Promotional Strategies for Bad Times

by Jim Phillips

January 09, 2004

Running your own business can be tough even in the good times. But if you are an entrepreneur, you thrive on challenge, and that's why you are in business for yourself.

Even the most dedicated business people experience times when it is hard to feel any enthusiasm, though. When orders are down and traffic is flat you may ask yourself if it is worth it to go on.

If you have followed marketing rule #1 - find a need and fill it - then people still need your product or service, even in a down market. Don't make the mistake of cutting back your marketing efforts when times are bad. Here are some techniques to increase your marketing efforts without increasing your marketing costs when things are tough:

1. Help a local cause.

Get free publicity by donating time or products to a local school. Develop your offline presence by addressing local trade or industry groups. Maintaining a presence in your community should always be a part of your marketing plan, but with so many businesses cutting back or going under you can really increase your visibility during a recession.

2. Start a contest or giveaway.

Use promotions, online coupons, and giveaways to attract new customers. Offer customers a chance in a prize drawing with each purchase. Offer sliding scale discounts to increase incremental sales. Make sure that your web site has fresh content. People still like to have fun and they still like to learn.

3. Review your results.

This is a good time to review the results of your existing marketing strategy. How are your page rankings? Are the ads you place generating orders? Go back through you logs and find out how your visitors are finding your site. Make sure that you are concentrating your efforts in areas that generate the best quality leads. Add a feedback form to your website and ask visitors what they like best and least about your site.

4. Use direct marketing.

This is the time to use your database. Contact your existing customers via an email promotion or newsletter. Make sure that you are offering information and value rather than simply asking for new business. You want to stay in touch with your customer base even if they aren't buying right now. Strengthening your relationships with existing customers has long-term benefits as well.

5. Increase value.

Extend your service policy. Offer training. Bundle products in a
promotion. For example, Palm bundles keyboards with the m515 model. Amazon offers free shipping for orders over $25.00.
Remember that while good times don't last, bad times aren't forever either. Building loyal relationships and concentrating on the value you offer your customers make you a stronger business. The things you do now to keep your business alive will pay off in even bigger sales and profits when things are rolling again.

Jim Phillips http://www.viralnews.com  jim@viralnews.com .