Marketing in a downturn
Research shows that companies that continue to invest in marketing are far more likely to survive an economic downturn. Key to this success is the ability to maximise revenue from existing customers as well as the foresight to develop strategic partnerships to target new customers.
All marketing activities need to be targeted, cost-effective and results driven.
Attracting new customers
Lean times can be a unique opportunity to lure customers away from your competitors. A high impact and targeted promotion can be an enticing ‘carrot’ for otherwise loyal customers. Promotional activity will be even more effective when your competitors have downsized their own marketing efforts.
Affinity marketing is another strategic approach for attracting new customers. It involves developing promotional partnerships with like-minded, non-competitive brands. The primary value of such an alignment is the ability to cost-effectively access a new and compatible customer base or share customer insights. By providing access to partner promotions or even their compatible products you can generate perceived value and help retain existing customers.
Maximise customer value
Retaining your existing customers and maximising revenue from your customer base is vital in an economic downturn. Effective management of your customer data along with creating relevant, engaging and timely Direct Marketing activities can unlock vital revenue. The ability to craft effective messaging is also key to the success of any promotional activity.