11 Marketing Tips to Help Weather the Bad Economy

Marketing is going to be the answer to that question 95% of the time (the other 5% being companies whose products or services are so terrible that they aren’t worth marketing.)

Go into this with an open mind. I have found that the mere word “marketing” sends chills down the spine as business owners pour over the rate sheets of the local newspaper. But there are so many more – and better – marketing opportunities out there. Just live the cliché: think outside the box.

1. Update your look.

Having the same logo for forty years may work if the logo is good. To use Coke as an example, they have had the Coca-Cola ribbon logo since 1885. That is powerful design! And while the logo hasn’t changed, their packaging has consistently updated with the times. By keeping their look fresh, they resist consumer boredom and always have new packaging to look at.

But not all companies have logos like Coke. In fact, most don’t, don’t fool yourself. If you’ve had the same logo since 1977, with just your company name typed in a script font inside a black oval, it’s time for an update. Hire a professional designer to create a new logo for your business, and get new letterhead and business cards while you’re at it.

Branding is essential when it comes to your image. Coca-Cola’s brand is so powerful because cursive lettering and red and white packaging is synonymous with Coke. Your letterhead, business cards, website, receipts, etc. need to have your logo and contact information in your company’s colors. Period. It creates a brand and it’s free advertising.

2. Add a new product or service.

Tried and true products and services should always be the backbone of your company, but they shouldn’t be the only thing you offer. Consider adding new products or services alongside what you already offer to pique the interests of your existing customers and perhaps gain new clientele by offering something they need. Notice that I said “add,” not “replace.” Remember New Coke? Coca-Cola shot themselves in the foot by replacing their bread and butter with, well, stale bread with rancid butter, and by the time they brought back original Coke they had lost a significant amount of the market share that took a long time to win back.

Refreshing your offerings keeps your presence more visible. But remember to advertise these new developments or no one will know they exist!

3. Reconsider your clientele.

If your sales have been going downhill for a while, consider who you are selling to and look at the trends. If your primary market is no longer frequenting your company, then find a new market. This applies to B2B but is even more important for consumer services and products where the markets consistently change.

I think the most grievous error small companies are making right now is not marketing to younger generations. People are inclined to think their target customer is their age, and when you consider that 84% of US business owners are over the age of 35, but 30% of the US population is between 20 and 35 years old, that’s a pretty big group they’re ignoring. The content of your advertisements will be the pretty much the same, but the delivery is the issue. Using the internet, e-mail, social networking, etc. is the way to go with the younger generations and they’ll likely miss most everything else. You can pretty much forget newspaper ads.

4. You must have a website.

I believe that ANY company should have a website. If you’re a small business who needs a limited web presence, design a free website on Yahoo. Anything bigger than that, you need a real website. And the bigger your company grows, the nicer your site needs to be. A few pages designed by your high schooler neighbor has a limited life span, it’s time to upgrade.

A webpage is as indispensable now as a Yellow Pages listing was before the advent of the internet. Even if it is only used as an online business card listing your address and phone number, you need to have it. Anymore, if I find a company that doesn’t have a website, I’m less likely to use them as I doubt their quality and professionalism. Trust me, someone will be Googling your company!

Once your website is up and running, buy advertisements for your site with Google AdWords. It is a pay-per-click ad service that really gets results. (AdWords ads are the ones under the “Sponsored Links” heading in a Google search page.)

5. Espouse your views on a blog.

Blogs have come a long way in a short time, and while it seems like everyone might have one, they don’t all get read. A blog is a great way to spread your knowledge and provide yet another value added service by basically giving advice for free. Add an entry to your blog each week focusing on a timely, pertinent topic, and then make sure your clients and colleagues know about it via either e-mail updates or RSS feeds, which are available from most blogging providers.

6. Send newsletters to your client database.

Whether they are sent via e-mail or hardcopy, newsletters are fantastic ways to update your customers on new products and services, events and sales. Including articles, tips and advice are great value added services that they will appreciate and can often drive up sales if they tie into what your company offers.

7. Send a postcard to old clients.

Warm up your cold clients and customers. Maybe they forgot about you, or perhaps they haven’t needed your type of services lately. If you haven’t heard from them in a while, send them a postcard politely reminding them of your services and then follow up with a phone call a few weeks later. Reacquainting old clients with your company sometimes turn into big leads!

8. Buy an advertisement.

Ah, the dreaded ad. As much as we may not like buying or seeing them, ads in newspapers, magazines, radio and even TV are practical and productive. But also look for advertising opportunities off the beaten path where they’re usually less expensive. Trade magazines, event or trade show programs and publications from a professional organization are great ways to be seen by a specific market for much less money.

The key in advertisements is making sure you’re targeting the right market with the right info. But please, if you’re spending the money on these types of advertisement, also spend the money on hiring a professional to write and design them. You don’t go to a thrift store for a wedding dress, do you? Then don’t expect an ad designed in Microsoft Word to sell, either.

9. Sponsor an event.

There is a reason businesses pay millions to put their logos next to a scoreboard at sporting events: people will be reminded of their company dozens of times in a few hours, and they didn’t even have to read an ad. Sponsoring an event is an easy, [usually] inexpensive way to get your company’s name where people will see it. And given that many events benefit a charity, that goodwill often goes a long way.

10. Offer a referral program.

Referrals are one of the best ways to gain new clients, but businesses often feel awkward asking for them, which I actually understand. Strait out asking for a referral from a client can sometimes damage a relationship if it seems to the client that you’re just using them for more sales. If you don’t feel comfortable asking them directly for referrals, dangle a carrot. Offer a discount or bonus for every referral they pass on. Even if you lose 10% of their next purchase because of the bonus, you might gain 100% of it from their one referral.

11. Network everywhere.

Join a group, any group, and sell yourself. People have come to think that you can only network at networking events, but that’s silly. Of course you might find more interest for your services at a chamber of commerce meeting if you specialize in B2B, but keep in mind that everyone has a personal life, too. The person sitting next to you at the alumni association meeting might be your next great lead. Your child’s soccer coach might be looking for the product you sell. This all applies double to consumer services and products companies because then everyone is your client. Talk about what you do and see where the conversation leads, but don’t start selling immediately, that’s just tacky.

Now I know there is this thought bubble hovering of your head as you read this. “But it costs money!” I know it does. I don’t know who first said this, but they were right: it costs money to make money. This is an unavoidable truth, and if you’re not willing to accept it, well, you’re going to have problems.

A hundred postcards to old clients might cost you $150. A blog is free. A decent website will cost maybe $500. But consider what one lead from any of these things might bring to you. If one lead from your website brings you $500 in sales, it’s paid for itself. Upfront costs are no fun, but consider the return on your investment whenever you venture into a new form of marketing. They will pay off!

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