Marketing is as much at the whim of the economy as any other aspect of business. Taking into account the Global Financial Crisis, the brief relief experienced over the past year and a further potential recession, business owners must be especially cautious of their decisions. Marketing decisions are still core considerations in any financial climate. The logic of most follows; if there is a recession, people won’t be buying. What, then, is the point of increasing marketing resources if your customer’s budgets are strained?
Recessionary Business Outlook is Grim – Or Not ?
When you look at it, it’s a grim picture. Thankfully, this situation isn’t nearly as bad if you approach it outside-the-box! What many businesses fail to acknowledge is the potential that their installed user base offers. If your pre-existing customers are still buying from you, chances are their strong brand loyalty is a force you can maximise to your advantage. It’s possible to make your business more appealing in strained financial times if you capitalize on the general lack of affordable options in your industry. Offering discounts and promotions, geared towards maintaining and support those affected by the recession, can do wonders for your reputation.
Online Marketing Costs at a Fraction of Traditional Marketing
The best place to start is with online marketing. As a fully customisable, portable concept, online and social media marketing offers huge potential thanks to its versatility and flexibility. It’s now possible to establish an online ad campaign at a fraction of the cost of a traditional print media campaign, whilst reaching the same (if not greater!) degree of penetration. This offers huge savings for businesses hit hard by the GFC who still want to hang in there and give it all they’ve got. Digital marketing may be the best choice you make in keeping your business afloat.
By Michael Arendt for MyConsulting Australia