Ten Sure-Fire Tips To
Stretch Your Marketing Dollar
In an economic downturn, yesterday’s marketing strategies
just won’t do. Marketing should be viewed similar to a financial
portfolio - - with a diversification strategy and long-term focus
- - that should not be cast away during a sluggish economy. It is
more important than ever to adopt innovative, hard-working marketing
tactics that produce bottom-line results and bring you closer to
your consumer:
1. Take the time to develop a solid marketing plan.
In today’s economic climate, it is essential to look beyond
today's boundaries, focus on well-defined markets, map out the best
marketing tactics, and demonstrate their impact on the long-term.
Service/product benefits; target markets; competitive environment;
short/long-term objectives; tools to reach target audiences; a month-by-month
implementation timetable; and a yearly marketing budget should be
detailed. To come out on top, consider trends three-years out so
that you can begin executing on a strategy now. Look for opportunities
to share marketing costs with logical partners such as developing
co-op advertising with a related company that shares your target
market. Concentrate on marketing tactics that cut through the clutter
and segment your market in new ways.
2. Make your staff an integral part of the marketing effort.
The entire staff must be consistently aware of the important role
they play in marketing the company. Business processes and marketing
actions should be clearly identified and prioritized at regular
staff meetings. It is critical to promote your brand internally
since your staff is on the front lines communicating your company’s
benefits. This image needs to be presented by the person who answers
the phone, greets guests, and speaks on behalf of the organization.
Your company's marketing efforts, in good and bad times, require
a strong management structure.
3. Don't put all your marketing $ in one basket! You
need to ensure a steady flow of information to your target audiences
through a variety of channels. The optimal marketing program uses
a mix of direct mail, public relations, advertising, collateral
materials, and Web site development. This integrated approach must
combine brand and tactical marketing into a single campaign. It’s
more important than ever to develop and maintain a branded environment
that reflects one look, feel and voice across all mediums.
4. Let PR put your organization on the Media Map. Public
Relations campaigns put you in direct contact with your audience
through public appearances, publicity, and community outreach. While
your story may not land on the cover of Forbes Magazine, sending
newsworthy items on an ongoing basis to local media outlets, trade
publications and web sites that reach your prospects is well worth
the effort. Be an ambassador for your organization and take a high-profile
position rather than melting into the crowd. Offer to participate
in a panel discussion or seek solo speaking engagements. To further
increase your company's visibility, associate with a charitable
cause or community-based group for a special event.
5. Conduct a Communications Audit. Printed material
remains the top choice for disseminating information. Take time
to review your marketing materials to ensure your message is targeted
and consistent. Discard anything that is ineffective or dated. Identify
any gaps in your collateral pieces and prioritize the development
of new marketing materials that are flexible and remain timely.
Establish graphic standards, such as a logo, and use artwork or
photography that can be leveraged across all of your marketing materials,
including your Web site. If possible, print all of your materials
at the same time -- combining print jobs can translate into big
savings.
6. Advertise with care. Today's consumer receives
1,500 plus advertising messages daily. We have become adept at filtering
out these messages and focusing only on those that directly impact
us. Lay low on image ads and substitute with ads that are designed
to produce bottom-line results. The ads must make a strong call
to action and communicate your firm’s benefits. To track the
results of your efforts, consider placing response codes in your
ads and train staff to ask respondents where they learned about
your company. Contact-management software is essential to record
such information.
7. It's all about relationships. Remember, 20%
of your customers account for 80% of revenues. Creating a relationship
with a customer is the most vital part of selling. Relationships
are created by responding to the consumer's need for information
and by providing a consistent message. Customers want a product
or service that delivers on its promises. Maintaining an ongoing
conversation with customers and building a brand will turn consumers
into customers, and customers into brand loyalists and long-term
purchasers. Designate staff members to get out and attend different
groups, assign goals for follow-up and regularly add contacts to
your database. Communicate with your potential and current customer
database once every four to six weeks by e-mail, fax, direct mail,
phone or in person.
8. Perceive your Web site as a revenue producer, not a
drain on your budget. Your Web site is your around-the-clock
marketing department and should not be viewed merely as an electronic
brochure. Make your site dynamic, user-friendly, informative, interactive,
and persuasive. The low cost per impression and the relative ease
of making modifications is a big plus. Phase your Web site to allow
you to prioritize information and make budgeting more manageable.
To drive traffic to your site, put your URL address on brochures,
ads, business cards and stationary. Consider hiring a professional
to optimize your site to ensure good position on the top search
engines (Google, MSN, Northern Lights).
9. Create a compelling direct mail piece that motivates
prospects to take action. Establishing an ongoing direct
mail program is a cost effective and efficient way to maximize exposure.
Of equal importance is your mailing list. Consider purchasing lists
from a list broker. One word of caution - - be sure to ask the list
broker when the list was last updated. Consumer and business lists
can be streamlined to be "demographically correct". For
example, business lists can be purchased by industry code, sales
volume, number of employees, etc. Compliment traditional direct
mail efforts with an e-mail campaign to pick-up even more steam!
10. Maintain a Positive attitude. Positive energy
pays-off in a big way. Attitude is pivotal to your organization’s
success. We must continually reinvent ourselves since fresh ideas
lead to growth. So, break out of your comfort zone and try something
new.
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