Marketing In a Recovering Economy
Sunday, June 13, 2010
We're definitely not out of the weeds yet, but things are starting to look up - people are spending money again. But this time, they're a little more discerning. What does this mean for small and medium sized business depending on cautious consumers? It means that they need to alter our approach and keep an eye on buyer confidence.
To make the most of this recovery, think long term. Consumers may be less likely to make big purchases right now, but you can certainly encourage them to make small purchases again and again. By thinking long term, a new approach leads you to alter your pricing and packaging approaches.
A good example is that of a small retailer. Can you offer specific incentives that get consumers to buy small items again and again? Points programs or frequent buyer cards can do the trick. Think about ways that you can get consumers to return without being overly concerned about making a really large sale. The more you can get your customer into your store or back to your web site the better.
Of course you can always issue coupons or discounts, but I don't like getting consumers into the habit of expecting money off each time they visit my web site (or a retail store). Rather, consider bundling small products to keep average order size smaller than what you normally may be offering and encourage replenishment.
The other side of this coin is buyer confidence. How can you make consumers feel as though they're receiving valuable products and services? And, doing so at a price that is fair? In this economy, low price guarantees or liberal exchange policies are recommended. You can also help by doing the comparison of products or services on behalf of consumers.
Let your buyers see consumer generated feedback, ratings, and other information that can improve their knowledge of the products and services you're selling. Provide a personal testimonial and let them know what they can expect during and after the buying process.
The best marketing strategies today are those that let consumers try before they buy and minimize risk. These are actually tried and true marketing techniques but have risen to the top as markers look for new and improved techniques for creating awareness and generating sales among targeted segments.
Improve your marketing today by thinking long-term. Review your product and pricing strategies to support what's going on in the real world. Most importantly, put yourself in the shoes of your customers. If you do, you'll understand what matters most and provide the confidence they need to continue buying from you.
Marketing Blog founder and top-selling author Michael Fleischner has been featured on The TODAY Show, ABC World News, and Bloomerg Radio. 
9 comments :
Wow what a very great article. Yeah I have encountered a lot of internet marketing now and it does not in fact make me want to buy their products since it is very expensive and does not give me enough reason to include it our expenses specially we are encountering economy crisis.
I hope you can write articles about how to be successful on internet marketing too.
Thanks and God bless
My guess is as long they are satisfied they will come again, and eventualy when think about buying their first thought will be their favourite web site, retail store, etc.
are people spending! I am not sure as people are still sitting back with their hands in their pockets and playing with their change. I own a restaurant in canada and we are seing people spend a bit more but we are still slow.
Excellent points. "Putting yourself in the shoes of your customers." This is so key. I find too many people design a sales page based on what THEY like instead of thinking of what the potential client will be looking for.
I completely agree with the rise in marketing over the last few months. It definitely has not gone back to the "good old days" but there is an awareness of advertising is a must have. I work in a marketing firm and always encourage my clients to keep the ball rolling with a promotion or a message even if it is even just updating their facebook. I also wonder how to lower your cost without taking away from the value. You don't want to get consumers into the mind set that they are going to always discount your product or service because when the economy does come back up how will your cost?
Where others see doom and gloom I see an opportunity for marketing yourself in a less crowded marketplace. Also I concur about the imortance of giving tremendous value including try before you buy.
I think another great tool in this economy is competitive price matching. Customers are comparing prices a lot these days, so it's not worth losing a sale to someone that offers a similar, cheaper, product or service.
My guess is as long they are satisfied they will come again, and eventualy when think about buying their first thought will be their favourite web site, retail store, etc.
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