5 Tips for Marketing Your Business in a Downturn

  1. Don't panic! When customers stop coming all the signs point to doom and gloom, the first instinct for many business owners is to stop Marketing. Marketing is an investment in your business not an expense.
  2. Make the most of the customers you already have: A change in Marketing strategy to focus on drawing greater value from existing customers/clients rather than finding new ones can be a cost effective strategy.
  3. Look for advertising bargains: Tough times can mean cheaper advertising if you know where to look. Distressed advertising-ad space that is unused or abandoned by an advertiser at the last minute can be used to deliver your message at cut-price rates.
  4. Tell your customers/clients why they need what you have: When the economy is tight people get scared to commit to that purchase. Businesses need to make an extra effort to show how your product or service will help them.
  5. Tighten up your return on investment measures: Good businesses will always ensure they are getting a decent return on marketing investment. When looking at measuring return on marketing investment it is important to make the criteria against which performance is evaluated as basic and low level as possible-focus your attention to sales lead conversion rates or average spend per customer on a store or section level rather than company wide sales.

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