NBA Benefit
Provider - 4imprint.com
http://www.4imprint.com/nba/nba.aspx
Copyright
© 2008 4imprint.
Recession, downturn or just plain
slowdown-the prospect of an extended economic slump is pretty scary. Inflation
is on the rise, consumer confidence is taking a hit, and some small business owners
are starting to feel the squeeze.
It's a tough reality,
with direct implications on the marketing budget. What's a business owner to do
when the economy stumbles? Ideally, the same as when confidence is booming: get
to know your customers and give 'em some love!
People still
spend money, even when the economy is slow. They just don't spend as much. So
the moral of the story ... love your customers and make sure they keep choosing
you for their discretionary spending.
No, customers don't
come easy when money is tight. But, with a shoestring budget and a recession-proof
marketing strategy, you'll come out just fine.
Market
research
Talk to people. Find out what they want. Learn more about why
they choose to do business with you, instead of a competitor. Good research will
give your marketing credibility and help uncover unmet customer needs and more
about your ideal customer.
Investigate and you'll likely
discover marketplace trends, missed opportunities, or a potential new marketing
niche. Then again, you could just go with your gut. (But isn't that the same gut
that thought it could handle two chili cheese dogs and a tray of nachos at the
ballpark last summer? Can it really be trusted? Probably not.)
Instead
... try these free or low-cost market research methods:
- Visit retail
outlets. Watch how consumers evaluate product options. Engage them in casual conversation.
- Meet
with your distributors if you are a manufacturer and get the 411 on product sales
trends.
- Host an informal focus group or "research reception"
for your customers. Provide food, a special discount, and maybe even some takeaway
seating as thanks for their time.
- Use the mall intercept approach
in a free, outdoor location like a community park, farmer's market, or stadium
parking lot.
- Hire a graduate student with research experience to
help conduct a low-cost study.
- If you offer big ticket sales or short-term
services, make a habit of doing exit interviews two to six months after the engagement
has closed. Hire a third-party representative to conduct interviews over the phone
or go less formal with a mail-in survey. (This is a great way to get those '9
out of 10 clients who would recommend you to their friends and family' stats.)
Talk
to 10 of your best customers-the ones who bring you business again and again,
the ones who refer you to others, the customers you would replicate if you could.
Take them out to lunch and ask them to be really honest. Find out what they like
about your business and what they don't. Ask, "If you could change one thing
about my company, what would it be?"
Play favorites
You
can't be everything to everyone. When the economy gets tough, focused companies
double down on their best customers. Make like a four-year-old with a cherished
bear and love those customers to pieces.
It's a whole lot cheaper to leverage
your existing clients than draw in new business.
Brainstorm
ways to delight your best customers. Could you refer new business to them? Share
some relevant research? How about special discounts, customer appreciation events,
or a gift with purchase?
Here are a few more low-cost ways
to surprise your customers:
- Hire a youth club to wash car windows in
your parking lot. No tips allowed!
- Invest in a popcorn popper or cookie
oven for your showroom. Complement the fresh treats with custom
napkins imprinted with key sales messages.
- Provide reusable cloth
shopping bags or book
totes for customers who purchase a set dollar amount.
- Set up
a simple gift registry with index cards and a recipe box. Shoppers write their
name on top of the card and list their favorite items below. Loved ones can come
in to choose a gift from the list without giving up some element of surprise!
- Use
your wall space for rotating displays of your customers' children's art.
- Everyone
likes to play the expert. Create a customer recommendations display, and let encourage
them to post pictures or letters about your service and products.
Go
beyond customer satisfaction and focus on creating a customer experience that
exceeds expectations. Focus on the customers you have, and word will get around.
Advertise
judiciously
Advertising is probably the most expensive component of your
marketing program. TV and radio ads cost thousands to air, let alone produce.
Don't waste money marketing to the masses. Use your market research and focus
advertising dollars on the people most likely to listen.
Target
a distinct audience through local niche publications or industry trade journals.
Do some negotiating, and leverage your purchase in a way that benefits both you
and the publisher.
Get some free subscriptions included
with your advertising order. Send these subscriptions to key clients. It's a useful
gift they'll remember you by each time a new issue arrives.
Alternately,
you might negotiate an advertising trade. This is common among local-market publishers
who will swap advertising space for necessary services such as Web hosting, accounting,
and graphic design. Don't count out personal services such as chiropractic care
or dry cleaning. The publisher may be willing to trade these services for last-minute,
unsold ad spots.
