Given the tough economic times, how can you get your business off to a great start in 2009? We at FulcrumTech put our heads together to come up with several tips to help your company not only survive – but also thrive – throughout this recession.
1. Re-Evaluate Your Marketing Plan
When the economy takes a turn for the worse, marketing is one of the areas many businesses look to first for trimming their budgets. But cutting your marketing budget during a recession is a big mistake. In fact, this is one of the most important times to increase your visibility to both customers and prospects – keeping your company top of mind when they need your products or services. This is a good time, however, to take a closer look at your marketing plan. Specifically, determine which marketing activities have been successful and which ones haven’t worked well in the past. Then shift your marketing dollars to the most effective programs.
2. Make Outstanding Customer Service A Top Priority
Because your company’s best asset is your existing client base, customer service should be your number one priority during tough economic times. Your customers already know you, are used to working with your company, and have the confidence that you can deliver for them. Giving the highest quality customer service possible not only will help maintain your current business relationship with clients, but it also may provide you with opportunities to grow the amount of work you do with them.
3. Increase High ROI Marketing Tactics
Email marketing, email newsletters, blogging, and search engine optimization: These are a few of the top marketing tools that consistently deliver a high return-on-investment. In fact, email marketing was recently reported to have an ROI of $45.06 for every dollar spent. If your business is not already using at least some of these tactics to target customers and prospects, then contact us at FulcrumTech and we can help get you started.
4. Implement Customer Referral Programs
Build on the satisfaction you’ve established with your clients by encouraging them to refer your company to their friends and colleagues. Consider providing a reward or incentive to customers – such as a one-time discount – for passing on a new prospect.
5. Keep Track of Your Competition
What’s your competition up to as far as promotions, advertising placement, special sales, etc.? It’s important to keep track of your competitor’s at all times, but especially in a bad economy. This way, you can be sure you don’t lose business because customers find comparable products or services for a better deal.
6. Don’t Underestimate the Power of Good PR
Creating public relations opportunities is a cost-effective way to get your company’s name out there. Help demonstrate your expertise to customers and prospects by:
- Writing articles for trade journals or local newspapers
- Have company managers speak at conferences, industry meetings and local events including those sponsored by the chamber of commerce
- Attend and exhibit at trade shows that have proven to be the best potential for reaching viable prospects.
7. Network to Build Stronger Customer Relationships & Create New Ones
In addition to the traditional networking opportunities, online social networks provide are a great way to actively engage with customers, as well as target prospects with related interests. Plaxo, LinkedIn and Facebook are a few examples of today’s popular online social networks.
During these challenging times, the most important thing is to keep looking ahead. As the saying goes, “This too shall pass.” Be prepared to create and take advantage of new business opportunities and you’ll both survive and be poised to move forward quickly as the economy recovers. Click here or give us a call at 215-489-9336 to discuss ways FulcrumTech can help you implement business survival strategies.
Email Marketing Is Stronger Than Ever
What Are the Top Internet Marketing Tactics in a Tough Economy?
In a recent poll on Top Recession Internet Marketing Tactics, Online Marketing Blog reached out to its network of business marketers and asked: Which 3 Internet marketing tactics will you emphasize most in the next 6 months?
More than 400 marketers responded and these are the top 5 results: