Online Video
Face Up: Is Your Photo On Your Web Site?
Help!: Marketing Information Overload

© Marketing Hotspots 2008 - Vol. 1, Issue 11