Marketing in a Slow Economy

In a slow economy, it is natural to reduce your advertising budget and rethink marketing strategies. Other companies may carry on with business as usual—only working with less or accepting smaller returns on their investments. But how does one maintain—or better yet, increase—business without a large investment? Below are a few inexpensive ways to stay in front of your customers without losing your behind.

1. Market to your existing customers.
The people you regularly do business with are the most likely to remain loyal to you; contact them on a regular basis. A simple phone call still can generate leads and dollars. You might consider sending handwritten note cards or letters just to keep in touch. Communicate with them now more than ever before.

2. Use email as a marketing tool.
Chances are, you understand your business better than anyone. Consider sending an electronic newsletter periodically—one with tips and market insights that are useful for your clients. Sharing your knowledge with your current client base positions you as an expert in your industry. More likely than not, they will appreciate it—and keep your business in mind. Be sure, however, to ask permission before emailing them; unsolicited emails are considered spam. Provide an opt-out button at the bottom of each email. If you are technology challenged or need help designing an e-newsletter, look into companies such as Constant Contact or Emma to help you streamline the process. Fees start out as low as $30 per month, with minimal setup fees.

3. Use public relations to generate exposure.
Most businesses have some kind of newsworthy activities throughout the year. If your company has recently expanded, moved, or if you have a new service to offer, tell the media about it. Learning to write a press release is easier than you might think; numerous useful (and free) tutorials are available online. If you do not have the time, you might hire a professional copywriter. Fees in the Kalamazoo area range from $75–$300. Many local writers will forward the press release to the proper contacts.

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