Changes in the economy call for some adjustments in your marketing strategies if you're an existing business. If you're in planning mode, your business plan should reflect these changes as well. Here are some of my top 5 strategies that you can work on right now to help you attract customers and conserve resources.
1. Any hint of a recession and people start spending less on non-essentials. Make sure your plan reflects essential uses of your product. For existing businesses, reposition your unique selling point to reflect essential use or create additional products and services that are more essential in nature. How-to's, improving quality of life, promoting health, increase productivity and financial well-being, etc.
2. Niche it, niche it, niche it. Identify a specific target market that would derive the most benefit from what you have to offer and focus your attention there. You'll spend less in building awareness and have the opportunity to create a more successful viral marketing campaign.
3. Make sure your planning includes research of the fastest growing markets for
2008. Besides luxury, health, seniors, and pets, you'll find some surprises for the next few years. Capitalize on it!
4. Spend more time communicating with existing customers. Create a strong referral marketing program to help increase your customer base. Develop additional products, with varying price points, and continuity programs to offer existing customers.
5. Develop your markets before your products. Avoid manufacturing products prematurely. Build a subscriber base, pre-sell to buyers, joint venture early on. Talk to your market early on and often to make sure you're on track.
To your success!
Maria Simone
www.MariaSimone.com
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