Reconnecting After Recession
Economists all over are now predicting that the end of recession is near. While the Feds won’t still acknowledge that, it makes sense for your company to be ready to play the game again. But, the recession has caused a paradigm shift in consumer behavior. Consumers will now think twice before parting with their dollar and expect more value for money. What should your marketing strategies be so that you are all set to face the recovering markets? Read on…
1. Reconnect: It’s great that your company managed to stay afloat through the recession. Reconnect with your customers and tell them you are still around. Something as simple as e-mail flyer would do. Since your customers will now look to stretch that dollar to the maximum, offering online discount coupons is also a good idea.
2. Learn more about your customers: This is a good time to understand and get to know your customers better. This way, you are better equipped to meet their needs once the clouds of recession lift. Use this time to study customer patterns. If you are using a marketing automation software, start generating relevant reports and studying them. If your firm does not use a marketing automation tool, this would be a good time to migrate to one.
3. Be selective: One common mistake companies make at this time is getting too desperate. Don’t fall into this trap and bombard all the prospects in your database with marketing e-mails that resemble junk. Instead, target those areas intensely, which are expected to be brimming with opportunities once recession lifts. A good example would be sending personalized HTML e-mails or e-newsletters to your best prospects rather than sending a generic e-mail advertisement to everyone on your database. Do not compromise on customer privacy or permissions. Try too hard and you may be perceived to be as annoying as the telemarketer who calls up during dinner time…
4. Provide value, restore faith: Provide value to your customers. The term value here doesn’t only mean monetary value. Define value from the customer’s perspective. The first step involved in doing this is to understand what the customer values. Recession has caused an erosion of faith in all corporate brands. To regain that trust, you have to enhance customer experience at every chance you get. Remember that by providing more value, you can create more business.
5. Changed conditions: While it’s true that no pessimist can be an entrepreneur, don’t expect things to return to normal too soon. You might have to make changes in the way you currently conduct business. Do majority of your sales happen online through credit card transactions? Post-recession, you may want to offer other payment options to your clients, as many of them may be wary of buying too much on credit. Anticipate your client needs and start working towards satisfying them.
The ideas mentioned above will not require any major increase in your marketing budget, but, on the other hand, can offer you handsome paybacks in the form of happy clients.
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