Big Business Marketing Secrets - Marketing In Tough Economic Conditions
Small business marketing can be difficult at the best of times. It is especially true when the economy is not going well and your customers may not be spending as much as they usually do.
There are 4 big business marketing secrets that will help your small business survive and even prosper in tougher economic conditions. These include:
Have a Marketing Plan in Place
Having a simple marketing plan in place means that you will have marketing strategies and tactics to compete effectively even if the market starts to slow down. It is a well known fact that companies that plan ahead will weather tough economic conditions than those that do not. It is never too late to create a marketing plan for your business to ensure you reach your sales and marketing goals.
Focus on Retaining your Key Customers
These are the customers who will see you through the tough times and as any marketer will tell you focusing on retaining your key customers is much less expensive than chasing potential customers. It also provides an opportunity to add value to your relationships with your key customers, especially if they are another small business. Talk to them to find out what problems they may have that you can solve or what extra needs they have that your small business can satisfy during these difficult economic conditions.
Keep a Watch on Your Competitors
If you are not keeping a close watch on your competitors then you will probably be missing out on opportunities. Review their strengths and weaknesses as part of your marketing plan so that in today’s tough economic conditions you can defend against their strengths and capitalize on their weaknesses. One key point to remember is that if they start heavily discounting their price then this is often a sign that their sales may be slowing so don’t be tempted to do the same. Instead think of ways you can add value to your customers purchase so they remain loyal.
Track Your Marketing Tactics and Expenditure
Whilst it is always important to track your marketing activities, in tough economic times it is essential. Review which marketing tactics have worked and perhaps repeat them or even implement them better to increase sales. If certain marketing tactics have not delivered a good return to your business or have taken up a lot of your time then do not make the mistake of implementing them again. If you set a budget for your marketing tactics in your marketing plan, then it is a good idea to ensure each month you are not spending more than you estimated to achieve your sales.
Big businesses know that tough economic conditions will decrease over time and that is why they pay attention to the four areas outlined above. In particular they always ensure they have a marketing plan in place to capitalize on the market opportunities when the economy starts to improve and ensure they maintain their advantage over their competitors.
Â© Marketing for Business Success Pty Ltd 2008
Two experienced marketers, Susan Oakes and Bronwen Ryan, have taken the secrets of big business marketing and developed software to assist you with your small business marketing. M4B Marketing Software makes it easy to increase your marketing skills and knowledge as you use the software for your marketing plans and projects to gain the competitive edge.
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