Thursday, April 30, 2009

Recession Marketing

I thought you might enjoy the following Q&A that I provided to a national publication writing about how small business owners can succeed in a recession.

1. What tips can you provide for organizations looking to maximize their marketing budgets?

Focus, focus, focus. The biggest problem right now is that people are spreading their marketing efforts too thin. It is much better to call one warm prospect than to send a cold mailing to 1,000 people from a database. Focus your efforts on the most profitable and likely prospects.

2. What brand building techniques do you recommend during a recession?
In a bad economy, people only pay for things that solve immediate, serious needs. Take a look at your marketing messages and determine whether they address such a need. Think in terms of Emergency Care vs. Prevention. Long-term marketing messages simply aren't selling right now, so you need to dig deep into the "pain" your customers feel and tell them how you can help.

3. Are there marketing activities you have increased as a result of the recession? If yes, can you provide an example?
I'm offering more workshops and short-term projects that deal with specific problems (per the above answer - long term strategy just isn't as attractive right now).

4. Are there specific campaign examples or strategies that have worked particularly well despite the recession?
My marketing business has actually grown in the past six months, and my pipeline is full. I think it's because I saw the consumer mentality changing and applied what I said in numbers 1 and 2 to my own company.

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