2010 Marketing: How to Grow your Business in a Recession
I’m not one for expensive advertising, its costly to small businesses and winds up chewing your marketing funds before you even get your message out. However, there are some affordable ways to using this method such as classified ads if this is the route you want to go.
How to Grow your Business in a Recession
News about the recession doesn’t have to be a bad thing for your small business. Your small business can still thrive and grow even in a down economy; the key is to make it recession-proof.
Here I will share 3 top strategies you can start using today to start recession-proofing your small
business now.
Getting More From Your Marketing Dollars
The return on your marketing investments will shrink during a down economy unless you take certain actions to prevent it. Start looking for ways to keep your sales revenue growing
without increasing your marketing spending.
For example:
Advertising: Negotiate a Better Price
Advertisers are hit hard too during an economic slump. Many are willing to barter and negotiate a a lesser cost to keep your business, or to get it away from their competitors. Take the initiative and don’t be afraid when you’re placing an ad to simple ask for a discount; or even a bigger discount than one you are already getting.
Space: Look for Ways to Trim Down Your Ads
Reduce the content and size of your ads, without losing its message, so you can actually run more ads without increasing your entire marketing funds. You don’t need a whole column to put in every single thought you can into an ad, besides, no one really reads those anyway. I know I don’t. You may be surprised if some of your shorter ads produce a bigger response than your long winded
ads. The most effective ads are short and to the point.
Start Getting Free Publicity
Start a press release campaign for your business, or even expand the one you may already have. Getting featured in local or national media is great. Publicity can produce more targeted sales for less then the cost of advertising. For example, find something unique and newsworthy about your business. Write about it in a press release and distribute it to the media in your town or go national for more chances of getting write-ups. If you are unfamiliar with press release campaigns, find a company that specializes in it. You are sure to get a a better return on investment than you would spending the same amount on advertising.
Turn to Your Existing Customers
Your current and past customers already know your business and trust you. It’s easier and less costly to get repeat business from them than trying to get business from new prospects. If you do your part and create regular specials and keep in contact they will spend more money with you rather than with another business that offers the same items or service.
Ask Your Current Customers to Help Find New Customers
Ask your customers for business referrals, and reward them for each referral that comes your way. Your rewards could be anything from a discount on their next purchase or a special promotional item. Announce your referral program to your customers with cost-effective communication tools like email, e postcards or even skype phone calls. Learn more about Skype at www.skype.com
You may come to find potential customers coming to you who show no signs of even be affected by the down economy. These prospects are willing to spend more money with you than your average customer. However, they may be looking for some extras in the form of services and benefits. Don’t forfeit this potential income. Find or create new products or services similar to those you offer now, and in some cases you can ad a higher price point for them.
Your online business, or businesses, can certainly thrive and grow during down economic times if you make it recession-proof. Use these 3 proven marketing strategies to start recession-proofing your business right now.
Olivia Forbes has worked in marketing for over 10 years. If you have questions or need help marketing online, the team at Public Relations Depotis standing by to assist. Contact us now for a free one-time consultation. http://www.prdepotchicago.com/ For More Information
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