Marketing in a Shaky Economy
I am so lucky to be a member of a very robust Chamber of Commerce here in Louisville, KY and I just got back from a Breakfast Networking Meeting where the featured speaker was giving a presentation on Marketing in an Economic Downturn. Shannon is a PR professional who makes a living helping small businesses thrive through creative marketing programs. Needless to say, with the current economic climate as it is, this meeting was packed with eager ears and pencils at the ready.
I thought I would share a few of the highlights of this meeting. Not because I think that this is new information, but because I think, just like effective marketing efforts, it never hurts to hear a good message more than once.
According to Shannon (and multiple sources quoted throughout her presentation), the biggest mistake a business can make is to stop marketing when things get tough. This is the time that business should stay top of mind and out in front of their best customers. Providing a clear and frequent message is key.
Another interesting piece of advice had to do with cutting prices. That can also be a big mistake. Intead of slashing prices, shaping the message and staying focused on the brand/unique selling point of your product or service should be the goal. Remaining true to your belief that your product or service holds value will keep loyal customers coming back. If you believe in the value of your product, so will they.
Shannon spent 20 mintues discussing the importance of maintaining a robust marketing plan in this tough economy and the message was loud and clear. Will you need to reevaluate your marketing programs? Perhaps. Will that mean cutting back on certain areas that aren't working quite as well as they once were and pumping that money into other avenues? Most likely. Is this going to be easy? Probably not. But according to the experts and the people who have had to lead businesses through other tough economic times, those who continue to market, will most likely be the ones standing at the end of this cycle.
I thought I would share a few of the highlights of this meeting. Not because I think that this is new information, but because I think, just like effective marketing efforts, it never hurts to hear a good message more than once.
According to Shannon (and multiple sources quoted throughout her presentation), the biggest mistake a business can make is to stop marketing when things get tough. This is the time that business should stay top of mind and out in front of their best customers. Providing a clear and frequent message is key.
Another interesting piece of advice had to do with cutting prices. That can also be a big mistake. Intead of slashing prices, shaping the message and staying focused on the brand/unique selling point of your product or service should be the goal. Remaining true to your belief that your product or service holds value will keep loyal customers coming back. If you believe in the value of your product, so will they.
Shannon spent 20 mintues discussing the importance of maintaining a robust marketing plan in this tough economy and the message was loud and clear. Will you need to reevaluate your marketing programs? Perhaps. Will that mean cutting back on certain areas that aren't working quite as well as they once were and pumping that money into other avenues? Most likely. Is this going to be easy? Probably not. But according to the experts and the people who have had to lead businesses through other tough economic times, those who continue to market, will most likely be the ones standing at the end of this cycle.
posted by Colleen O'Connor | 6:41 AM
0 Comments:
Post a Comment
<< Home