It is no secret that the economy is in bad shape. Not just in the United States, but throughout most of the world. And, to make things worse, experts are in agreement that there is no relief in sight.
That means that you almost certainly need an adjusted, or maybe even an entirely new, marketing plan. If you do not have one in place very soon, you will be leaving money on the table. Perhaps a lot of money.
The best way to start is by asking and answering a few basis questions. The first is, who are your customers? The second is, how are they likely to be impacted by the economic downturn? The third is, how will that impact their need or desire for your product or service? From there, you can find a clear path forward.
You may find that you can benefit from increasing your marketing efforts, even while others scramble to reduce their marketing expenditures. But, whether you expand or reign in your advertising and marketing, a change in your primary message(s) may be a good idea.
If you are selling home-based business opportunities, for instance, you may experience greater demand when economic anxieties are high. Thus, you will probably want to increase your outreach efforts to people concerned about downsizings and business closings. And, your marketing messages to these people might be different than in the past. While not entirely abandoning messages about the high income opportunities and freedom of working at home, you will almost certainly be well served by spending considerable time talking about the security of owning one's own business and being immune to worries of layoffs and complete loss of income.
If you are selling high priced products, you will have a separate set of questions and concerns than do those of us with more mundane products and services. Your market may become even smaller and more targeted than ever as you seek to reach the shrinking number of the economically privileged; people who can afford luxuries even in difficult times. And, as your market shrinks, your frequency of contact may have to be greater, as might the average purchase size. Or, because very few people are entirely immune to anxiety about our current economic crisis, you might want to highlight your $100 bottles of wine, as opposed to your $300 choices.
It is axiomatic that the poorer the economy, the greater the importance of price. But, for lots of reasons, lowering prices may not be desirable or possible for you. You will need to ask yourself whether dropping your prices will devalue your product in the eyes of customers, what it will do for your volume, and whether you will be able to move your price back to current levels in the future without angering your customer base.
If you do not know who your most successful competitors are, find out immediately. Discover what they are doing to market themselves and see if similar media, messages, and activities make sense for you. Take advantage of the fact that competitive research is easier now than it has ever been. Far easier, in fact, because there are an amazing number of tools that can help you determine exactly how and where your competitors are spending their marketing dollars. What works for them, perhaps with some adjustments, should work for you.
Ask yourself the right questions, get the help or do the research necessary to get answers in which you have confidence, and your marketing plan will almost build itself.
A good product in 2007 is a good product today. But, you may have to market it very differently to be successful. - 15431
That means that you almost certainly need an adjusted, or maybe even an entirely new, marketing plan. If you do not have one in place very soon, you will be leaving money on the table. Perhaps a lot of money.
The best way to start is by asking and answering a few basis questions. The first is, who are your customers? The second is, how are they likely to be impacted by the economic downturn? The third is, how will that impact their need or desire for your product or service? From there, you can find a clear path forward.
You may find that you can benefit from increasing your marketing efforts, even while others scramble to reduce their marketing expenditures. But, whether you expand or reign in your advertising and marketing, a change in your primary message(s) may be a good idea.
If you are selling home-based business opportunities, for instance, you may experience greater demand when economic anxieties are high. Thus, you will probably want to increase your outreach efforts to people concerned about downsizings and business closings. And, your marketing messages to these people might be different than in the past. While not entirely abandoning messages about the high income opportunities and freedom of working at home, you will almost certainly be well served by spending considerable time talking about the security of owning one's own business and being immune to worries of layoffs and complete loss of income.
If you are selling high priced products, you will have a separate set of questions and concerns than do those of us with more mundane products and services. Your market may become even smaller and more targeted than ever as you seek to reach the shrinking number of the economically privileged; people who can afford luxuries even in difficult times. And, as your market shrinks, your frequency of contact may have to be greater, as might the average purchase size. Or, because very few people are entirely immune to anxiety about our current economic crisis, you might want to highlight your $100 bottles of wine, as opposed to your $300 choices.
It is axiomatic that the poorer the economy, the greater the importance of price. But, for lots of reasons, lowering prices may not be desirable or possible for you. You will need to ask yourself whether dropping your prices will devalue your product in the eyes of customers, what it will do for your volume, and whether you will be able to move your price back to current levels in the future without angering your customer base.
If you do not know who your most successful competitors are, find out immediately. Discover what they are doing to market themselves and see if similar media, messages, and activities make sense for you. Take advantage of the fact that competitive research is easier now than it has ever been. Far easier, in fact, because there are an amazing number of tools that can help you determine exactly how and where your competitors are spending their marketing dollars. What works for them, perhaps with some adjustments, should work for you.
Ask yourself the right questions, get the help or do the research necessary to get answers in which you have confidence, and your marketing plan will almost build itself.
A good product in 2007 is a good product today. But, you may have to market it very differently to be successful. - 15431
About the Author:
Daniel Z. Kane is a college administrator who has published dozens of brief articles on marketing, online business, online college degree programs, online education for working adults, and related subjects.
