Total Marketing Solutions

Trying to grow your business in a tougher climate is obviously far more challenging than in times of economic stability or growth, but it can be done. Our experience as marketing consultants has shown us that many businesses decide to stop most or all of their marketing activities when times get tough. However, you may discover that, as your competition reins in its marketing activity, you have the opportunity to take a greater share of your target market. Then, when the economy rebounds and the tide rises, you (and your competitors) will also rise. However, the big difference is that you now have a bigger boat than you did before - i.e. a greater share of the market.History shows that companies who continued to invest in their business, including marketing, in tougher times, not only emerged more quickly than their competitors, but were tougher and stronger for it.

Whilst it has been relative plain sailing for a number of years now, many companies may not be prepared for the choppier waters ahead and could easily make the mistake of not only having to resort to a life raft, but potentially sinking! 

Profitability is more important than ever

Profitability is obviously always a concern. When there is an economic downturn, you have to be extremely aware of your profit margins. When margins are too low, businesses struggle to a greater degree. But when margins are healthy - even with lower revenue - you still have the means to promote your company in an effective manner. Your competition, however, is forced to market less and will be left wondering how you continue to grow and increase your market share.

Start low-cost, high-return marketing

There are a number of marketing tactics that cost little more than time, so they are perfect for businesses to employ during the slow times -as long they meet two criteria. Firstly, they must fit your overall strategy. Secondly, you must be able to implement them consistently.

Several of these tactics are web-based, such as ensuring your website is fully optimised – in other words, working as hard as it can for you to continue to attract new customers. If your website is already working well for you, look at beginning a blog or consistently adding to your current one. Keep your site fresh by frequently posting news relevant to your existing and potential customers. A well-established site, regularly updated, scores higher on google rankings than others with stale content.

Another opportunity is email marketing – developing and implementing an e-communications plan is a highly targeted, cost-effective way to communicate on a regular basis with your customer base. By staying top-of-mind and showing how you offer them value, your prospects are going to contact you when they have the need that you can meet. The real beauty of this, however, is that it is completely measurable. When marketing budgets are under increasing scrutiny, ensuring full traceability of any activity is absolutely key to maximizing impact whilst minimizing unsuccessful activity.

And whilst continuously testing and evaluating the effectiveness of any marketing activity is always good practice, this becomes even more crucial when the going gets tough.Yes, if the pundits are correct, tougher times are ahead and there may even be a recession. However, by carefully managing the effect any downturn might have on your business, as opposed to just reacting to it, you give yourself the opportunity to not only survive a recession, but thrive during and after it. Happy sailing!