Posts Tagged ‘Tips’
Wednesday, May 6th, 2009
When the Going Gets Tough, the Tough Innovate
Moments of economic turbulence provide the unique opportunity to start new businesses, launch disruptive new products, and strengthen customer loyalty - often at a discount. During these challenging time, here are a few pointers on what to do, why to do it, and what to avoid.
- Listen to the market. It’s quieter when it’s less crowded. Unmet needs abound.
- Invest in your customers. Now they need you most. Loyalty hangs in the balance.
- Rather than reduce price, offer more value to your customers and demand greater value from vendors.
- Increase communication with your customers.
(more…)
Monday, April 27th, 2009
There’s one good thing about a bad economy that many marketers forget about, since 99.999% of the news is doom and gloom playing with our brains — in a really bad economy, people are more apt to change their buying habits.
Yes, that may mean buying less of a product or service in your category. And this is where some corporate types with lack of imagination will see cutting back on marketing as the band-aid solution to their problems until they ride out the recession. But the question isn’t really whether to cut back on marketing or even spend more on it. You have to start with the very product or service you offer and ask yourself how you are going to adapt that product in order to give it increased versatility and in turn, value.
(more…)
Friday, April 10th, 2009
As a small business owner in the murky waters of a bad economy, you may be scrambling for solutions on how to keep your company afloat. Letting the fear take over, and not being true to yourself and your company’s mission, can be a recipe for recession-related disaster.
If you own a small business, you’ve probably been losing sleep at night lately. With the economy in trouble, businesses everywhere are feeling the crunch, but no one is more worried than small business owners. While fear may drive you to go into survival mode and compromise your values, you may be making a huge mistake that in the long run can hurt your business far worse than the recession.
You can’t let yourself, or your business be paralyzed by fear. In times like these it’s more important than ever to maintain your brand identity and focus on what makes your company stand out, what makes it great. You have to be a ‘fearless fish out of water’—shining a light on those qualities that make your company different and more desirable than the other businesses in your industry. Playing up what makes you special could be the very thing that keeps you in business.
So, what should small business owners do at a time like this? It’s time to refocus on your company’s core values, to remind yourself and your employees what it is that sets your company apart from all the rest, and most importantly, to be fearless. Now more than ever is when you should be staying true to your company’s brand by sticking to projects where you can excel.
7 steps to being fearless in the small business world, and how they will help you survive and thrive in this economy:
Go fishing for the real you
It’s time to focus on what your business does better than your competition and put that out there to your clients and prospects. Maybe you’re a boutique ad agency that can create any kind of campaign, but your best work is in B2B advertising.
You have to peel away all the layers that have made you a jack-of-all-trades and focus on the area that you are truly passionate about so you can excel. That’s your vein of gold. Sure, some things are a guaranteed sale, but your clients can get that at any agency. Get back to being creative. That’s where you can show your clients your value, and impressing your customers is how you can ensure you keep bringing in the revenue.
(more…)
Wednesday, April 8th, 2009
10 tips for the advertising industry during the economic downturn:
1. Don’t cut your prices - research shows that by discounting your brand during a recession it will take you 7 years to recover to your original price level.
2. Focus on your brand strengths (real not imagined!), and emphasise heritage and classic / traditional values - while the crisis is on people tend to hark back to the memories of the good old days.
3. Do exploit the fact that your competitors may have shrunk their advertising spending - you can rapidly win back mind share as well if you have the courage to act now. Then rely on your operations and product teams to keep you ahead long-term.
4. Brands that invest in marketing during a recession tend to gain market share when the recession ends. It might seem wrong to splash out on a new ad campaign when you are cutting staff, but if the message is right and the campaign is well executed, the investment will pay off in the long run.
5. Bundle up: instead of cutting prices on your top brands, offer something for free as an add-on to your core (non-discounted) brand. So if you happen to sell bags, don’t discount your bags but throw in a free keyring instead.
(more…)
No Comments
Category Advertising, Economy, Marketing, Small Business | Tags: Tags: Advertising, Advertising Industry, Agency, Budget, Economy, Marketing, Recession, Tips,
Friday, March 20th, 2009
Tough times never last, but tough business leaders do. In a marketplace amidst economy turmoil, only the bold and tough can survive. What can make you fearless in uncertain times?
