If your company is looking for ways to do more with less, taking the following 10 steps can help you compete strong:
1. Rethink your marketing strategy.
Create a marketing strategy that optimizes every dollar and integrates your activities to gain the highest return for every effort. This approach will ensure your strategic plan that will enable you to remain visible and strongly compete on a reduced budget.
2. Evaluate your brand.
Now is the time to carefully evaluate your brand, the market and your competitors. Review your marketing assets (such as your company's brochures and website) to determine if they are relevant to today's customers. Also look closely at your competitors to determine if your company stands out.
3. Target your marketing efforts.
Invest your time in creating a targeted customer database to use for direct marketing. You may not be able to afford broad advertising efforts, but that's OK because direct marketing allows you to directly reach your customers in a more efficient and cost-effective way.
4. Message strategically.
Evaluate your messaging to ensure it connects with customers. Keep in mind that their wants, needs and interests may have shifted with the economy.
5. Update your core marketing materials.
If your brochures, website and other materials are not relevant 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 optimize every opportunity.
6. Integrate traditional methods with online tools.
Today's communication model is a two-way dialogue. Integrating traditional marketing tactics with web-based tools and social media can boost your response rates by engaging customers at a deeper level. In many cases, boosting exposure through online social networking adds very little cost. Empowering customer interaction with your company can add significant impact to your campaigns and boost exposure for those on limited budgets.
7. Generate media buzz.
Distribute regular press releases to your industry or local media outlets. If your advertising budget is limited, supplementing your media and industry exposure with public relations is a good idea.
8. 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; it is a powerful, cost-effective marketing tool.
9. Forge partnerships.
Strategically partnering with complementary companies can provide you with new leads and expand your network without adding costs. Look for win-win partnerships that can help your business move forward and help you achieve your goals.
10. Optimize 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 critical to maintain strong customer relationships to retain customers. Look for opportunities to upgrade and cross-sell to your existing customers since you already have a relationship with them.
Leave a comment