I know a lot of you are worried about the recession. What does it mean to me? Will I be able to support my family? Why is the price of gas so high that I have now used vacation budget just to get to work? Am I going to make it?
Well, there are no easy answers. In an economic downturn, most people will economize and not buy things they don’t see as a necessity. You need to remember, though, that there are still customers out there and in fact, the slowing economy is an opportunity. Opportunity? Yes, opportunity. You see, a lot of businesses are not going to stay in business. It’s a shame, but it’s true. The businesses that survive this economy will not have as much competition once it all shakes out and they will be stronger.
So how do you become one of the guys that stay in business? Drum roll please…The businesses that will survive are the ones that continue to promote despite every reason they think they shouldn’t.
You must lower costs and streamline your activities so that you are still making more than you’re spending. Most important for you to know is that you cannot forget how important your own promotion and marketing are to the future of your business. If you don’t think enough of yourself to let others know you are there and what business you’re in, how would you expect your customers to find you? OK, so there are fewer customers in an economic downturn, but there are customers, and the only way you will stay in business is if they find YOU. So the answer as crazy as it sounds it to promote MORE and not less. You also need to promote smarter. You need to know your customers, what they need and want and communicate to them in a way that let’s them know you’re the right company for their business.
Regardless, these are trying times and I wish you all great success.
Please call or e-mail me if we can be of any help to you.
AN EXAMPLE OF SOMEONE WHO IS MARKETING SMARTER:
Retailer Case Study: Moo Shoes
Moo Shoes is a shoe retailer with a twist- They sell shoes but only shoes that are non leather and don’t involve animals in any way, in other words, vegan shoes. They had a very small budget and had to make it work more efficiently.
We did an analysis of their account and were able to optimize them for their particular niche by rapidly testing more effective ad copy, and using our normal optimization techniques to get them the same volume of clicks, for half the cost.
* Budget unchanged.
* Traffic virtually unchanged.
* Cost per click cut in half.
* Overall 107% efficiency increase.