How are you staying on top of the competition in the current economy?
Ever since the big scare hit and became a popular topic of conversation, businesses have been asking us what they should do and what others are doing.
Many of our clients have a solid marketing plan in place (they either utilize the services of our marketing partner, CreativeXChange Marketing, in conjunction with our design services, or have an internal marketing developer), and they have been revisiting their marketing plan to ensure it is still on track and relevant to their current marketing needs. Many of them have found that they need to expand or refocus their marketing efforts in order to keep on top of the current market. Trends we have seen include:
- more personalization to both printed and on-line materials (increases response rate)
- increased marketing efforts in smaller, local publications
- attending more local and focused networking events
- calling out to current clients and asking for referrals
- offering discounts on products and services
Beth Boen at CreativeXChange Marketing advises “…to build professional referral relationships. In a tight economy, getting referrals is key. Reaching out to professional referral partners in an effort to help each other out is a low-cost marketing activity. Find networking events that are either free or low-cost. Go to those that will have your target market and potential referral partners in attendance. Call or email the coordinator of the event and ask who/what types of businesses will be attending and how many are currently registered/can be expected.”
Has there been a reduction in marketing efforts?
Our clients know that it is important to maintain their marketing efforts, especially in a slow economy. We have also seen an increase in new businesses. People are taking charge of their future by offering their talents to the local business sector through a small business or freelance services.
Whether your business is 10 days or 10 years old, when the tide turns, who will your customers remember? The answer can be you, if you maintain your marketing efforts throughout the tight economy.