Ten ways to market in a recession

Late last year I reconnected with an old business contact of mine, a financial planner. This man has been in business for 20+ years and has always been successful because he is a stand-up guy with a unique niche in his business. He is the financial adviser who takes the time to get to know his clients and to really learn what makes them tick before helping them design a financial plan. He is happier if he has helped a businessman or a family get closer to their long-term goals than if he gets a big fat commission check.

Unfortunately, the economy has hit his business hard, and he isn't seeing many of those checks. People are either afraid to invest or don't have the assets left to do so, so his business has dropped significantly. He came to me to help ramp up his marketing efforts, something he's been able to avoid doing for a long time.

I thought I'd pass along some of my suggestions to those of you who might find some of yourselves in a similar position:

1) It is tempting to cut marketing expenses in a recession, but according to an SBA expert in Seattle, marketing is the last expense you should cut when the economy is down. In fact, if your year-round marketing efforts are consistent, you may only have to increase things a little bit (greater advertising frequency, for example) or maintain the status quo until the economy evens out. Bottom line: do not cut your marketing now.

2) Take advantage of the social media surge. Leverage sites like Stumple Upon, Digg, Facebook, Twitter and Squidoo to get your message out there. There is no "hard cost" to using these sites, but be cognizant of how much time you spend on them and be sure your message is consistent across the board.

3) Remember that the "hard sell" turns off many of today's consumers. Instead, take your time by offering them tidbits for free with a blog or posting tips on Twitter.

4) Position yourself as an expert in your field through article marketing, blogging, tweeting or commenting on others' blogs.

5) Interact with others online and through face-to-face networking without the expectation of a sale and, while doing so, remember to be yourself. If they need you down the line, they'll remember you or perhaps refer you to someone who might.

6) Keep your marketing efforts consistent. We all know that it takes 7+ times for a prospect to see our name, brand, product or service before it sticks or becomes top-of-mind. So make sure you get in front of your target audience on a regular basis (e.g., advertising 1x/week in local paper, 4 radio spots/day during rush hour, weekly blog posts, daily Twitter & Facebook updates, etc.)

7) Try "new" marketing tools. When finances are scarce, people are afraid to spend money so "doing what you've always done" may no longer work. If that's the case, try new (or new-to-you marketing tools - advertise in a different publication, try a TV ad, join an online network, join your local Chamber or downtown organization, investigate PPC or CPA advertising, place an ad on Facebook - whatever will put you in front of prospective customers.

8) Keep the customers you have. It costs less to keep a customer than it does to acquire a new one, so make sure your existing customers continue to have the great selection and service they are used to. Continue to woo them with special offers, free newsletters, thank you events, etc. to make sure they feel appreciated.

9) Be flexible. I know it is hard to be open-minded when business is slow, but you have to be flexible in order to adjust your marketing mix to what will work for you during a recession.

10) Perhaps most importantly, make sure you can measure whatever marketing tools you are using. That's the only way to see if what you are doing is working. If you are using online marketing tools, make sure you check your website or blog stats frequently to see what keywords, referral sources, days, times, etc. are bringing you traffic. For advertising, be sure to include a specific Coupon or Offer code so you can track the origin of the promotion and, if all else fails, ask your new customers, "How did you hear about us?" or "Who can I thank for your business?" You'll need this information when determining the success of your efforts.

Still not sure where to begin? Contact me to discuss your situation. My initial phone consultation is complimentary.

Virtually Yourz,
Dana Neuts

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Affordable Marketing for Your Small Business

When I started my business five years ago, I had enthusiasm and passion for my work, but a very small marketing budget. I also lacked a marketing plan for getting my message out to my target customer. I have learned a lot along the way and hope to impart what I’ve learned to you. Whether you just started your small business or are in your tenth year, there are some simple, affordable ways to keep your name in front of prospective clients and customers.

News releases. I recommend to clients that they distribute three to four news releases (better known as press releases) each year. This gives clients an opportunity to shout news out to the world about new products, services or partnerships; key hires; industry awards and certifications; new locations; events and more. News releases should be distributed on a timely basis to local media, trade publications and online. In addition, a well-crafted news release makes a great direct mail piece or a nice addition to your sales or media kit. Depending on whether you do the writing and distribution yourself, costs are variable. Distribution costs will also vary. Distribution via e-mail or fax is virtually nothing. Online distribution varies. Many news distribution sites are free, but I like to include a contribution to PRWeb.com to guarantee inclusion in popular search engines.

