3 Tips to Help your Company Through Difficult Financial Times
Don’t Panic! Now is the Time to Advertise & Promote
When the economy flounders and business drops it is easy to go into panic mode and cut spending. Oftentimes the marketing budget is the first to be slashed because it is not seen as integral to the survival of the company. As Henry Ford observed, this makes very little sense.
There are three things you can do that will help you through difficult financial times: stay in front of your customer, sharpen your strategy and utilize an advertising agency with the expertise to help you reach your customers without wasting precious resources.
#1: Out of Sight, Out of Mind – Stay in Front of Your Audience
Without a marketing program, you run the risk of losing the business you need now more than ever. Promoting your company during an economic slowdown keeps you in front of your customers. This is a great opportunity for your presence to gain a larger share of the marketplace because your competition may be missing in action. This means, when people are looking to buy, your product or service will be first in their minds.
#2: Marketing Strategy is Key
This doesn’t mean you should dump money into every marketing outlet available. You simply need to be smarter and more strategic about hitting your audience.
When the economy is slow you have less to spend on reaching new customers. It’s the perfect time to focus on cultivating your relationships with current customers and leads. These are valuable prospects with whom you’ve already begun a relationship. Capitalizing on these relationships can be as easy and inexpensive as sending a monthly e-newsletter.
Whether you are reaching out to current leads or working to develop new ones, you need to understand your audience.
This is always important but now your message will need to be even more targeted. You need to realize that a larger portion of your audience is going to be looking for “safe” purchases. Customers will be more likely to purchase your product or service if it can be viewed as an investment. Offer them a reliable solution by validating your company. Use customer references, awards, expert opinions, etc. to put potential buyers at ease with your company. Also keep in mind, a small amount invested in hiring a copywriter can go far in the overall marketing strategy.
#3: Ask for Help from an Experienced Advertising Agency
An advertising agency can help you tailor your materials to reach your intended audience with a message that will appeal to them, this is especially important when the market is down.
Not only do agencies understand what to say, they know where to say it. Advertising professionals make it their business to know the marketplace. They have years of experience and, depending on how long they’ve worked in the field, chances are they’ve dealt with similar economic climates. Tapping into their experience will allow you to get the most out of your marketing dollar.
A man who stops advertising to save money is like a man who stops a clock to save time.
– Henry Ford
Start Marketing Today – Don’t Wait!
Looking to spice up your advertising strategies and marketing materials? Lime Valley has your back. Contact us today to get started on your next project.