"The Only Thing We Have To Fear, Is Fear Itself" - Franklin D. Roosevelt
Beat the Recession – Turn it into an Opportunity. It surely is a Catalyst to ‘Change’
Are you hit by the Recession? I am guessing your answer is yes – So, what are you doing about it? Remember with recession comes innovation - It is the catalyst to change!
Low liquidity means scrounging on your Marketing Budgets - And this is just when you need to do more promotions to sell. Quite a Catch 22 situation - Isn’t it! So what really is the best way to optimize your spend - We would think – Go the DIGITAL Way. This is one of the things that even President Obama did to win the U.S Presidential Elections!
Some basic glaring advantages (among several others) of using the Digital Platform to the fullest are:-
• Spends can be tracked and continuously analysed for ROI, reducing the chances of going wrong.
• Spends on the Digital medium can be in smaller denominations than Print and Television
• Increases your Target Audience - You need not remain ‘Local’ and can really go ‘Global’ using the web
• Cheaper - No question about that.
If you are convinced about these, what should be your action plan? Be proactive, think out of the box, take some quick steps including some of the following -
1. Does your Website really work for you? Does it attract new customers, engage existing customer and in any way you think can reduce your costs. Put some thought into this, surely there must be some room for improvement that would have come to your mind, sometime or the other. Analyse the traffic on your website; probe and find out what are the most popular sections; which are the ones that still contribute the most. Spend time and energy re-structuring those which are not the best performers.
2. If you are sitting on an email database of your existing and potential customers - Are you doing enough to get them back to you? Remind them of your existence and Engage them again. Send out e-mail shots with latest updates, promotions, offers or just about anything you feel can attract their attention even for a second!
3. Offer related information about your products and services through a Blog (don’t tell me you still don’t have a company Blog!). Remember information attracts people to the Internet - offer that crucial piece of information. Content is still king!
4. Do a combination of the above two - Start a Newsletter where you offer interesting information and ‘push’ it to your database regularly. Don’t spam, it hits your brand - just pure information!
5. Your website is worthless if the right kind of people is not coming to your website. Try Search Engine Optimization (SEO) to make sure your website ranks among the top links when somebody ’searches’ on the internet. Remember 9 out of 10 people log on to any website only be searching - nobody remembers domain names!
6. Need a quicker way to get on top on Search Engines - Google Adwords is our best bet. Just that you may need to spend a little bit more money for this.
7. Did you know Social Marketing can really cost nothing! Spend time on networks, try and create a community within a larger community. Can really work wonders in the short term and no doubt the long term.
We welcome more ideas to make this discussion more interesting. Real life experiences would be of great help! So let’s get the sentiments high – Actually that is what is going to get people out of this !
Marketing in Recession - Turn it into an Opportunity