October 13, 2011 Leave a comment
No one is going to buy your product or services if they don’t know it exists and this is particularly true in tough economic times. As counter intuitive as it might seem, the slow times are the times that you can’t afford to cut back in your marketing efforts. It has been documented that companies that increase their marketing efforts during a recession can improve their market share as well as their return on investment at lower costs than they can during good economic times. This is true because during uncertain times consumers need the reassurance. They need to see you’re there. While your competitors are cutting back and going into stealth mode, you should be keeping yourself and your company in front of your target audience. While the competition is out of sight and out of mind, you should be front and center.
Understandably you don’t want to take on an expensive advertising campaign during lean times, but you do want to market. You want to be creative. You want to focus on how to best reach your market at a reasonable cost. You also want to be realistic and understand that you’re going to need to invest in yourself and your company. As the old adage says, it takes money to make money; but it needn’t take a lot.
- Initially, study your market and define your specific target market.
- Next, do some research and find out how to reach that market. What do they read? What do the watch? What social media sites do they use? What web sites do they visit? You don’t need to hire a firm to do this market research for you. Give someone the parameters you’re looking for, put them in front of a computer and get them started. Twitter and Facebook alone offer a wealth of information on consumers and their likes and dislikes.
- Make a list of the media they read, watch, and visit.
- Develop a marketing campaign that will speak to your target market.
Because advertising and direct marketing can be expensive, I generally recommend a targeted marketing campaign that combines traditional public relations with an online campaign that includes blogging and social media. Media relations is so effective because it reaches your target market, establishes you as an expert and offers you the validation of being featured in the news. It also gives you powerful ammunition for your social media campaign. The story pitches and press releases that you develop to present to the traditional media can also be modified and used online in your blogs and social media posts. Always keep in mind that your objective is to present yourself as a problem solver. Don’t pitch your business or product, explain how you can solve your client’s problems and make their lives easier, more efficient, healthier, etc.
Copyright © Anthony Mora 2011