Smart Marketing in Recessionary Times

In a recent article in DMNews, Ashley Johnston of Experian Marketing Services talks about taking advantage of social media as part of your marketing mix and also how to spend smarter instead of spend more. It's a great follow-up to a conversation I had recently with a small group of business owners. We talked about doing the same kinds of things she discusses.

Excerpted from the June 1, 2009 issue:
"It's not a time to spend more, it's a time to spend smarter. Recessionary periods are a great time for customer engagement. Focus on tactics that increase customer loyalty and value. Some of the simplest activities don't take long to implement, require only a small investment and yield quick returns.

It's cost-effective to re-engage lost customers and current customers. By combining email marketing and Web analytics you can deliver a highly targeted message that can be adjusted as you move forward to best suit how your customers search, browse and shop. This will help engage them for the longterm.

Take advantage of the power of social media. Promoting your company through blogs, social networking sites where your customers hang out, and ratings and reviews programs are great ways to stay on their mind and keep the conversation open with them. Encourage customers to share what they like about your business and be a part of more conversations in your industry.

Don't overlook the power of really LISTENING to your customers. Make it easy for them to tell you what they want by using surveys, response cards, online forms - whatever works for your business and customers. Asking and then giving your customers what they want goes a long way in building loyalty and increasing the lifetime value of your customer.

Take time to re-evaluate your relationship with your customers. How do you interact with them? What will help you communicate more effectively? Making even the smallest adjustment will increase retention now and for the long haul through these tough economic times."

Ciao, Paula