Marketing tips for a recession
It seems that everywhere these days there's talk of financial crisis, downturns, recession and general economic gloom. I speak to lots of company directors and most are working hard to get costs down so their companies can weather the storm. Many have cut or frozen marketing budgets. Here are a few ideas, each costing little or nothing, that can get more bang for your marketing buck.
Three simple stats that can help your marketing be more lucrative
Many of us are bamboozled by marketing stats and all the jargon that goes with them: CPMs, click-throughs, impressions and ROI. It's no surprise that only 25% of service firms in the Thames Valley measure marketing return on investment (ROI). Here are 4 simple stats that will really help maximise the return on your marketing.
1. Most popular pages on your website, and the top search terms
Get your web agency to give you access to your website stats. If your website has separate pages for your different products or services, get the page views for each of these pages for last month. Also look at the top search terms for your website. Together these will show you which products or services have the most interest right now. This may be different from when times were good a few months ago, but now you have hard data to help refocus your marketing effort.
2. Get your sales staff and receptionist to log call sources
It's surprising how many companies don't ask people enquiring where they heard of the company. A simple tally on the sales office whiteboard can soon give you useful information on what marketing activity is working best at driving sales enquiries in the current climate.
3. Top exit pages on your website
There's a key web statistic called top exit pages. This shows the last page a visitor looked at before they left your website. Working on these can dramatically increase the conversion rate of your website. Look at the top 5 or so in turn. If your homepage is top of the list then you may need to rework it to make the onwards navigation clearer, or if you're running a pay-per-click search marketing campaign then you may need to adjust your keywords. If it's a product/service page and there's no phone number on that page, put one on. If the "thank you for enquiring" page comes top, then you can give yourself and your web agency a pat on the back. If it's enquiry form instead then simplifying this page should help boost your website's conversion rate.
Make the most of your current customers & prospects - including the small ones
Core customers - get referrals?
Of course you're already hard to keep your most important core customers happy and loyal. But even if they're cutting back and can't give you any new work, they can still help. Now might be a good time to ask them for a referral. By giving them a tool as simple as a couple of referral cards, you may be able to generate some good leads at almost no cost.
Smaller/lapsed customers - reach out to them
But what about your smaller customers and lapsed customers? Come the economic upturn, it is these smaller customers that are going to provide your growth. A regular email newsletter is an inexpensive way to keep your brand prominent in their minds, and if you use the right tracking it can tell you which ones will be the best prospects for sales. Only half the companies in the Thames Valley that we spoke to use email to keep in touch this way, so there's an opportunity to beat your competition.
Drive a bargain
A lot of companies have cut back on their marketing so there are bargains to be had on advertising space. It's not just that you can get cheaper deals than before - some publications may be offering placements like advertorials that they wouldn't offer before. The print industry is also quiet at the moment so there are bargains to be had on print and direct marketing costs.
Tune up response processes to react promptly to buy signals
It's important to react quickly to people's signals that they are ready to buy. If I download a product fact sheet from your website, does the website send me an email afterwards to follow up on my interest? Lots of companies post out expensive brochures to consumers but how many follow up by email or phone a few days later? By automating these interactions, the cost can be minimal, but you catch every possible opportunity.
About unity*dc
unity*dc is a digital relationship marketing agency. We specialise in marketing that builds valuable long-term relationships with your customers. If you would like to ask more about any of the ideas in this article please contact Jeremy Mai on 01628 200200.