Marketing in a Tough Economy: Strategies for successfully Marketing your Business on a Limited Budget

So the economy is in a little bit of a slump. Customers don’t seem to be buying. What’s a company to do? Here are some low-cost marketing options to try that will hopefully keep you going during these tough times:

• Increase your advertising: Sounds counter-intuitive, but with less competition out there, now’s the time when your message is more likely to be heard, as people cut their budgets in reaction to decreased or slower sales. If you’re the one reaching those prospects, and your brand is top of mind, they will turn to you when they are in need of a product/service, rather than one of your competitors. Put a little extra dough in your marketing budget and you may see your sales lift off.
• Offer discounts and coupons: Retailers especially will be using coupons to entice buyers to open their wallets this holiday season. Why not do the same by offering special deals to your customers? Give them a little push to get them in the door and shoppping.
• Focus on the web and Internet marketing: Maybe now is the time to spend some effort online rather than using traditional or more expensive media such as television or print ads. Optimize your website. Add valuable content. Send out an eNewsletter. Start an inexpensive pay-per-click campaign. All of these options are cost-effective ways to reach your target audience on a dime.
• Partner / Co-Op marketing/advertising: Find a similar business to team up with and split the costs and offer a joint product/service/solution to the same audience. You can even benefit from using their mailing or customer list, therefore reaching a broader audience than before.
• Try Public Relations: Although this takes some effort and time (and cost if you outsource it to a professional), and is not a guaranteed way to reach customers, PR can be a cost-effective way to get your message out there and encourage people to buy from you. It also presents your message in an unbiased way since it’s coming from a trusted media source such as a newspaper reporter, rather than from a paid advertisement. 

These are just a few ideas. If you are really strapped for funds and can’t invest in any of the above, I suggest you spend some time developing your marketing plan/strategy, and when the dust settles and you’re able to move forward, you’ll already know what to do.

Best of luck, and let me know how I can help.