Alright, have we come to terms with the ‘global meltdown’ yet? While there’s no hard and fast rule that we have to accept it as a way of life, there are still some steps we could take to make our lives less painful, and in the process thrive from it.
First off, a marketing expert says, “Don’t cut prices now.” Huh? But research does show that if you discount your brand during a recession, it might take well up to seven years to recover your price level. A better idea would be to make your product more attractive by offering something for free — if you’re selling microwave ovens, throw in a set of microwave-proof dishes instead.
How’s your competition doing? Are they cutting down on their advertising budget? If so, you could cash in on that by stepping up your advertising and be assured that the revenues will make up for it. And people will recall your campaign long after the recession is done with.
And of course no one can deny that customer service and revenue generation go like smoke and fire. A notch higher customer service at a time like today’s, longer they will be remembered, and that just means more cash in the till in the long run.
Yet another recession-marketing specialist says you need to focus on your brand strength. Has it been around for long? Long enough to push people to recall the ‘good old times’? If so, you can build on that – when there’s crisis all around, my inclination would be look for my security blanket. In other words, products that make me feel ’safe’.
And if you’re in the online business, think how credible is your site? How well does it urge visitors to buy? I read a superb report on conversion rate optimization (CRO). What’s that? Simply put, it’s nothing but the subtle, yet scientific way how you go about persuading your visitors do something on your site that will benefit you in the short- or the long- run. Read the free CRO PDF report, and check if your site is making the best possible use of options available to you.
Last but not least, find out how you might create strategic alliances with matching products or services. For instance, if you’re selling chocolates, look for a tie-up with the local flower store. Let the flower shop promote your chocolates, and you try to push their flowers when you have a customer looking to buy chocolates. The result? You both stand to double your reach and stretch your marketing budget – for next to nothing.
Now you can see that despite the ‘impending doom’, there are some things you could do and take a proactive stance in gaining revenue and improving market share in this troubled time.
Tags: Conversion Rate Optimization, Recession, Resources
