With inflationary pressures, competitive price-cutting and disruptive technologies so prevalent in today’s market place, marketers often scramble to choose the right places to invest their smaller budget dollars. Well-defined marketing communication strategies and programs, implemented consistently, gives you the best chance to stay ahead of the turbulence.
Do your homework. Drop phrases such as; “We think”, or “But we’ve always done it this way”. This is no time to guess. Invest in research, focus groups and/or surveys. You don’t want to find yourself touting features and benefits no one cares about.
Increase marketing budgets. Yes, I said increase. When competitors are pulling back, it is a great time for you to make a ‘name’ for yourself with prospects that may actually be paying attention right now.
Get more where you are. Existing customers know you (for better or worse). If you have additional products and services that they could be buying from you, now is the ideal time to tell them. Market to them consistently.
Make the best better. We all have products or services that outperform some others in terms of revenue and profit. Concentrate and promote those. If you must choose to pull back somewhere, do it with your weaker offerings.