While belts are tightening and budgets are shrinking, many small businesses are falling back and reducing the resources that they expend on marketing. This is a perfectly reasonable response, but it should be done with care and caution. There are some ways that companies can rally in such an atmosphere and actually find greater success than before the economic downturn began. Consider the following methods for making an organization more appealing to customers and more agile in general now that funds are shrinking.
Show frugality
Nothing bothers people who have lost their savings or missed a few payments more than decadent products and lavish spending. Unless a company caters exclusively to large enterprises or millionaires, a show of solidarity with common people is important. This can be accomplished in a number of ways. Companies can scale back their decorations, opting for muted colors and fewer large displays. This indicates that an organization is all about making things work with what is at hand. Gaudy furniture and opulent art on one’s walls will not do. Additionally, employees can be asked to dress less frivolously. They may chafe beneath the order at first, but in time,they may realize that wearing expensive clothes can send the wrong message to customers.
Shift products and services
Prices will need to be lowered, but this may not mean that revenue is lowered altogether. Putting oneself in the mindset of customers who are now operating on tight budgets will offer important insights about the nature of their decisions. One such fact is that when paychecks are smaller, larger purchases are more difficult to make. Payment plans can be a solution to this, allowing consumers to purchase big-ticket products on installment. Another phenomenon that may see a resurgence is layaway. Expensive seasonal clothes or upgrades for vehicles may be bought at a discount and held until the bill is paid and the item is needed.
Low-cost marketing
Flashy videos and slick promotional campaigns may be useful for companies that cater to the prosperous, but organizations whose customer base is feeling the pangs of debt and recession may not be so easily moved. In addition to being lest costly, inbound marketing and online advertising are subtle and will appeal to people who understand what it is to budget one’s resources. The theme of successful campaigns should highlight that like most people, a small business is also suffering – everyone is in it together.