Hone your most valuable skills
To face uncertain times, focus on your strengths. Focus on what you do that others can’t and put it out there to your prospects and customers. Assess all your qualities and abilities that got you where you are today. Be fully focused, hone your skills and acquire expertise that is most valuable for your business right now.
Use strengths that make you different
Under extraordinary economic conditions continue doing your work, curtail expenses where necessary and do everything you can to not lose existing business. This strategy will help you weather the storm. If you fail to stand up, stand out, work for something important, you will be out of the business. Use your strengths that make you different and make a difference for your customers.
Find ways to deepen customer relationships
The path to boldness is to build strong relationships so that you are not left alone during tough times. You may reward your customers for their faith in you, your services or products, even in trying times. Invite them for lunch; stay connected through phone calls, networking events and social sites. This is the time to develop customer intimacy and deep relationships to secure your company’s future.
(more…)
Wednesday, March 11th, 2009
This recessionary period is when small agencies maximize their opportunities during lean times to gain ground.
- Keep what you have while getting someone else’s. Advertisers aren’t just trimming budgets; they are re-evaluating their relationships to determine if they are getting the most for their money.
- Great agencies shine brightest during dark times. When times are bad, there is better talent available to small agencies. Due to layoffs or the fear of them, good talent can be open to working for an up-and-coming agency.
- Work hard even when there isn’t a lot of work going on. Staying busy is the key to getting out of the gate fast when the economy rebounds. Good employees expect to be challenged.
- Focus on marketing tactics where success can be measured and defined. Marketing directors are running scared (or are likely to be eventually), and in that scenario that want to minimize risk and waste. The inherent measurability and relatively low cost of digital tactics are more attractive to clients when the economy is less robust, and digital will be the one area of the business that will grow this year.
Agencies will have much more success acquiring new business if they diligently pursue their new business goals despite the economic conditions.
Originally posted on fuelingnewbusiness.com
Wednesday, March 4th, 2009
Part 1 was posted last week and can be found here.
International advertising agency Oglivy offers 7 points of advice based on their experience in guiding brands through previous recessions, mixed with some of the latest academic thinking.
Here are the last 4:
4. Cut Strategically within a Brand Portfolio
If you have to cut spending, some cuts are better than others. Generally, you should cut the budget for smaller brands rather than for bigger brands. Small brands often take a disproportionate share of marketing spend because they are trying to grow, but bigger brands are likely to deliver bigger returns in the short term.
You should also exploit seasonality to make cuts in off-peak sales periods. The sales losses will be lower. This is also the time to take a hard look at the contribution of different brands to profit as well as at their growth potential. Prune your product lines. Drop support for stagnant brands.
5. Use Price Promotions Sparingly
In a recession, marketers are under tremendous pressure to offer price promotions (such as temporary price cuts, premiums, couponing, BOGOFs, etc.). These are the easiest part of a marketing program to measure, and therefore the easiest to justify when budgets are tight, but they can truly damage long-term profitability. You need to work out the right balance between promotion and stimulating primary demand in your particular case.
(more…)
Friday, February 27th, 2009
International advertising agency Oglivy offers 7 points of advice based on their experience in guiding brands through previous recessions, mixed with some of the latest academic thinking.
Here are the first 3:
1. Guard High-Value Customers
In a severe recession, share protection through retention of a brand’s most profitable customers should be the first priority. Losing loyal customers can be very costly. On average, loyal customers who are “bonded” to a brand spend up to 20 times more than the average customer. The key is to identify who they are and what their concerns are. Then you can consider whether a special initiative is needed.
2. Harvest Customers Who are Ready to Buy
The second most valuable target, after existing customers, is those who are about to purchase. Research into the decision-making process can illuminate what barriers people have. With this knowledge, there are two areas in particular where marketers can focus attention: search and shopper activation.
We often say that the first dollar a marketer spends should be on search. This is never truer than in a recession. Customers who have raised their hands declaring interest in your product deserve special attention. Marketers can improve “organic” search by tracking existing search capabilities, understanding key words and then developing strategies for content development, page tagging and linking to ensure that as many active shoppers as possible are directed to the brand’s site. (more…)
