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10 Ways To Thrive In A Slowing Economy

January 9, 2012

Filed under: Business

With 2012 at a new beginning, your goals and strategies probably look a lot different than they did just last year. As your business evolves with the new economic realities, let us not forget that many of your prospects exist in the same state of insecurity.

It is time to rethink marketing materials that no longer speak to a customer's needs.
Cost-cutting is not the answer; re-engineering value is.

Here's a short list of 10 ways your company can thrive in a slowing economy.

1. Start from the beginning
Refreshing your brand will give you a good excuse to talk not only to all your existing clients but also will allow you to reflect on your communications and core message.

2. Reduce costs and improve your results
You have the choice to send 10,000 postcards or letters where you won’t know if the recipients have read them for $1.50 each (total: $15,000 of admin, creative, print, postage) or send 10,000 emails for $100 and get instant analytics and results. It is time for you to start re-assessing. Don’t stop marketing! Just spend your money wisely by using digital communications.

3. Make your website a real tool
Create interactivity with your target market. Use a silo marketing approach and create additional landing pages specific to each of your products or offers so that readers landing on your pages are not confused by the array of other products or services on your site. Keeping your visitors focused on your page will dramatically increase your conversion rate.

Ensure your website is current and has exciting, relevant content to engage your audience; use your content management system to optimise your Meta tags and key word density within your web pages so the organic searches can find your specific product or services.

4. More communication and more presence
Online strategies are the perfect vehicles for communicating with customers and generating additional purchases. Combine communications using emails, social networking, search engine optimisation, blogs, emails and websites to keep on growing your business and moving forward.

5. Target! Target! Target!
Online database management provides you superior targeting ability. With average conversion rate of around 1.5%, this is an ideal way to reach the other 98.5% that have taken the time to visit your site but haven’t yet converted. So keep communicating.

6. Measure, Track and Survive
Online marketing offers greater measurability while allowing you to track behaviours in comparison to traditional media advertising.

Do you know who has read your advert in the newspaper or magazine? No chance. With email marketing, for example, you can! This is of course due to the awesome technology, where every mouse click is tracked, usually anonymously. Use this data to understand how much each lead and sale costs you.

7. Build your distribution network
Talk to other businesses, yes that’s right you remember the old tool called the telephone…it’s still works to build relationships. Call businesses and start cross promoting your services, develop a referral program and even a joint event with an associated business targeting the same customers and share the costs and the rewards!

8. Convert and manage sales efficiently
During tough times you cannot afford to lose leads and clients, make sure you are using an appropriate customer relationship management (CRM) tool, so you always stay on top of it.

Focus on increasing your conversion and not just the number of new leads or enquiries. Work on your client base as it is 75% easier to convert an existing client to a new sale than pitching to a new customer. Do some research on unconverted leads to find out why they aren't buying from you? Create an online e-learning centre for your staff and your clients. Providing education is a great way to build brand advocacy.

9. Listen to your customers and the market
Send a simple survey to all your clients with a great incentive (never forget the incentive). Read all media, books and relevant business articles to keep you thinking about your business and how you must adapt. If you keep learning through customer feedback and constantly think about how you can improve your offering, you will only continue to grow your business.

10. Forget about the world economy and all media hype
Journalist rarely deliver good news; they exploit the human nature which is constantly craving for sensationalism. Remember the James Bond movie “Tomorrow Never Dies” where Elliot Carver said “there is no news like bad news”, well yes it was a movie but…

Think about it, it’s easier for the media to sell newspaper or advertising if the Headline says “The World Economy has Crashed” than saying the “The World Economy is Great”. The media always exploits negativity to build their own fortune. Stay focused on your business  and keep doing what you do best or better yet, improve everything you are doing!

Now is a great time to reflect and re-invent yourself, to become more efficient and drive your business as hard as possible. What’s stopping you from growing?

Contact SPINN Media today for free health check on your marketing activities.
Remember, standing still is not an option.

Tags: marketing, business, goals, communication, network

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