The financial situation is causing consumers to spend much less than usual.
As consumers spend less businesses will end up selling less as a result. The costs of bringing people to your place of business will also go up. For these reasons, it's a smart idea to rely on effective low cost marketing that is measurable.
Here are three of those strategies
Advertise in the most responsive media. Does direct mail, Google Adwords or billboards bring in lots of traffic to your store or website at the lowest cost? And do those people convert into customers? If so, focus more of your effort on that specific medium.
Bottom line: Put your money in advertising and marketing that is making you as much or more than your investment. And cut out the others that don't at least break even.
Do a quick analysis of your customer buying habits. The idea is to find out what they buy most of and sell more of those products to them. The more you push those products to new and existing customers the more sales you will make. That's because the market - your customers - is telling you what it deems valuable.
And while you're at it, find out what problems your market is agonizing over and figure out how to solve the ones you can. Mark my words, right now the businesses that will make it will be providing... solutions to problems!
Think outside the box. I'm sure you've heard that before. But hardly anyone in business does it. Consider other ways to get your advertising in the hands of potential customers. For instance, maybe you can include your post card as an insert in another company's fulfillment package.
You mail their list and they mail yours. Test both email and snail mail.
Cutting back on advertising and marketing when things are slow is not smart. Business owners who pull back the reigns lose momentum. Money spent on advertising and marketing is money well spent. Because that money is out there working for you.
In addition, consider your email marketing strategy. It's a low cost way to drive in sales.
This is a must. No question about it.
This is the time to go for it.
There's one more thing you should consider doing: Strengthen your ad copy in all of your online and offline promotions. Better copy always results in higher profits.
As consumers spend less businesses will end up selling less as a result. The costs of bringing people to your place of business will also go up. For these reasons, it's a smart idea to rely on effective low cost marketing that is measurable.
Here are three of those strategies
Advertise in the most responsive media. Does direct mail, Google Adwords or billboards bring in lots of traffic to your store or website at the lowest cost? And do those people convert into customers? If so, focus more of your effort on that specific medium.
Bottom line: Put your money in advertising and marketing that is making you as much or more than your investment. And cut out the others that don't at least break even.
Do a quick analysis of your customer buying habits. The idea is to find out what they buy most of and sell more of those products to them. The more you push those products to new and existing customers the more sales you will make. That's because the market - your customers - is telling you what it deems valuable.
And while you're at it, find out what problems your market is agonizing over and figure out how to solve the ones you can. Mark my words, right now the businesses that will make it will be providing... solutions to problems!
Think outside the box. I'm sure you've heard that before. But hardly anyone in business does it. Consider other ways to get your advertising in the hands of potential customers. For instance, maybe you can include your post card as an insert in another company's fulfillment package.
You mail their list and they mail yours. Test both email and snail mail.
Cutting back on advertising and marketing when things are slow is not smart. Business owners who pull back the reigns lose momentum. Money spent on advertising and marketing is money well spent. Because that money is out there working for you.
In addition, consider your email marketing strategy. It's a low cost way to drive in sales.
This is a must. No question about it.
This is the time to go for it.
There's one more thing you should consider doing: Strengthen your ad copy in all of your online and offline promotions. Better copy always results in higher profits.
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