Get Your Piece of the Pie!
Consumer confidence seems to drop every day and the economic outlook is not too bright. It is difficult for many businesses to make last year numbers, let alone beat them. To remain competitive, this may be the right time to be more aggressive with your marketing. That may sound crazy but hear me out.
When the economy is strong, money flows freely and customers seem to drop out of nowhere. Advertising and marketing make a good thing even better. Even if you make a few mistakes, no big deal, business is great.
Not so in tougher times. During a tight business climate, a typical reaction is to pull back on marketing, staffing, maybe housekeeping and other support functions. When you are not able to easily measure results, it seems logical to eliminate the expense. But that may create further erosion of revenue or sales, certainly not your objective. Holding all expenses, including marketing, to a higher standard make much more sense. Spend wisely to retain market share.
Depending on your product or service, you’ll want to build campaigns around value versus price, quality, customer service, payment terms or warranty. If you offer online purchasing, let people know you provide a gasoline-free option, maybe even sweeten the deal with free shipping. Offer features and benefits that make sense to weary consumers. Add some fun, make ‘em smile, differentiate yourself from your competitors.
One of my first bosses told me that no matter the size of our customers’ spending pie, my job was to be sure we always got our fair share, our piece of the pie. Necessities are taking a larger piece out of every customer’s budget, that’s a fact. To succeed you need to stay in touch with customers, give them a reason to choose you when they do make a purchase. Don’t let the other guy get your share of the pie!