During an economic recession, you will inevitably need to lower pricing to maintain old customer relationships and ensure consistent new acquisitions.
However, it is very important to not let your clients know that your discounts are a result of the recession. First of all, the recession is depressing, and the customer will instantly associate your brand with unpleasant feelings about the economy. Secondly, it is best if customers view you as being impervious to the economic downfall. If customers view your brand as being recession-proof, they may begin to subconsciously associate your product and brand with durability and survivability.
Let’s review some tips on marketing a new discount without sounding desperate.
- Make Them Think It Was Planned All Along – If you are promoting a sudden sale or dramatic discount, choose language in your marketing materials that gives the customer the impression that it was in your plan all along. Phrases like “It’s finally here” and “Annual” can give the image that the new sale is completely standard procedure.
- Positive Budget Talk – It is acceptable to use words like “budget” and “efficient.” Encouraging customers to buy your product because it is being offered at a great deal is fine – but just avoid telling them to capitalize on the good deal because the economy is faltering and they have no other choice. The point is to encourage exercising fiscal responsibility and purchasing your product to save money. Just don’t feel the need to follow those claims up with negative discussions of the current economic climate.
- Avoid Threats – Believe it or not, many businesses resort to language that comes off as threatening. Don’t use phrases like “Capitalize on this great deal or you’ll be sorry tomorrow!” Especially in these trying times, customers don’t like to feel excessively pressured. You want to ensure that customers will purchase your product because they genuinely want to, not because they have to. If they purchase because of the latter, you are essentially guaranteed a return on your product.
In an economic recession, it is important to work to maintain existing relationships with solid customers. Even in your efforts to obtain new acquisitions, don’t forget to encourage positive, continuous relationships with your tried and true old customers.
If you are investing in promotional materials for your business or brand, chances are that you would like to maximize the amount of information that you can convey, no matter how small the individual document.
Believe it or not, you can truly say a lot on a business card – if you’re savvy enough to do so. Effectively making a statement and successfully marketing your brand on a small business card can be difficult, but here are some tips and tricks one can use to achieve do so.
- Centered Logo – The standard format on most business cards is to place the company or brand logo on the left hand side. Instead, try centering your logo. It really gives a bold statement.
- Color Matters – Avoid white backgrounds and opt instead for darker hues. Black can be eye catching, but avoid metallic lettering; it tends to look unprofessional.
- Glossy Finish – Spend a little extra and go for a glossy finish. It looks extremely striking and professional, and the results will pay off.
- Use the Back for Quotes – Many people will put a quick quote at the bottom of their business card (i.e. “Smiths: The Fast and Quick Sandwich Shop!”), hoping that it will add a little something extra. However, try placing a quote on the back on the card next time you order a new batch. You can even use a profound quote from a favorite author or activist, rather than a boring company tagline. It not only personalizes the card, but renders you an interesting individual, rather than just another company drone.
- One Phone, One E-Mail – Too many people fall into the trap of littering their business cards with a plethora of phone numbers and e-mail addresses in a misguided attempt to come off as a busy professional. Instead, opt for only one phone number and only one e-mail address. It makes you look more efficient and less pretentious.
Business cards may be small, but with the right concept, you can express a big idea!
With Wall Street experiencing losses not seen since the Great Depression, along with unemployment soaring to a 26-year high, how can your company stay profitable during a recession? The secret to success, even in soft economic times, is maintaining intelligent marketing. In fact, according to Professor Patric Barwise of the London Business School, “The most successful companies maximize long-term shareholder value by maintaining their advertising investment when the economy slows down and weaker competitors cut back.”
While many businesses unfortunately close their doors during economically dire times, your company can still flourish through smart and effective marketing. Consider employing these five recession-proof marketing strategies that will keep your bottom line black, even as your competitors fall into the red.
- Explore joint marketing efforts. Intelligently stretch your marketing budget during a recession by partnering with another business that has complimentary customers. For example, if you operate a wedding dress boutique, partner with a wedding florist to share the costs of a direct mail package. Not only do you enjoy reduced marketing and printing costs, but you also gain exposure to your partner’s customer base.
- Use upbeat, exciting language. In times where your customers are worried about their pocketbooks, you can help alleviate their mood by staying upbeat, fun, and friendly in your correspondence. According to Dr. David Freemantle, a customer service expert, “The companies I studied that tended to be successful also tended to be the most likeable.” TGI Friday’s, Southwest Airlines, and Virgin Airlines are excellent examples of “fun” companies that have built their success upon upbeat attitudes. Be fun and unique in your marketing materials and correspondence, and your customers (and their pocketbooks) will stay loyal to your business.
- Maintain aggressive advertisement budgets. McGraw-Hill Research studied 600 companies during an economic recession, and they found that companies who reduced advertising investments experienced significant declines in performance. On the other hand, the companies who maintained aggressive advertising budgets increased their sales during recessionary times, and then enjoyed sales growth of more than 256% during the first three years after an economic turnaround. While your overall budgets may be changing, it is important to keep your advertising budgets as healthy as possible during a recession.
- Be personal with your customers. Companies who develop customer loyalty are those who rise to the top. Being personal with your customers shows that you appreciate and value them, which in turn will reward you with additional sales. You can send out birthday cards, regular monthly newsletters, or even include free notepads with each purchase. Make sure that you make each correspondence personal, such as handwriting their name and a short upbeat message.
- Showcase how your product or service provides benefits. When people are evaluating each dime they spend, definitely show your customers why they should purchase your product. Indeed, there is a beneficial “purpose” behind every product, even those that may be luxury goods. For example, if you sell candles, make sure your marketing materials demonstrate exactly how your products help your customers feel rejuvenated. There’s never a better time than now to definitively remind your customers of the benefits of your product or service.
While a recession may be upon our economy’s doorstep, you can keep the downturn away from your company’s foundation. Using smart marketing strategies can keep your bottom line profitable, giving you an even greater edge against your competitors when the economy rebounds.