Tips: Marketing and the Economy

During a flat or down economy, smart marketers look for the best ways to make the most of their marketing investment. Below are tips for marketing in a slowing economy.

1. Show appreciation to your customers. They can prove to be your most important target audience during an economic downturn. Special treatment will encourage repeat business.
2. Look for opportunities to share marketing costs with logical partners. For example, you might want to develop a co-op direct mail piece with a business that shares your target market.
3. Negotiate the lowest prices for out of pocket marketing expenses like printing. Vendors are feeling the pinch of the economy too and may be in a bargaining position.
4. Consider offering discounted pricing packages to generate consumer interest. Everyone enjoys a deal.
5. Pick up market share by outsmarting the competition. Your competitors may reduce their marketing. This could create an opportunity for you to maintain or increase your market share.
6. Concentrate on marketing tactics that cut through the clutter. Tactics like publicity, speakers bureaus and networking can be low-cost winners.

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