9 Tips for Marketing Smart in a Down Economy

Times are tough, but smart companies know that the last thing you should do in a down economy is pull back your marketing.  Instead, you need to learn how to do more with less – making sure every marketing dollar is working for you.  

How can your company thrive in these troubled times?  By marketing smart.  The following tips will help put you on the path to success.

1. Think of Marketing as an Investment, Not an Expense
If you think of marketing only as an expense, you’re probably doing it wrong.  Marketing is an investment that should produce a measurable return in the form of qualified leads and bankable sales.  Just as you would carefully review the return on investment (ROI) for stocks and funds in your retirement portfolio, you should carefully evaluate the ROI for all of the investments in your company’s marketing portfolio, including online and offline marketing activities.

2. Measure Marketing ROI
So, how will you know if your marketing investments are producing significant ROI?  You need to measure results.  ROI needs to be as fundamental an ingredient in marketing as it is in finance, sales, R&D or any other strategic department in your company.  Unfortunately, very few marketers know how to measure marketing ROI.   If you’re not measuring marketing ROI, it’s time to start – and it’s not as hard as you think.  The following ideas will help you get started:

3. Implement a Web Analytics system, such as Google Analytics, to measure how well your Website is working toward achieving your marketing goals.  This online report will show you where your most profitable Web traffic is coming from, what products and information they are looking at and what ‘calls to action’ are generating the most leads.

4. Use unique, trackable phone numbers and unique Web addresses for each of your marketing activities (e.g., print ads, catalogs, postcards, etc.) to track online and phone-in leads generated by each marketing activity. 

5. Leverage a Marketing Analytics system to track your marketing ROI.  My company  leverages affordable services like Marketing Meter to automate all of the above-mentioned ROI measurement tactics.

6. Cut Marginal Marketing Investments
Now that you know what’s working and what’s not, it’s time to cut, cut, cut.  Cut marginal investments that are not producing a return.  Save this money, or choose to funnel it into activities that are producing stellar returns.  Many of your peers are pulling funding away from traditional marketing activities, like magazine advertising, trade shows and direct mail.  At the same time they are increasing investments in online marketing activities such as Websites, search engine marketing and email marketing because they are producing results.

7. Turn Your Website into a Lead Generation Machine
The most successful companies consider their Website to be their most powerful marketing tool.  Do you?  Your Website is the most public face of your company.  More people will visit your Website than will ever visit your offices, view your literature or talk to your salespeople.  Make the most of this marketing channel by transforming your Website into a lead generation machine.  (Related blog: Give your website a lead generation checkup)

Begin by providing customer-focused content and interactive features that speak to the needs of your customers and provide the solution they are seeking.  Next, don’t rely on your Website’s ‘Contact Us’ page as the sole method for prospects to take action.  To turn your Website into a lead generation machine, pepper your Website with a variety of offers tailored to the needs of your target audience, such as request a quote, purchase online, online chat, order free samples, register for events or subscribe to your e-mail newsletter.

In addition, don’t forget to prominently display your phone number on every page.  More than half of Web visitors prefer to call rather than complete an online form.

8. Attract New Customers from Search Engines
If you are not focusing on search engine marketing, it is likely that your company is invisible online.  Search engine marketing is extremely important because, according to research, over 80% of customers begin at a search engine like Google when researching products and services online. 

Simply defined, search engine marketing helps ensure your company’s Website is presented at the top of the search results when people are searching for your products and capabilities.  Prospects who find your Website through search engines are actively looking for information on your products and will be motivated to take action when they land on your Website.  And, with the pay-for-performance model of search engine advertising, you only pay when a qualified prospect clicks on your ad and visits your Website. (Related blog: Make your website a search engine magnet)

9. Cherish Your Existing Customers
Last, but certainly not least, strengthen your relationships with your existing customers.  We all know that it is by far easier to sell to existing customers than to try and win new ones.  So, make sure you do everything you can to demonstrate to your current customers that you are a valued partner that understands their needs.

Many successful marketers are turning to educational email newsletters to help with this effort.  Often, the big challenge in producing a successful email newsletter is creating content that your customers will find valuable.  E-newsletters that simply provide a recap of your latest products and news may be of great interest to you, but they are of little interest to your customers.  To make your e-newsletter a ‘must read’ and a valuable nurturing tool for your business, you need to provide useful, actionable, business-building information that will truly help your customers.  If approached correctly, your email newsletter will be a valuable relationship builder for your company and a great driver of repeat business.

By embracing these ideas and ‘marketing smart,’ your company will be well-positioned to succeed in these challenging times.

Bob DeStefano is an online marketing strategist and professional marketing speaker with more than 15 years experience helping industrial companies leverage online marketing to produce bottom-line results. Connect with Bob on the Web at www.bobdestefano.com and www.svmsolutions.com or by calling 1-877-786-3249 x3.