subject: Marketing 2010 – How To Stay Upbeat Through The Recession! [print this page] 2010 has finally come2010 has finally come. Unfortunately, however, there has been little significant improvement in the world economy and global financial situation. Many businesses around the world are currently faced with the pressure of maintaining profit margins in the face of declining customer orders and cancellations of business.
In 2010, therefore, the key will be to look for business solutions that are effective and cost effective. In particular, businesses need to find a way to promote their business and attract new opportunities, without spending a fortune.
Although most businesses are facing cost cutting and tighter budgets, marketing is the one department that you may need to devote more time and attention to in 2010. Here are some tips to boost your marketing efforts in the New Year:
Increase your Customer Engagement
During financially difficult periods when businesses are simply trying to survive, a common mistake businesses often make is to turn their focus on pleasing their banks and investment analysts, and neglecting their customers. Customers drive your business and nothing can compensate for the loss of customers. Therefore, in 2010, focus on increasing communication with your customers and make way for continuous engagement with them. Just a simple phone call or email can be enough to remind them that youre still around and ready to do business with them. You never know when opportunity can knock. So make sure you are always fresh in their minds.
Explore New Sources of Audiences
While tightened budgets might not allow you to explore new business verticals altogether, what you can do is explore additional uses for your products and services and identify new sources of customers. These new markets will provide fresh opportunities and revitalize your business. Spend some quality time researching about niche areas where you can market your business and how you can do so. Be prepared to do sales calls, tests of a new channel and postings on websites targeting new areas or industry segments.
Focus on Innovation
Innovation should be an inherent part of all businesses strategy. Unfortunately, turbulent economic times increases the need for innovation. All employees in your business, regardless of their title or position, should be encouraged to work together to make small improvements or think of new, innovative ideas, so that they can be implemented quickly and easily. This will also go a long way to helping improve your work environment. Create a program that actively seeks out new ideas from your employees and reward them for the same. You would be surprised at the number of responses that you might get. This not only motivates employees within your organization, but it shows customers that your company is brimming with new ideas and concepts.
Don't Compromise on your Values
A rough economic climate and unfavorable business conditions may be a great excuse to cut corners and adopt desperate moves, such as accounting tricks, quality assurance cuts etc. . However, make sure you resist any such temptation that can put the company's reputation and product/service line at risk. Don't compromise on your values or integrity. This is what your customers know you by, and you should stand up to their expectations. Remember, it can take 50 years to build trust but only 50 seconds to break it!
Disclaimer : Sabra Easterday is the founder and managing member of MatchB2B. Sabra is also a lawyer with a special interest in business issues and e-marketplaces. Notwithstanding that Sabra is a lawyer, nothing in this article and no services of MatchB2B or its website are legal services and no attorney-client relationship exists between any reader of this article or user, customer or potential customer of MatchB2B, and MatchB2B, its website or Sabra Easterday.
Marketing 2010 How To Stay Upbeat Through The Recession!
