Yesterday evening I attended a dinner which included a speech by the Chief Economist of HSBC, Stephen King. A personable and interesting speaker, King also writes for The Independent on Economics. Whilst his speech was wide-ranging, and drew much on the history of economics as the present day, it is clear that the route out of recession will be made up of careful steps.
In the meantime, here are some tips for marketing in a recession.
1. Explain the value of your goods or services
2. Give something for free, whether it’s a physical product or even information or a white paper. People appreciate free gifts even more when the economy is tight
3. Be relevant. Now is not the time for extravagant gestures
4. Use the best possible data to shape your campaign
5. Measure ROI from your campaign
6. Use partnerships to achieve more coverage without increasing costs
7. Use free media such as social media and blogs
8. Work on your Search Engine Optimisation skills – it will generate extra leads at no extra cost to you than your time
9. Keep in touch with your network
10. Demonstrate an understanding of financial constraints in your communications with potential customers
It’s a time for us all to embrace the new order. It’s certainly true that after this period, marketing will be very easy indeed, and we’ll be much better skilled as a result. Feel free to post your own best strategies for marketing in a recession too.