Commercial Ink - Marketing in a Down Economy

Marketing in a Down Economy In today's economy, it's more important than ever to separate yourself from competition. In fact, as competitors fall, it becomes even easier than ever, too - if you choose to take advantage of it! Consumers want to do business with reputable companies and professionals. According to Insight Express (marketing research specialists), "consumer trust in advertising has plunged 41% over the past three years, and only 10% of consumers say they 'trust' ads today." So with all the riff-raff advertising, junk mail, and scams, how are you going to separate yourself as the professional, credible, competitor that everyone turns to? Simply put, it's all about branding and image. This concept applies across the board. Every time you are in front of your clients you are creating a brand, whether it's going to a meeting, on the phone, or indirectly through marketing material. Sending a consistent message will instill trust in your customers, and when the time comes to purchase, they will turn to you first. It is not wise to make marketing budget cuts in down economies. This is the time when you need your marketing the most. Competition is falling left and right, and you want to be the one left standing. If you are in the unfortunate position of having to make budget cuts, consider resources that may not be providing the return you expected (that 2nd assistant that you had to have, the guy in accounting with no title, the season tickets for "clients", etc.).
Ad Time	Average Response
Internet	3.40%
Email	0.50%
Mail	1.35%
Magazine	0.17%
Radio	2.48%
A better alternative to cutting the funds is reassigning them to the most effective forms of marketing and advertising. The table to the right shows that internet advertising has taken over as the best overall response rate method. This includes paid and non-paid internet advertising in the form of blogs and organic searching. Customers are becoming more and more educated on purchases - a friendly website that can help educate them not only builds trust but creates a warm lead to follow up with. Be sure that your marketing is geared toward the value that your product or service will add to your clients. Too many firms panic in the wake of a stagnant economy, lower prices, and advertise sales. While you may churn short-term business, in the long-term, you are creating more work for the same profit - and it is irreversible! It's much harder to raise price back up during a good economy. Focus instead on what problem or solution your service provides. A rule of thumb is to ask the question 'why?' three times and you'll find the real answer: Why do they want my service? Because it adds convenience Why do customers want convenience? Because they want to save time Why do they want to save time? So they can make it to their son's baseball game this weekend It doesn't have to be that emotional of a solution, but it very well could be for many of your clients, and you don't even know it. Finally, stay the course. If your business provides a beneficial product or service to a specific target market and you’re staying in front of them, new business will develop.

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