Marketing budgets are shrinking, not growing. This is the exact opposite of what should actually happen in a down economy but is the unfortunate reality. When times are tough, it's time to start marketing. This doesn't mean that you have to spend more money, simply that you need to be smarter about the way you market.
How can you do more with a shrinking budget? The answer is simple. Create more way to market in a viral way. Essentially, let others do the selling for you. Here are a few suggestions for getting your marketing moving.
Leverage all of you assets. As a business, are you leveraging every customer interaction you have? Whether it is on the phone, face-to-face, or over the Internet, how frequently do you use that opportunity to ask about other needs or pain points?
Ask for referrals. You would be surprised by the low percentage of businesses who ask for referrals. To jump start any referral campaign, offer a small benefit to those who refer a customers. At the very least, get your referral program up and running and be sure to send a thank you note for making the connection.
Focus on your communications. If you are sending letters, giving away business cards, or packing someone's groceries, be sure to include a flyer or message about other products and services you offer. You may even consider a special offer that can be included with each of these touch points.
Keep testing new things. Especially in tough times, it is very important to dedicate a portion of your budget toward trying new marketing methods or ideas. Even if it is just ten percent of your budget, all it takes is one success idea to have a significant impact on your lead flow or revenue.
Improving marketing results does not have to cost you money. In fact, some of the best, most successful marketing ideas were started with little or no money. Think viral. How can you leverage the assets you already have? By taking what you have and making it better or expanding it, your results will often scale. To many people stop short of fully riding out their marketing campaigns and enjoying the results they can achieve if only they persist.
One final idea to consider. Take a closer look at your website. Can you do more to attract visitors and have them provides some information about themselves? This could be access to a free instructional video or ebook. As the economy worsens, people are looking for more free information and helpful advice. So give it to them. The result will be a trusting relationship. When they have money, they will buy from your versus your competitors.
Michael Fleischner is an Internet marketing expert with more than 12 years of marketing experience. He has appeared on The TODAY Show, Bloomberg Radio, and other major media. For additional marketing articles visit MarketingScoop.com.
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