Yes, we are in a recession. I am sure you did not need me or the media to inform you about the current state of our economy. As a business owner, you are probably feeling discouraged by the decline in consumer spending and being bombarded by the news of failing large companies such as Fannie Mae, Citibank, etc. You are probably wondering, “If companies are eliminating jobs by the thousands and people are struggling to pay bills, how can small business owners successfully stay in business?” The typical business owner’s answer to this question is usually to decrease their marketing expenses. Many people may find this answer to be perfectly logical, but successful companies recognize that this is the time to increase their marketing. Successful companies realize that now is the time to increase their marketing and take advantage of the decrease in competition and discover areas of opportunity.
Decrease in competition
This is one “bright spot” often overlooked by companies during a slow economy. The only way people will learn about your company is through marketing. The decrease in competition can be a stepping stone for you to elevate your business. This is your window of opportunity to become a household name. The only way companies will recognize your brand is if you effectively promote your products and services. Companies that allow their desire to save money by decreasing their marketing expenses leave the door wide open for their competition. Many companies that have increased their marketing during this slow period are reaping the benefits of doing so in a less crowded environment. Jeremy Porter, Vice President of Marketing for Radius Online, a marketing agency that specializes in providing local online marketing services for small businesses said, “So many competitors are decreasing their spending now and this makes our money go further. We want to be more competitive in the market so when the economy turns back around, people will ask, “Where did these guys come from?”
Due to the current state of our economy, many companies are under the notion that marketing is expensive, so they cut back. Although some forms of marketing can be costly (i.e. radio ads, television commercials, etc.), there are many affordable marketing tools available to small business owners. Kai Hill, a consultant for My Medial Future, an employment site for nursing and therapy, sought to increase branding by using email campaigns, print ads, and referral lunches. Hill estimates a 20% traffic increase on their website and continues to add new clients.
While many companies continue to use “traditional” marketing techniques such as print advertising and cold calling, there is an increase of companies using social media and networking sites. Porter said that Radius Online in addition to using a CRM and email marketing software is also using PRWeb, an online news and press release distribution website. “Our website (Radius Online) traffic has continued to increase daily. In August, we only generated about 100 leads per month. We’re on track to generate more than 500 leads this month.”
Social networking sites such as LinkedIn, Facebook, and MySpace are also being used by companies to increase their presence in the marketplace. Penny Haynes, owner of Commercial Creation Center, a company that produces software to help internet novices upload videos, said that she is participating more in LinkedIn Answers. Haynes feels that she has benefited from increasing her marketing. “I have had new clients approach me due to my Podcasts and free teleseminars. More people are following me on Twitter and other social media sites. My search engine rankings for my keywords have increased.” Successful businesses take advantage of the decrease in competition. They realize that the current state of our economy should not be used as a reason to cut back on their marketing campaign. This is the time to get more bang for your buck. The decrease in competition has left the door wide open for them to step in and make their presence known. Successful companies recognize that there are many affordable marketing tools available to use such as online review sites.
Online review sites also serve as a popular outlet that allows customers to evaluate an organization’s products and services. Yelp, a popular online review site, recently released a free marketing tool called Yelp for Business Owners. This tool enables companies to create a business page which allows them the opportunity to interact with customers who reviewed their business. Companies should take advantage of this opportunity because it would be viewed by those in the Yelp community. According to Yelp Regional Marketing Director, Andrea Rubin, Yelp receives 16 million unique monthly visitors and currently has 4 million reviews on their website. As you can see, our sluggish economy can be an asset to those who increase their marketing campaigns and take advantage of the decrease in competition. Gaining exposure for your company does not have to be a costly endeavor. It simply requires your time, a little dough, and effort to surpass your competition.
Discover areas of opportunity
Successful companies are always one step ahead of their customers. It is possible to provide your prospects and customers with products and services that they will desire before they even tell you that they want them. You do not have to be psychic to accomplish this feat-market research and marketing will do just fine! Market research will enable you to identify what characteristics that your customers have in common. Knowing your customers likes and dislikes is what enables you to anticipate their next desire.
For example, if your company produces purses and you notice in your survey responses that your customers are requesting colors and styles of purses that you currently do not carry-Why not offer them the opportunity to customize their own purse (either online, at your store, etc.)? Your customers did not ask for this service, but by anticipating their next move enables you to be a genius and extend your brand! It is evident that market research is needed to help you effectively choose which marketing vehicle (print ads, online, etc.) is most efficient in spreading the word about your new creation.
Regardless of which vehicle you use, you must be able to interact with your customers. Without customer feedback, you cannot improve your products or services and become the next big thing. If you still are not convinced that you need to increase your marketing, I fear you will be the company everyone will ask, “Whatever happened to (insert your company name)?” Increasing your marketing will prevent you from being the one everyone wonders what happened to and instead catapult you to being the business everyone will praise and imitate.
LaTosha Johnson is a Marketing Consultant for an innovative consulting firm called TargetStars http://www.targetstars.com that specialize in providing top notch market research and administrative support. She has an extensive background in providing companies with unique market research techniques that will enable them to differentiate themselves from the competition.
LaTosha loves assisting companies with maintaining the delicate balance of simultaneously attracting and retaining customers. It is her desire to make sure that when people question an organization’s identity that the marketing strategies she creates will ensure that your clients and you both share the same answer.
Author: Latosha Johnson
Article Source: EzineArticles.com
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