by Patrick Zuluaga, PMZ Marketing
Successful companies manage marketing as a strategic investment. They realise that business opportunities are available even during these downturns and with correct marketing they can take the lead and even expand their share from competitors.
The following strategic marketing tips will help your business stay competitive:
- Marketing Tip # 1 - Focus your marketing expenditure on direct response campaigns and offers. Minimise if not eliminate long-gestation brand awareness programs and use these resources in campaigns that reach out to your target markets with “recession” friendly offers and promotions.
- Marketing Tip # 2 – Identify and focus your marketing investment on the segment of your customer base that is most likely to continue buying your products and services. Segment your customers by their purchase patterns, namely; monetary value, frequency and recency [define].
- Marketing Tip # 3 – Review your marketing expenditure and run with promotional campaigns that are working well and trim those that are not effective for your target markets. Ensure you put in place a system to test and fine-tune your marketing messages before committing your allocated budget. Measure results and track your campaigns to allow you to decide what to ramp-up and what to close down.
Do you need assistance to implement any of these tips in your business?