Since we are still in the Great Recession, businesses need to work smarter, not necessarily harder, to create and retain new clients. The effectiveness of their marketing campaigns will depend on how successfully businesses implement the following strategies, even on a reduced budget (not that we would recommend that!).
Excellent Client Care
Without loyal customers, businesses in this day and age would be in a world of hurt- and this pertains to both B2C and B2B companies. Now more than ever businesses must provide excellent customer service, and by doing so will set your business apart from the rest. The first impression you make on your client will determine your success throughout the process, and puts you in a better position to receive referrals in return. What used to be the norm: limited availability, long wait times, difficulty contacting customer service- is now gone. Customers are smarter and more savvy than ever.
Take a Second Look at Your Product Prices or Services
The internet makes it very easy to research services, goods, your company and your competitors. Armed with this knowledge, customers negotiate harder at the point of sale. Because of the recession, most people are willing to wait for a great deal. Consider reducing your profit margins in order to increase your bottom line. Make it clear to customers why your company will be the best solution for them, and clearly state examples showing this.
Quality Wins (well, most of the time!)
It's important to focus on your items or services that would be considered basic needs for your customers. Whether you cater to consumers or businesses, most are 'trimming the fat' off their budgets and sacrificing luxury for a good quality item or service, and demanding (also possibly attempting to haggle) a fair price. By researching your competition, you may find similar items or services at a lower price- but see this as an opportunity to showcase the quality of your service or item. Make your client see that your product or service will give them more value for their dollar.
Don't Decrease Your Advertising
Brands that increase advertising during a recession can improve market share and return on investment at a lower cost than during thriving economic times, as previous research has shown. Although it may be hard, try not to decrease your focus on advertising during this crucial time as it may have a broader impact on your sales than you think. When the economy is on the upswing, consumers will remember your advertising during this rough time and turn to you for help.
Excellent Client Care
Without loyal customers, businesses in this day and age would be in a world of hurt- and this pertains to both B2C and B2B companies. Now more than ever businesses must provide excellent customer service, and by doing so will set your business apart from the rest. The first impression you make on your client will determine your success throughout the process, and puts you in a better position to receive referrals in return. What used to be the norm: limited availability, long wait times, difficulty contacting customer service- is now gone. Customers are smarter and more savvy than ever.
Take a Second Look at Your Product Prices or Services
The internet makes it very easy to research services, goods, your company and your competitors. Armed with this knowledge, customers negotiate harder at the point of sale. Because of the recession, most people are willing to wait for a great deal. Consider reducing your profit margins in order to increase your bottom line. Make it clear to customers why your company will be the best solution for them, and clearly state examples showing this.
Quality Wins (well, most of the time!)
It's important to focus on your items or services that would be considered basic needs for your customers. Whether you cater to consumers or businesses, most are 'trimming the fat' off their budgets and sacrificing luxury for a good quality item or service, and demanding (also possibly attempting to haggle) a fair price. By researching your competition, you may find similar items or services at a lower price- but see this as an opportunity to showcase the quality of your service or item. Make your client see that your product or service will give them more value for their dollar.
Don't Decrease Your Advertising
Brands that increase advertising during a recession can improve market share and return on investment at a lower cost than during thriving economic times, as previous research has shown. Although it may be hard, try not to decrease your focus on advertising during this crucial time as it may have a broader impact on your sales than you think. When the economy is on the upswing, consumers will remember your advertising during this rough time and turn to you for help.
Eileen Wilkins
President- Business Development
Blue Wave Design, Inc.
Blue Wave Design, Inc.
824 US Hwy One
Ste. 345
North Palm Beach, FL 33408
V: 561-775-9607
F: 561-775-1633
Blue Wave Design is a full service graphic design firm providing creative solutions that integrate marketing strategy, communication and graphic design. Our goal: Giving our clients the competitive edge in order to grow their business.
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