How to Market while Pinching Pennies

When looking for places to cut your expenses don't make the mistake of cutting out your marketing budget. It is well documented that companies that maintain their marketing through a recession will gain market share from their competitors.

Instead of cutting think about how you are spending those marketing dollars. So here are a few things you need to be doing in 2009 to not only keep your business afloat, but keep it growing.

1. Social Media

Facebook & Twitter are an easy and free use of social media. Set up a personal Facebook page and then link it to your business page. Post to "what are you doing now" as well as your "share a link" section.

While you're at it, join some groups on Facebook that might lend themselves to your content. If the group allows for anyone to post, then post your link there as well. You can create ads that link to your business web site or your Facebook business page.

On Twitter, just "tweet" that you finished your email marketing campaign. Include the subject line and the link where it's hosted on a web page. Remember you only have 140 characters on Twitter so keep it as short as possible.

Linked In and Plaxo are also good B2B sites that are only to promote business.

2. Research the customer

You need to know more than ever how consumers are redefining value and responding to the recession. Consumers take more time searching for durable goods and negotiate harder at the point of sale. They are more willing to postpone purchases, trade down, or buy less. Must-have features of yesterday are today’s can-live-withouts. Trusted brands are especially valued and they can still launch new products successfully but interest in new brands and new categories fades. Survey Your Customers. By using surveys you can find out instantly what you're customers think about your business. It's a good idea to keep in touch with your customers to make sure you're delivering the best products or services you possibly can. There are several on line survey tools that are free or if you don't have email addresses then you will need to do either a short survey at point of sale or send a paper survey to your customers.


3. If your target is the consumer market focus on family values

When economic hard times loom, we tend to retreat to our village. Look for cozy hearth-and-home family scenes in advertising to replace images of extreme sports, adventure and rugged individualism. Zany humor and appeals on the basis of fear are out. Greeting card sales, telephone use and discretionary spending on home furnishings and home entertainment will hold up well, as uncertainty prompts us to stay at home but also stay connected with family and friends.