Internet Marketing

How to market your business in a slowing economy.

Keep things cost effective

The first thing on everyone’s mind is how to keep costs down without losing new business opportunities. With a slow-down in the economy, advertising your business is of paramount importance. Potential buyers will be harder to find, but they are out there! The question is how to reach them without breaking the bank.

Internet marketing is one of, if not the most, cost-effective ways to market to existing and potential customers. You can reach a broader market faster and gain short and long-term benefits at a fraction of the cost more traditional avenues require.

So what can be done? Focus on previous customers first. Start an email newsletter to keep your customers informed about your products. Implement VIP/Loyalty reward programs to encourage return business. Improve online sales processes to reduce bounce rates and abandoned shopping carts.

Be pro-active

Keep up with online sales numbers, website traffic, and monthly online advertising. Keeping a close eye on these numbers will help you make informed decisions about where improvements can be made. Traffic reporting and conversion metrics are vital in identifying what online advertising is working and what is not. If you don’t know where your numbers currently stand, action should be taken immediately.

Detailed reporting packages can be implemented to track who came to your website, where they came from, what they looked at, and even how much they spent. Knowing which venues are drawing in the best customers will show you where to spend your monthly budget and help to stop wasting money on the common “everything all at once” approach.

Leverage existing relationships

Your vendors, especially the local ones, can be some of your best contacts. If the economy is slowing, odds are they are feeling the effects too. You might be surprised at the co-branding and co-advertising opportunities that exist within the relationships you’ve held for years. With some creative thinking, a new, innovative marketing plan can be established that will benefit you and your vendors and help to create new business.

Seize opportunities

A major change in the economy means consumer buying-habits have changed. Meet this challenge head on with a plan of how to control the new market segments that are forming. Take some time to review your product line. Is there a product or service that could be re-branded and sold at a lower cost without requiring additional resources from your company?

Service based industries can take advantage of a market shift very quickly with relatively little investment required. Is it possible to create a scaled-down version of a service offering and sell it at a reduced cost? Are there companies in related industries that would be interested in re-selling?

The key thing to remember is this: Avoid creating an entirely new product you cannot support. Look at this as an expansion of an existing product – not the creation of a new one.

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