Marketing in Tough Times
Some cities are very seasonal like our Home Town of Nelson in New Zealand.
Summer is usually a boom time with the population almost tripling at certain times with tourists. However, winter is quite the opposite. Tourists leave and locals hibernate. The cold does not seem to encourage spend. Couple that with current economic times and discretionary spend being tight, it makes for tough times for business, especially retail.
So what do you do? Hide under a rock? Complain loudly? Go on Holiday? Can you afford too? Wait, hope and prey someone will walk in with a magical purchase that will change all your worries? OR do you use the opportunity to be active?
I guess the message in short terms is, don’t wait for your customer to come to you, go and get your customer!
So what do you do?
1. Review your 4 Ps – Product, Price, Place (Distribution) & Promotion. – Do they still reflect the target market you are after? Where do you now sit in the Market place in relation to your competition?
2. Review your current marketing strategy? Does it reflect as above? Are you happy with the areas you are investing in? Are you finding time to regularly implement your strategies? Are you happy with your level of investment in Marketing? Do you have measurements in place?
3. And if nothing else at least do the following:-
a. Existing client database – Do you have a database? If they already purchased off you, are you keeping in touch with them? Reminding them of other products or services, or at the very least reminding them to refer others to you?
b. Associates & Business Partners – Who do you know who is not in direct competition with you but aims at the target market that you do. Get to know them. Find how your businesses complement each other and how you can look at joint marketing efforts together.
c. Business to Business Marketing – Even if you aren’t aiming at providing specialist business services, its very cost effective to approach businesses and their personnel with your products and services. In some cases you could get corporate orders for their clients…catering, lunch orders, gift packs….etc.
So…
1. Review your current situation and market.
2. Plan your strategy. When things will happen, what mediums you will use and what budget you will invest?
3. Who can help you? Joint marketing effort?
4. How will you measure success?
5. Don’t wait for business to come to you. Go and get your business.
If you would like assistance with how you can help your business, why don’t you book an $80+gst, 1 hour marketing session with CB Marketing.
You can contact us on 0064 3 5468269 or http://www.cbmarketing.co.nz/contact-us/