Marketing

A Practical Guide To Small Business Recession Marketing and Beyond

Major ad agencies have the benefit of think tanks and committees to decide how to react to the economy and advise their clients, but what about small businesses? Most small businesses have personal or family income tied to and depending on weathering the hurricane of poor economic news. Where does small business turn for guidance?

Many articles on recession marketing begin something like, "you should increase your marketing in times of a recession..." But the tacit reaction is "oh yeah, how?" "How do I keep marketing with decreasing revenue? I barely had enough money before the economic downturn.” The answer: make careful and shrewd adjustments. Don’t just worry about your business—ACT. Act with discipline and meticulous attention to detail. This article will get you started.

 

Action Plan

One - Google AdWords™. Even with a modest budget, the upside potential here is superior. People are already searching for your goods or services when they see your ad. The filtering process of internet search gives you a great opportunity to capture a qualified potential client. Google has the broadest reach and generally costs the least. Go with best-of breed. From auto parts dealers to real estate agents and all points in between–what many insiders are saying is that they are cutting back on TV, print, and Yellow Page ads and actually increasing their AdWords push, because it gives them the most bang for the buck. Want even more validation? Look no further than Google's earnings reports over the past 3 quarters—no disappointments, only outstanding results, because businesses are keeping up their AdWords campaigns. If you are really in tough times, try highly targeted Local campaigns rather than a National campaign. It's less expensive and easier to navigate and optimize. Experiment with small budgets until you get the hang of it.

Please note: First-timers should become familiar with bidding strategies and keyword usage so that you can hit the ground running. There are many free resources available on the Internet to add to your AdWords education. As with all marketing strategies, the more knowledgeable you are—the higher success-rate you will have. Read between the lines—like anything, you can waste your money if you don't know what you are doing. Make sure your website is ready to receive guests and convert them into customers. The last thing you want to do is advertise a weak website.

Two - Partnerships. Look for high quality strategic partnerships with other relevant businesses. Make sure that this is a win-win situation and that you have equal incentive to refer good customers. Be wary of companies contacting you for referral programs. Take time develop lasting strategic partnerships.

Three - SEO. Make sure your Title tags and Description tags are up to date. Continue to find directories and relevant websites where you can post a link to your website. This will help increase your web rankings and Internet exposure (boost your SEO). Try your hand at article marketing and then post the articles on your website, too. Investigate new forms of web marketing like blogging or Twitter.

Four - Printing. Don't let the cost of printing stop you from creating brochures, direct mail pieces or other marketing collateral. You must continue to spread the word. Search online for discount printers, some even offer 10% off for new customers. You can get A LOT of printing done very cheaply.

Five - Advertising. If you can afford it, place ads on target-market-rich niche business websites and directories. If you are doing a trade magazine advertising campaign, try not to create "a who we are ad." Instead, offer an incentive, a reason for the potential consumer TO ACT. Make sure to emphasize THE VALUE and BENEFITS of your offerings. People will be drawn to the lowest price in a recession, but they will also be convinced by quality goods or services for their money. According to "Advertising Age" the price of advertising is going down by some 4%. Advertisers are worried about the recession, too. When you advertise in print or on the web look for good deals and if you don't see them, try to negotiate a better deal for yourself.

Six - Gratitude. Take extra care of your existing clients. Let your loyal customers know how much you appreciate their business. Tell them directly. If budget allows, create "Thank You" packages or incentives for your loyal customer base.

Seven - Exand Your Reach. Spend some time focusing on the clients that may not have been the ideal in thriving times. If you can piece together a number of small revenue streams, then you add value to your bottom line. Expand your reach to wider geographic area. Expand your reach by offering more services.

Eight - Quality. When many people begin in the stock market, they pay "investor tuition." They lose money trying to make quick profits. Warren Buffett made his billions by investing in Quality and Value. You should do the same. Quality printing, advertising, marketing, and design are essential. Your branding and marketing should not take a hit just because money is tight. Confucius says "cheap man travel road twice" (once to pay cheaply and once to get it done over again properly). The cheap route can be costly.

Remember, advertising and marketing are an investment and not an expense. If done properly, this investment will pay huge dividends.