Marketing in a Tough Economic Climate

by Rickey Gold
Rickey Gold & Associates

September, 2002

Talk to some of the people who’ve been downsized in the past year. Or a small business owner who’s just let most of his staff go. 2002 is a tough market. And tough markets require different tactics than those we use when things are flush.

So what do you do when your budget is tight to make sure you’re still visible in the marketplace?

1. Do what you can afford.
It’s really as simple as it sounds. Be reasonable. Do more yourself….or find more reasonably priced vendors.

For example:

• Simply your marketing material. Spend less.
  • Find vendors whose fees fit your budget
  • Print 1 or 2/color brochures rather than 4/color
  • Send direct mail postcards or “personal letters” instead of 4/color brochures
  • Market online with e-mailings (no postage)
• Nurture your existing customers. They’re probably feeling the same crunch you’re feeling.
  So work with them.
  • Ask questions. How can you help. Where can you help them cut corners.
  • Offer more incentives. Come up with a catchy campaign to let them know they’re getting
    special consideration.
  • Be a solutions provider.
  • Be proactive. If you see a potential (or existing) problem, identify it before they do and
    have some answers ready.
• Target new customers.
  • Get a list. Send postcards or sales letters with special offers.
  • Network more. Attend different events. If you’re in the city, try a suburban event. Expand
    your horizons …and your network.
  • Offer a free sample of your product or service:
    an hour of consulting, 1/2 hr. massage, a free web site evaluation, etc.
  • Of course, all of these “freebies” are geared at enticing the potential customer to retain your services on a paying basis once the initial offer is over.
• Re-connect with old customers.
  • Call just to say hello and see how they’re doing.
  • Drop a handwritten note in the mail.
  • Send an article that you know would be of interest (business or personal).

2. Market Smart
Get as much play out of your marketing materials as you can.

• Establish a master design (template) to be used on all your marketing material including your web site.
• Don’t lose focus of your brand, ie. maintain your brand integrity.
  Make sure everything reflects your company’s image -- who you are, what you do and
  why you’re unique.
• Market consistently. Keep your name out there.

3. Become an expert (you are, aren’t you?!)
Be a resource -- a source of information.

• Send copies of relevant articles, industry news, helpful tips, etc. to clients
• Recommend books, newsletters or other articles that might be of interest (business or
  personal – it’s ok to be well-rounded!)
• Offer your services for speaking engagements or seminars
• Do some pro bono work
• Write articles or letters to the editor, give testimonials (all the better if these are posted on
  the Web)
• Pitch stories of interest to the media.

4. Be patient.
Try not to get frustrated. Realize that not everything will work. That’s why testing is
so important. So test. Try different tactics until you find what works for your particular
business.

Entrepreneurs know you need to roll with the punches. Eventually, this market will turn around. In the meantime, market smart: focus, be persistent, be persuasive and get out there. The business will come.

Rickey Gold specializes in designing compelling, cost effective marketing solutions to grow your business and impact your bottom line. She can be reached at 773.348.4973 or rg@rickeygold.com