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5 Ways to Market in this Economy

Posted by Joann Marks on Friday, June 26th, 2015

Market in this economyThe current economy actually shows that people are increasing their spending in the health/beauty category. Smart brands should retain their marketing plans while improvising tactics, and only slightly adjust their marketing spending even when the economy isn’t great. If you have the resources, this is a real opportunity to grow market share as other companies are spending less on promotion. From 1980 to 1985 (mostly a time of recession), the companies that did NOT reduce their marketing budgets increased sales 16-80%. The Health and beauty category is getting higher amounts of customer’s discretionary income because this is a time where people want to feel good about themselves – lipstick sales went up after 9/11. This is your opportunity to show that your brand is the one that will make them feel confident. Here are 5 ways to market in this economy.

1. Great value for your customer doesn’t just mean lower prices
Obviously customers spend more carefully during a recession, but that does not always mean paying the absolute lowest price. Spending wisely means not wasting it on poor quality products. They want more value for their buck. When you are marketing your product, be sure to promote the value of your product, even while you are providing discounts. Uphold and defend your core positioning, and resist the temptation to sacrifice quality or reduce innovation efforts for the sake of cutting prices. This is especially important if you have a leading brand. Trusted brands and their appeal tend to transcend and outlast times of trouble. If your product is not a necessity, it needs to be marketed as important to your customer as possible. Point out that your product solves a problem, satisfies a need, or makes life easier.

2. Make people feel good
These economic times have shown major increase in families spending time together at local community events. Consider promoting your product or service at as many community events as you can. Consider hiring street teams to hand out samples and coupons to all the free family events in key demographic neighborhoods. Your marketing campaign should uplift customers. And make them feel valued when they do buy from you, step up your customer service and emphasize how your products are helpful or cost effective in your marketing campaign. Remember to appreciate your employees; they are your most important assets. Your employees can be extremely effective marketers when they are happy.

3. Use organic strategic search optimization (SEO)
Pay per click search engine advertising allows you to get top search engine placement by paying for keywords related to your product or service. Organic SEO can be done by optimizing your web pages and increasing link popularity (done by acquiring or paying for links that point to your site). This results in high rankings on the search engines for your search terms. Place greater emphasis on your organic SEO, don’t just throw all of your marketing money to GoogleAdWords. Not only is this method cheaper, but it’s more productive. Organic listings can attract 60-70% of clicks as opposed to 30-40% for paid listings. To go organic, make sure you optimize ALL keywords on your website, and don’t forget about your titles and meta descriptions (what search engines display as a description for your site).

4. Focus even more on your core customers
When the economy isn’t great, marketing budgets are cut down, which is a good time for marketers to invest more in their best customers. 20% of a company’s customers represent 80% of total sales. Any significant fallout with this core group could mean a serious hit to total sales volume. Use the money you can spend to target your best offers to your most loyal customers. Mass marketing efforts tend to ignore the groups that are already familiar with your company. But it’s your core customers that need a reminder of how much they enjoy your product to motivate a buy. Take this time to segment and test the customers you have. Focus your offer, messaging, and tactics and you may find that loyal regulars are ready to spend extra. Enhance your customer support. This means stepping up customer service and communicating regularly with customers through newsletters, emails, and mailings. More than ever you want to maintain your relationship with existing customers who will still be there when the economy takes an upturn.

5. Get the message out – get more for less
Instead of cutting marketing budgets (companies that cut brand advertising during a recession typically see sales and income fall 20-30% over the next two years as a result); look for different ways to spend your advertising money. With your competitor doing less marketing, it is easier for your brand to stand out in the marketplace. Consider radio vs TV, website and texting over direct mail and perhaps partnering with other brands/services to share the costs. Think about ways to touch the customer through in store sampling, community sampling or in store demonstrations. Did you know that Cosmetic Promotions has professional makeup artists who can perform makeovers at in store event? Or that we have effective community sampling programs targeted to certain demographics? And many times we help save money on marketing by matching you up with a non-competitive brand to share the costs. Don’t let a poor economy cause your sales to fall. Find more information on our Sampling Programs and In Store Demos.

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Cosmetic Promotions: Retail Beauty Marketing
Cosmetic Promotions, Inc.
2111 W Pine St. Orlando, FL 32805
Phone: 407-310-4839