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Economic Uncertainty and Your Marketing:
What You Don’t Do Can Hurt You!

By Leza Raffel

A changing economy requires a change in how small business markets itself to customers and prospects. Rather than abandon all marketing efforts — an action that could ultimately hurt your company’s chance for survival — refocus your message, approach and target markets. The following tips should help get you started:

 

Position Your Product or Service as a “Need” Not a “Want” — Gone are the days of luxury purchases and enhancements. In marketing your company’s offerings, make sure to emphasize why clients absolutely need it and why their success, health, or peace-of-mind depend on it.

 

Acknowledge the Economic Downturn — Depicting the current global and business climate with rose colored glasses in your marketing or advertising will inevitably frustrate potential customers (who know better). The marketing information you generate – whether it be an ad, brochure or press release — needs to at least recognize the current economic state and the concerns your customers most likely have.

 

Seek Out Free Publicity — If reduced revenue is impacting your ad budget, direct your efforts toward achieving free publicity for your company. Writing press releases, offering your expertise on radio and TV interviews or getting involved in charity or volunteer efforts are all great ways to start. Remember to keep your message as informational and non-salesy as possible.

 

Target Your Market Carefully — Not everyone can be your customer. Therefore, it is important to establish the precise profile of the individuals or companies who are most likely to do business with you. Focus your marketing efforts on them, not on the masses. This approach will keep your marketing costs down and provide your company with focus.

 


 

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