Marketing on a Budget in an Economic Downturn

Submitted by Richard Dewick on Wed, 29/04/2009 - 08:15.

Marketing

Marketing on a Budget in an Economic Downturn

Everyone the world over is aware of the poor state of the economy at the moment and the restrictions this places on your income and subsequently your marketing budget.

Those in marketing will tell you that now is the time to actually make a concerted effort to further promote your business ahead of the competition. Getting the message across to businesses suffering from a dramatic slow down in trade is a difficult proposition though.

Bearing this in mind how can a business promote themselves on a limited budget or nothing at all?

5 Tips on Marketing on a Budget in an Economic Downturn

Develop a customer referral system
Use your database of clients/customers in an email marketing campaign
Start a blog
Get involved in social media marketing through sites like Linked In, Xing, Facebook, Twitter etc.
Join a local business club and network til you drop

Now is the time to really promote your business and get ahead of the competition. Have you used any of the above techniques? How did you get on?

Or do you have other suggestions that worked for you? I'd like to hear about them.

Image credit hypergenesb

Richard Dewick's blog

Surprising

Submitted by LeoC on Thu, 30/04/2009 - 20:32.

It is always surprising how many people miss out on the very basic steps that cost only a small amount time to grow a business. It is worth while to remember too that we are a long way from the average Joe being integrated to these tools if ever?

Time Well Spent

Submitted by Richard Dewick on Fri, 01/05/2009 - 08:44.

Hi Leo, like you say a lot of people miss some of the basics that we take for granted. Mostly it only costs your time to put some of these tips into place and reap the rewards. I agree that the average Joe isn't fully up to speed on some of the topics, which is why if you take the time now to learn how to use them properly you'll definitely have a head start over your competition.

hey

Submitted by infoads on Sun, 10/05/2009 - 21:55.

Hello Richard, I'm a big fan of guerilla marketing and other cost effective solutions but right now we shouldn't stress to much about our downsized market budgets and whatnot.. but rather remember that people are just more priceaware now. What does that mean? They go to the internet shops ;)

Great article, keep it up.

Find Marketing Channels

Submitted by Henal on Mon, 11/05/2009 - 10:54.

Good tips indeed and I know People will need to find cheaper marketing channels nowadays.

Further refinement

Submitted by atul chatterjee on Thu, 28/05/2009 - 07:35.

Yes the measures you have indicated are low cost ones which go with a marketing program facing budget constraints.
Customer referrals are important and you can reward the referrer. Another way could be to talk to the person on phone. "Small" customers are specially happy when noticed.

Great financial tips.

Submitted by finance-scenario-calculator.com on Sat, 30/05/2009 - 09:49.

Great post. The article is very timely. I totally agree with the tips you've given. Lets hope the economic crisis will end soon. Thanks for sharing the information.

Excellent tips

Submitted by prestiti-online on Mon, 08/06/2009 - 11:52.

Hi, all the point mentioned over hear to make cost effective marketing is excellent. Besides blogging, I am using forums posting as a techniques to market my products. Thanks for sharing.

Getting Referrals is 80% of New Business

Submitted by Emily @ Marketing for WAHM on Fri, 14/08/2009 - 21:27.

Getting referrals can be the best thing you can do for your business. It is cheap, gains trust, and builds relationship with your new and existing customers. It was 80% of my business. The other tips provided by Richard should be incorporated into a referral marketing plan as well.

Great tips Richard.