When the economy is poor, the best marketers make the sale. In my last post we were seeing signs of economic recovery; increased manufacturing, the unemployment rate dropping, a strong US dollar, optimism on Wall Street. Since that post, “double dip” seems to be the phrase of the day. So it’s important to use marketing tactics that are more likely to help you grow efficiently, especially in a tepid economy. Here are five strategies that should be part of every great marketers toolbox:
1. Customer Research
I’m surprised that many marketers lack basic or updated research about products, industry trends, customer behavior or competitors. The marketplace is dynamic and marketplace knowledge needs to be current. Your whole business reason to exist emanates from the customer’s needs and competitive gaps. If you don’t know exactly where your services fit in that marketplace, you can’t strategically build your business. While creative differentiation helps brands become memorable, even the best remembered brands have a product point-of-difference that is at the heart of the brand. Leverage existing research about your industry from associations or published results available free and online. With a little time, you will reveal resources and knowledge you never knew was available.
2. Affiliate Marketing Programs
Most people associate affiliate marketing with online, retail promotion but it is much bigger than that. In short, affiliate marketing is when you pay other companies to promote your products or services for you. Most of the time, it only costs when someone makes a purchase. Identify possible business partners who have a strategic, yet not competitive, relationship to what you sell. It’s possible to make a lot of money from affiliate programs, as you can see from these case studies http://bit.ly/dfq9om
3. Employee Retention Strategies
Perhaps the first marketing investment you should make is in your best employees. Retaining clients is even more important in today’s economy and great employees keep great clients. Even though cash is tight, consider rewarding your best employees with money or perks. The best employees will almost always be able to find another job, so make sure they’re happy and engaged. Since a lot of new revenue comes from existing customers, incentivize your employees to increase sales or bring in new clients. They may be your best marketing investment no matter what shape the economy is in.
4. Strategic Partnerships
Align your business with another company selling complementary services and sign a strategic partnership agreement. That means you will only do business with them in their field and they will only do business with your business. While this sounds limiting, it opens the door to new business that never would have come your way if you had kept that door closed. Branch out too. A technology security company could align itself with different companies in different industries (banking, bookstore, software, music, clothing, etc). Open your mind and form partnerships that will expand your clientele.
5. Actionable Measurement Plans
Now is the time to add metrics to your existing marketing investments. Take a close look at your marketing investments and consider how they’re being measured. Are they increasing your business? If you’re not sure, then you need to revaluate how you’re measuring performance. Look at your analytics data. Read customer comments and take them seriously. Look for patterns in what clients are buying. Read comments from your Facebook or Twitter feeds. Change your service or product offerings to align with buyer values.
If you follow these suggestions, your business will grow, regardless of the status of the economy.










Welcome Olympics fans! Although my morning news feeds give me Olympic stories, they aren’t very succinct about communicating the current medal count, or telling me the when and where of the sports I’m interested in. I usually have to dig through stories to find what I need. So I end up using the search engines instead. This morning I searched for “Olympics results” and the top organic result was a list of “News Results”. There were three listed: