Working in small businesses, we know we’re heading for tough times ahead. So, let’s ditch the argument of whether we’re in a recession or not, and just get to what we’ll need to know to recession proof our marketing.
1. Measurement is King: More than ever, you’ll have to prove the worth of the budget you’ve fought for, so make sure every dollar spent is accountable to a sale down the line. Search engine marketing is a great example of marketing spending that is completely tied to revenue generated. See these best practices for lead generation using search engine marketing.
2. You Can’t Beat Free: You read blogs, so you know the value of content to readers. You won’t find a better time to start blogging than a time when marketing costs are dwindling. See this guide on marketing your business with a blog. Other low cost or free options are word of mouth, press releases, and additional low cost marketing tips.
3. Lean on the Customers and Prospects You Already Have: Take the time to appreciate the customer list you’ve built. If you haven’t already done so, start an in-house email newsletter to reach out to those customers and prospects from whom you’ve already collected information. Here is one set of tips for increasing the value of email newsletters. This is also a great time to build up your customer testimonials, as people will be putting more consideration into their purchases when money is tight.
Since budgets and customer spending are likely to be tight, now may be the time to pull back from expensive outlays such as tradeshow booths, spending which is not easily measured such as direct mail or TV ads, and new fad expenditures such as social marketing which doesn’t have a proven history of revenue generation.
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