April 2010

Marketing in a Challenging Economic Environment

by Philip Zaleon for the I-Channel

Regardless of where your business falls in the pecking order of selling – business to business or business to consumer – there are some marketing truths to consider and accept.

The pundits may tell us the recession is over, but until the unemployment rate falls, it’s going to be rough ride. People are not willing to spend money on luxuries – and that includes fine furniture, cabinetry, new homes and other “non-essentials”. Let’s face it; you’re not going to spend money if you’re not sure you’ll be employed next month. And until credit begins to flow again, there is very little capital to fund luxuries. The boom years are over and spending habits have changed for the foreseeable future. And no matter how much you market or advertise you’re not going to convince people to buy if they are not secure with their jobs and their nest eggs.

So, why bother market at all?

1. To remind your customer you’ve made it through and are ready to do business when they are.
2. To keep your name prominently “out there”. While your competition pulled back, you are able to stand out in a less crowded marketplace.
3. There is still money out there, albeit not as much or flowing as freely. But the consumers need to find you.
4. Staff morale – your staff finds pride in seeing your ads, and it sends the message to them that it’s business as usual.
5. Alleviate frustration – there is a general feeling permeating that “we have stopped spending long enough – it’s time to spend again!” – You need to be ready when the shopping begins.

So, where should we put our marketing resources and energies? Many of the traditional avenues have changed, and there are opportunities that never existed before. An integrated marketing plan is the answer. But what does that mean? - Probably a thousand different things to a thousand different people. But for our purposes integrated marketing will be a complete marketing program incorporating traditional, new technologies and everything in between – including seminars, webinars, social networking, trade shows and more.

Your individual strategies will depend on who you are, who your audience is, what kind of budget you have, your reach (local, regional, national or international). In other words, there is not one “plug-in marketing plan” – each one is as unique as the business itself. If that leaves you hanging, here are some ideas that have universal applications: Magazines, Television / Cable, Direct Mail, eCommerce, eNewsletters, Corporate Website, Facebook, YouTube, Twitter, SEO (Search Engine Optimization), SEM (Search Engine Marketing), Mobile Apps, LinkedIn, Plaxo, Yelp, Blogs, Flicker and the list goes on and on and on and…

Most everyone is aware of the cost and reach of the more traditional methods of getting your message out. But, in a tight economy keep your eye on the latest technology and innovations as they are proving to give you (in many cases) greater exposure at a fraction of the cost.

I will discuss these ideas and other at a Technical Conference Session at IWF 2010 this summer. Join me in the session titled "Marketing in a Challenging Environment" on Friday afternoon, August 27th at IWF 2010 in Atlanta. We will look at how to effectively create an Integrated Marketing Plan taking advantage of the tried and true, as well as the latest and greatest. You can register for IWF 2010 or add this session to your existing registration here.