Online forums and networking sites. As social media continues to grow, relevant online forums and networking groups (e.g., Linked In, Biznik, Facebook, Twitter, Connexions, Konnects) are a great way to interact with professionals and prospective clients. By actively participating in Q&A forums, you expand your reach. To take full advantage of these free opportunities, make sure you complete your online bio; include your contact information and web address; and participate regularly. Such participation can also help to position you as an industry expert.

Referral program. About half of my business comes from client referrals. To let clients know I appreciate their referrals and to encourage them to keep sending them to me, I include my referral program in my business agreement. In exchange for a prospect who does business with me, I offer the referring client two complimentary hours of writing, editing or marketing services. Aside from my time, this costs me nothing and benefits both my clients and my business.

Newsletter. There are so many affordable e-mail services these days that sending an e-newsletter to prospective clients is a no brainer. The service I use costs about $5 per month, and it not only maintains my e-mail lists for me, but it provides templates and tracks reader stats. Clients can opt-in, unsubscribe or change their e-mail address at any time. This is an inexpensive way to stay in touch with clients and prospects.

The next question, of course, is how and when to implement the above. I recommend pulling out your calendar and scheduling time for marketing and business development. Schedule a news release for each quarter, or at least three times a year. For online forums and networking sites, set aside a certain amount of time each week to participate. A referral program requires a little bit of set-up time and a notification to clients of the new program, but aside from that, it doesn’t require much time. For your newsletter, I recommend sending them to clients at regular intervals. If you can’t manage biweekly or monthly, at least put together a newsletter on a quarterly basis. Save ideas in a folder so they are all in one spot when you’re ready to get started.

Try these ideas for at least six months and watch your business grow and, if you find that one method works better than the others, focus your efforts in that category. Enjoy your new affordable marketing solutions!

Copyright © Dana E. Blozis 2007-2008.

To opt-in or not to opt-in?

A typical day in the life of an email inbox reveals personal email, business email, subscription based newsletters and the dreaded spam. If you’re the one sending out that newsletter, how do you make sure it’s not being sent to the virtual round file, otherwise known as the spam or bulk mail folder?

One way to improve the chances that your newsletter is actually seen by human eyeballs is to ask your customers to opt-in or even double opt-in to receive your messages. Single opt-in policies ask subscribers for permission to send email communication to a particular email address.

In the double opt-in scenario, you are not only asking for permission, but also confirmation that the email address in question does wish to receive email from a certain company. For example, you visit a company’s website and give them permission by subscribing to a newsletter. Shortly thereafter, the given email address receives a brief message asking the subscriber to again confirm their desire to receive emails. After permission has been confirmed this second time, the company will begin sending emails.

Yes, asking customers to opt-in will take more time. However, your chances of escaping the spam filter and arriving shiny and new in the inbox will improve greatly.

For more information on email marketing policies from two companies who should know, ExactTarget and Constant Contact, visit the following pages.

ExactTarget: Email Marketing CAN-SPAM Compliance
http://email.exacttarget.com/Resources/Whitepapers/CANSPAMComplianceforEmailMarketing.html

Constant Contact: Confirmed Opt-In Guide
http://www.constantcontact.com/aka/docs/pdf/confirmed_optin_user_guide.pdf

Virtually Yourz,
Dana Blozis

How to Get More Opens & Clicks

I never seem to have time to read the many e-newsletters I subscribe to, so I file them in a Newsletters To Read folder in my Inbox. When I have a few minutes (on hold, doing a back-up, etc.), I peruse the folder to see what looks interesting.

Today I stumbled on this gem from Constant Contact: How To Get More Opens & Clicks by Gina Watkins. She gives some great advice on how to get your e-mail marketing messages opened and clicked on. Read her tips on how to write a killer subject line to be sure your e-mails are read!


Virtually Yourz,
Dana Blozis

Retaining Existing Customers

A colleague reminded me last Thursday that it is more cost effective to retain an existing customer than it is to attract a new one. Why? Because you've already sold them on your products and/or services, so there is less time and marketing involved. One of the best ways to retain existing customers is through consistent contact. This might include regular newsletters, monthly coupons or specials, customer appreciation events, holiday cards or e-mail campaigns. However you choose to do so, make sure that you regularly communicate with your customers. Satisfied customers can be your best marketing tools, so take good care of them!

Virtually Yourz,

Dana