October 2008

Credit crunch marketing

We’re hearing  about the credit crunch on a daily basis and understandably businesses are concerned about how much they are spending on marketing and the return on that investment.  But marketing your business doesn’t have to be an expensive task – here are a few ideas.

Market research – It’s always important to know what your customers are thinking about you and your industry but you don’t need to do extensive market research if you can’t afford to do it.  A great way to find out more about your customers is simply to watch them.  If possible go outside and observe your customers coming into your premises.  What attracts them?  Do they seem satisfied when they leave?  You can also watch them receiving your product or service.  What types of people are using your product or service?  How are your staff treating the customers?  By looking at these things you will be researching your customers in a cost effective way.

PR – This is a good one for those with small marketing budgets. Why not contact your local papers or radio stations and find out the type of stories they are looking for? You could see if the journalist would like to do a feature on you or your business – you’ll need to be armed with interesting facts to capture their attention – think of ideas that make you stand out from others.

Advertising – If you are spending money on advertising you need to make sure that you are advertising in the right places e.g. your customers are actually seeing and reading the adverts.  Niche and special interest magazines can sometimes be better targeted than in the general press. Why not contact your local media and see if they have any special discounted advertising slots?  If they are struggling to fill the classified section you may get a good deal.    Always ask your customers how they heard about you so you can see how effective your adverts are.

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