Speaking of that, advertisers rarely sell
all of their advertising space. The remaining print space or air time is either
filled with self-promotion ads, given away to public service groups, or sold at
deep discounts. Media outlets will often give their best customers first crack
at these "remnant" spots, but that doesn't get them all sold.
Let
the ad rep know you're interested in remnant space. Have an ad ready and be prepared
to make quick placement decisions. When dealing with a print publication, provide
a variety of sizes (see the publisher's spec sheet for common ad dimensions) that
they can keep on file and slot into unfilled space.
Remember, however, that
as a remnant advertiser you will not receive the choicest spots. Controlling frequency
and reach will be harder to manage.
Blogs or podcasts are
another way to reach a highly targeted market. Do an Internet search to find popular
blogs or podcasts in your subject area. Traditionally, bloggers act more like
journalists-they might offer advertising on their site, but they aren't usually
open to making special product mentions in their blog entries. Podcasters, on
the other hand, can run ads on their site or on-air, and are generally willing
to plug a product, similar to regular radio DJs. Learn more in our Podcasting
Blue Paper.
However you decide to advertise, establish
objectives and try to measure results. Use a distinct promo code or unique Web
address so you can track response to your ad. Ask customers how they heard about
your business and track that in your database. Watch for spikes in Web hits during
an ad campaign. It's not easy, but do what you can to make sure your advertising
is paying off.
Get involved
Shamra VanArk believes
volunteerism did far more than advertising to build awareness for her office equipment
company. VanArk owns Advantage Office Solutions, a 16-person business based in
Green Bay, Wisconsin. VanArk and staff focus on just a few community groups and
really make their efforts count. Now past the company's 10th anniversary, VanArk
says volunteerism has been a great way to build connections and strengthen customer
relationships.
Consider charitable giving another way to
delight your best customers. Look for opportunities to support their favorite
causes through in-kind donations or volunteer support. Sure, altruism is great
and we certainly believe in giving back to the community, but the reality is that
a little bit of charitable giving can get you business in return.
- It's
networking-volunteers will get to know your staff as you collaborate on community
projects.
- It's marketing-people like to do business with companies
that give back.
- It's philanthropy-you're doing it for the right reasons
in the end!
Whether you are running a business-to-business
or business-to-consumer operation, the community is your base. Serving the community
makes good business sense because relationships fortify business.
Virtual
value
Now, more than ever, is the time to boost your Web presence. Capture
visitor attention by providing valuable resources and engaging content on your
Website. Start a blog that links to your corporate site. If you have solid writing
skills in-house, white papers like this one can be cost effective ways to add
value to your site. Talk better than you write? Try posting some podcasts. (Again,
see our Podcasting
Blue Paper.)
If you don't already have a Web site, blog
tools offer a free, easy way to build a basic Web presence. Software from Blogger,
WordPress or Type Pad can be used to create a low- or no-cost Web site of sorts.
(Visit Kayak
Transport Company to see a blog masquerading as a fairly successful Web site.)
Remember
to communicate your Web address in all advertising and print collateral. Put it
in your print ads and add it to your yellow page listings.
Use
e-newsletters to build relationships with your clientele. Keep your business top-of-mind
by sending monthly issues with usable content and insider sales. One area restaurateur
sends last minute email specials when weekend bookings are low. Customers on his
list have an exclusive opportunity to get deals like a free bottle of wine with
dinner or a half-price meal.
The easiest way to follow anti-spam
regulations and ensure your message gets through is to use an email management
service. In March 2008, Inc. magazine rated Constant
Contact as the best email management tool for beginners-just $15 per month
for unlimited messages to up to 500 addresses. For upgraded design options try
Emma, another
easy-to-use product. But in the end, a simple text message will still likely get
the job done-and that's what matters.
Email signatures and
telephone hold times are other ways to promote your business without spending
extra dollars. Include a tagline or quick marketing pitch after your email messages.
One independent bookseller we know includes a short, ever-changing "on my
nightstand" section at the bottom of each electronic missive. For the phone,
swap that elevator music for some promotional *but polite* communication. Use
"did you know" or "remember to ask about" messages to up-sell
your services.
A slow economy shouldn't slow down your marketing.
Redirect your efforts to lower-cost techniques. Narrow your outreach to a committed
audience and focus on building loyalty among existing clientele. They'll reward
you with their business AND their referrals. After all, word of mouth is still
the best advertising you can get-and the cheapest!
