The world economy...not just the United States economy...is in horrible shape. That is not exactly breaking news. And, the economic problems we are now experiencing are not, according to economists, leaving us anytime soon.
So, the question of the day is, do you have a marketing strategy ready to get you through the tough times? If not, you need to develop one quickly or prepare to suffer the consequences.
The best way to start is by asking and answering a few basis questions. The first is, who are your customers? The second is, how are they likely to be impacted by the economic downturn? The third is, how will that impact their need or desire for your product or service? From there, you can find a clear path forward.
Some businesses actually benefit greatly from a weak economy. However, their marketing mix and marketing messages may require a change when times are tough.
If you are selling a home-based business franchise, a struggling economy and the anxiety it produces may bring you more potential customers than you have in normal economic times. However, instead of emphasizing the possibility of people earning enough to support a luxurious lifestyle, as may be the norm in your messages during good times, messages about economic security might be far more powerful today and in the near future.
If you are selling high priced products, you will have a separate set of questions and concerns than do those of us with more mundane products and services. Your market may become even smaller and more targeted than ever as you seek to reach the shrinking number of the economically privileged; people who can afford luxuries even in difficult times. And, as your market shrinks, your frequency of contact may have to be greater, as might the average purchase size. Or, because very few people are entirely immune to anxiety about our current economic crisis, you might want to highlight your $100 bottles of wine, as opposed to your $300 choices.
It is axiomatic that the poorer the economy, the greater the importance of price. But, for lots of reasons, lowering prices may not be desirable or possible for you. You will need to ask yourself whether dropping your prices will devalue your product in the eyes of customers, what it will do for your volume, and whether you will be able to move your price back to current levels in the future without angering your customer base.
Monitor your competitors activities closely when times are difficult. A bit of competitive research will tell you what kinds of marketing mixes and messages are working well in your industry, and which are less successful. If competitive research is new to you, a simple internet search will show you how many low cost tools and programs are available to you. And, none require exceptional technical or analytical ability.
All you have to do to develop good, strategic marketing strategies and integrate them in a well coordinated plan, is to ask yourself good questions and do whatever it takes to get well-conceived answers. You need not be a NASA employee, I promise. But, you must think analytically or get help from an experienced marketer.
Just remember one thing. If your product or service was viable a year ago, it probably still is. Therefore, reducing your marketing budget and/or your marketing efforts is almost never a good idea. The question is not should you market, it is how you should market.
So, the question of the day is, do you have a marketing strategy ready to get you through the tough times? If not, you need to develop one quickly or prepare to suffer the consequences.
The best way to start is by asking and answering a few basis questions. The first is, who are your customers? The second is, how are they likely to be impacted by the economic downturn? The third is, how will that impact their need or desire for your product or service? From there, you can find a clear path forward.
Some businesses actually benefit greatly from a weak economy. However, their marketing mix and marketing messages may require a change when times are tough.
If you are selling a home-based business franchise, a struggling economy and the anxiety it produces may bring you more potential customers than you have in normal economic times. However, instead of emphasizing the possibility of people earning enough to support a luxurious lifestyle, as may be the norm in your messages during good times, messages about economic security might be far more powerful today and in the near future.
If you are selling high priced products, you will have a separate set of questions and concerns than do those of us with more mundane products and services. Your market may become even smaller and more targeted than ever as you seek to reach the shrinking number of the economically privileged; people who can afford luxuries even in difficult times. And, as your market shrinks, your frequency of contact may have to be greater, as might the average purchase size. Or, because very few people are entirely immune to anxiety about our current economic crisis, you might want to highlight your $100 bottles of wine, as opposed to your $300 choices.
It is axiomatic that the poorer the economy, the greater the importance of price. But, for lots of reasons, lowering prices may not be desirable or possible for you. You will need to ask yourself whether dropping your prices will devalue your product in the eyes of customers, what it will do for your volume, and whether you will be able to move your price back to current levels in the future without angering your customer base.
Monitor your competitors activities closely when times are difficult. A bit of competitive research will tell you what kinds of marketing mixes and messages are working well in your industry, and which are less successful. If competitive research is new to you, a simple internet search will show you how many low cost tools and programs are available to you. And, none require exceptional technical or analytical ability.
All you have to do to develop good, strategic marketing strategies and integrate them in a well coordinated plan, is to ask yourself good questions and do whatever it takes to get well-conceived answers. You need not be a NASA employee, I promise. But, you must think analytically or get help from an experienced marketer.
Just remember one thing. If your product or service was viable a year ago, it probably still is. Therefore, reducing your marketing budget and/or your marketing efforts is almost never a good idea. The question is not should you market, it is how you should market.
About the Author:
Daniel Z. Kane is a college administrator who has published dozens of brief articles on marketing, online business, online college degree programs, online education for working adults, and related subjects.
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