Why the recession is a marketing opportunity

A recession reminds you of all the marketing fundamentals that are too easy to get lazy about when business is booming and money is there for the making. Which is why it is an opportunity. Its a wake-up call and a motivator all at the same time, and the carrot is in finding a way to thrive now to do even better once the haze clears. Apply it to your business:

A recession is a marketing opportunity.

If the effect of the recession is frustrating your marketing plans, I say turn it to your advantage. Target customers more effectively: direct your marketing campaigns to where they will be seen by the right kind of audience. Result: better conversion rate. Make sure every piece of marketing is doing the best job possible for you: Tighten that copy and make every word do the best job possible of presenting you to a potential customer. They want to know who you are, what you sell, and why it is the best choice. Get rid of the marketing clutter that isn't working. Result: cut costs by removing ineffective marketing. Work harder to impress your customers. If you don't your competitors will. Result: impress customers. Better you than your competitors. Give great service. I'm amazed how so many struggling companies still miss this one. Result: a simple way to boost your retention rate and word of mouth referrals. Thank your customers for choosing you. Conduct yourself humbly. Even if they have to choose you. Result: repeat business, build reputation. Choose your marketing for the ROI (return on investment). Take the time to best examine the benefit the marketing will have for you. And then follow it up by checking it against the results to see if you are on track. If you are doing it just because you have always done it, then it needs to be able to justify itself in the 'current climate'. Result: improve your cost per customer. Make/sell more of the profitable products that customers want to buy. Not the ones that meet your needs. Focus your efforts on the best products or services for the current times. Result: sell more. Sell more profitably. Stop and check how the market forces, customer needs and competitive activity are shaping your business environment now. Stop looking at it as a recession, view it as a changing marketplace and revisit your marketing strategy as you would for any other change. Result: step away from the hype and focus on making your business' marketing work in any environment. Innovate to meet changing needs of your target audience. This could be as simple as redefining a use for your product, or shaping your service to suit the current behaviour of your customers. Result: a new opportunity? Ask your customers what they think. They may not tell you what you want to hear. But they will give you something to think about. Result: an opportunity to have a conversation with your customers and determine whether you are on track, or could be doing more, and doing it better. Achieve more with less. Take less (no) loans. Result: you will be boosted by the thrill of your own genius. And you will achieve more with less. Find more efficient ways of operating. Address the complications in your processes and systems that are making how you work less efficient. Result: profit, efficiency, less time spent doing ineffective things. Take more time to hire the best possible people. Don't settle. Result: wherever possible employ people that will make a worthwhile contribution to your business. This is self- evident, and most business owners have amazing stories to tell about previous employees. Employing well takes practice. Market your employment opportunities better, and be clear about what the role is and what you want them to achieve. When there is less budget for marketing, your people should be your best marketing asset, especially if they are customer facing. How has the recession improved your marketing? Bronwyn Durand writes the Marketing Ideaology blog for JupiterJasper Practical Marketing.