How to Market Your Business When the Economy Slows
A sluggish economy nearly always leads to a slowdown in business. When that happens, it can be challenging to find ways to market your products or services without stretching your budget too thin. Here are three ways that you can market your business when the economy slows.
It is easier than ever to harness the power of technology to promote your business. An economic downturn is a perfect time to explore new ways to use technology to reach your target audience. As a general rule, online marketing is more cost-effective than traditional means. If you have not migrated to direct email marketing over mailers, now is the time to do so. Once your web assets have been established, you can reach an exponential number of new potential customers than with any other form of marketing.
Market to Existing Customers
During a sluggish economy, every customer counts. This means it is more important than ever to market to your existing customer base. You have to work twice as hard to recruit new customers than to retain your current customers, making it important to not neglect this gold mine of potential business. When you focus on retention rates, you have the potential to see a big increase in profits. Installing a customer loyalty program and regularly showing your appreciation to current customers will go a long way in boosting your retention rates. Your current customers should always be the bread and butter of your business and this should be respected during an economic downturn.
If you are not already outsourcing some functions of your business, this may be a good opportunity to experiment with this strategy to see if it will save you money during tough financial times. Good candidates for outsourcing jobs include public relations, graphic design, and accounting. Outsourcing is generally less expensive than maintaining in-house workers. As a bonus, you will gain a new perspective from professionals who have worked with a variety of vendors in different fields. This fresh perspective will help you to reach even more potential clients without having to maintain a full staff.
You do not have to let less than ideal economic conditions slow down the growth of your business. With the right marketing strategy, you can use this time to capitalize on your existing business while also moving your initiatives to find new avenues of growth.