Marketing on a Budget in an Economic Downturn

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

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.

Related post: An Introduction to Twitter - Don't Be Afraid of The Birds.

Image credit hypergenesb

Comments

LeoC's picture

Surprising

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?

Richard Dewick's picture

Time Well Spent

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.

infoads's picture

hey

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.

Henal's picture

Find Marketing Channels

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

atul chatterjee's picture

Further refinement

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.

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.

prestiti-online's picture

Excellent tips

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

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.