As so many companies know, the real key to success during times of economic recession is an effective marketing strategy. Let’s face it – it’s all very well having a great product or service but if nobody knows about it then your business is likely to go the way of the Dodo.
The problem is that during times of economic depression small businesses tend to cut-back on marketing and business development at the exact time they need to be pro-active. A struggling economy offers small businesses that want to move forward the opportunity to reach their target market due to the fact that their competitors tend to bury their heads in the sand and attempt to simply ride the recession out.
The question still remains however – how can a small business owner with a limited budget prosper during an economic downturn?
- Write some of your own Press releases. This is less expensive than advertising and it offers your business a level of credibility and helps in reaching your ‘target-market.’ Once you’ve written your press release then start contacting members of the media to pitch your various angles. It’s very important to keep the media in mind when doing your pitches – the key is to pitch towards their needs.
- Combine your Press releases with Social Media available free on the Internet. You could utilise social networks such as Twitter, LinkedIn and Facebook to generate an interest in your company.
- Utilise Internet marketing wisely. This is an area that you could potentially spend an awful lot of money on. However, there are a few things you can do to try and limit costs:
- Look for an affordable web-host. Web-hosts can either be ridiculously expensive or very affordable – such as 123-reg, uk2 and BT.
- Buy a web domain name that is relevant to you. For example, if your brand is called IBM Computers then it makes sense to buy a domain that reflects this: ibmcomputers.com
- Rather than focusing on expensive Search Engine Pay per click campaigns look into utilising Social media to its full advantage – consider starting a company blog. This can be completely free as companies such as Google and WordPress offer free hosting and domain names.
- Search Engine Optimisation. This is something of an art (albeit an inexpensive one if done right) and I strongly advise reading this article for more information on this – www.marketresource.co.uk
So there are numerous things that can be done to improve your marketing. I have included a list of other resources on this subject below and I strongly advise doing more research into effective, affordable marketing techniques to improve your business.