Tuesday, March 17, 2009

Power Marketing Tip 18: Marketing in the Recession

Power Marketing Tip 18

Marketing in the recession

Happy New Year and Happy Recession!

That's double the reasons to sharpen your marketing.

Business just streams in your door when times are good. When times are bad you need to run out onto the street and drag customers into your store. And when you get them there you need to demonstrate overwhelming value. You do that with superior marketing.
Marketing is more critical to your success in a recession. This is a good time to review and energize your marketing for the coming year.

In preparing for the year ahead ask yourself some important questions about your marketing.
How will you get more from your marketing this year?

Start with, "What did you do last year and how well did it work?"

List all the types of marketing you did. Then rate each with three elements.

The amount of business it brought you
Your investment in that form of marketing - money or time
A, B or C rating (see below)

A It works just fine
B It seems worthwhile but you wish it was better
C No signs that it is working

You can probably remove the C items from your plan for this year. That will free up some resources to focus on the things that work.

Look at the A activities for ways to improve your return on investment. Either reduce your costs or systematize the process to improve efficiency.

Review B activities with an eye to improving effectiveness at no or little increase in your investment.

Measure the effectiveness of your B marketing activities by one of these three criteria:
Grab Attention
Demonstrate value
Build relationships

Your marketing must do at least one of those things better than your competition. In a recession demonstrating value is most important, with building relationships coming in a close second. Grabbing attention is easier in a recession because a lot of your competition will be pulling back on their marketing. They might not be in business by the end of the year.

In a recession there will be the quick and the dead. Choose to thrive by improving the efficiency and effectiveness of your marketing now.

George Torok
Power Marketing

Tell me how this marketing tip helps you.
PS: Forward this tip to your associates.


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