Marketing tips for tough times

By Jack Burke

Historically, many businesses reduce advertising and promotional expenditures rather than slash fixed costs during hard times. However, studies have shown that those maintaining or increasing marketing during slowdowns wind up outselling rivals who cut back.

Savvy marketers can boost sales and market share, even in a slump, by focusing on short-term tactical techniques such as sales and price promotions and tailoring advertising in response to the shaky economic climate.

Here are key ideas to keep in mind, courtesy of the U.S. Small Business Administration:

• Monitor your competitors’ marketing. If they’re cutting down, seriously consider increasing your ad budget and hitting harder. This will provide a great opportunity to capture—and retain—a larger share of the market.
• Avoid gimmicky and clever advertising. Center your message on the benefits and advantages of your product or service.
• Stress quality and durability. Consumers are looking for as much value as possible in a weak economy.
• Keep in mind that perceptions play a major role in a weak economy. If people believe money is going to be tight, they will behave as if it is—even if they have money to spend. Your marketing has to convince prospective clients.
• Promote your business every chance you get with signs on your vehicle and at the jobsite.
• Start a website. More and more people are gathering information from the Internet. You should be there.
• Contact the local Chamber of Commerce to see if your business information can be included in a welcome packet for new residents.
• Become known by establishing a presence in the community. Don’t be afraid to use your company to support parades, community festivals, golf outings and other events.