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- Scoop up leftover space
Many times you can purchase leftover space that a publication or radio station can’t fill. You can’t pick your page number or air time, but the trade off is that you’ll pay up to 80 percent less than normal ad rates.
- Size matters
Buy small ads regularly. It’s better to run quarter- or half-page ads frequently than to run a full-page ad every once in a while. Consistency will, slowly but surely, build sales.
- Stay consistent to your campaign
It’s as important for your business to stay consistent as it is for any politician who’s running for office. If you change your overall look or message, people will question your credibility and you’ll waste money creating several different “looks.” Decide what it is your business wants to promote – whether it’s your product or service or your business values – and use your ad campaign to do so. Each time you run your ad it builds upon the time before, but only if it’s consistent.
- Don’t can your ad too soon
If you find an ad isn’t working, don’t necessarily give up on it. So many things affect the success of an ad. Was the timing right? Does your target audience read the publication and/or tune into the station where your ad ran? Did the ad run at least five times? Examine all potential reasons why your ad was unsuccessful before you give it the boot to avoid wasting money creating a new ad you may not need.
- Discover social networking
Social networking has blanketed the country because it works. People are sharing information, videos, music and photos via online communities and communicating through blogs and open forums such as YouTube, LinkedIn, Facebook, Flickr and others. Get familiar with these sites and jump at the opportunity to use these free information-sharing sites to get your message out for free.
- Invest in thriving market segments
As a marketer, you need to find and make a point to understand the market segments that are finding success during the slump. Research ways that your business can get in with those that are flourishing – what can you offer them? At the same time, you’ll want to reduce your investments in companies taking the biggest hit. Chances are, they’re quietly riding out the downturn anyway and will appreciate your understanding their need to cool it for a while. They’ll be back when the tides turn again.
- Love the ones your with
Sure, the quest for new customers should never end, but it’s practical (and more cost-effective for you) to embrace your current customers during a time when dollars are so precious and trust is so important. Use this time to really hone in on the needs of your current customers. Existing clients will be more open to invest in projects with a company who’s already proven itself to them. Your current customers will continue to build their loyalty as you offer suggestions and propose new ways to help them succeed.
- Don’t be quick with the ax
Don’t let a downturn scare you into making unnecessary budget and employee cutbacks. This is a common mistake that will likely send your business into a dangerous tailspin. Cutting your marketing budget without giving great thought to strategy will result in losing business to competitors who are still out there advertising.
- Weather that storm
During a dip, your business has a chance to expand its market share. Be smart! Pay attention to how your target audience is reacting to the changing times and think about what they may need. Develop a new product or service, alter your pricing or begin to offer a clever service that your competitors don’t. If you realize that subtle changes make a big difference and actually make some changes, you’ll certainly reap the benefits.
- Back it up
Since budgets have gotten a bit more fixed, it’s important to be smart when deciding how to spend your money. Make sure to have rational justification for your marketing investments so if you’re ever questioned, you’ll be able to stand behind your choice to place that ad, have your company’s Web site re-designed or throw that soiree for the media.
Attending an industry conference is one way to advance your business. Attendees are able to get advice from industry experts, network with others in their field, generate word-of-mouth about their company and bring back valuable advice to their team. We’ve highlighted a few of the conferences we’ve found to be the most beneficial, all being held within the next few months.
Which will benefit your business?
Marketing Profs 2008 Business-to-Business Forum
June 9-10 Boston
Marketing Profs was founded in 2001 to provide practical marketing and general business tips through a full range of online media – including articles, online seminars, case studies, workshops and more.
The
Marketing Profs 2008 B2B Forum consists of two-days of strategic inspiration for B2Bs. The forum will feature keynote speakers, intensive workshops, labs and discussions. Topics will include B2B lead generation, conversion, retention, ROI and measurement, new technologies and integrated marketing.
2008 AMA Nonprofit Marketing Conference
July 14-16, Washington, D.C.
This conference, hosted by The American Marketing Association, is designed to show those working for nonprofits how to effectively tell their story and convey the mission of their organization. Attendees will get lessons in storytelling and participate in workshops, learn from the success and mistakes of their peers, network with marketing experts and get re-inspired about their respective organizations.
MarketingSherpa 5th Annual Demand Generation Summit
October 5-7, Boston and October 26-28, San Francisco
MarketingSherpa, a research firm which tracks trends in marketing, hosts this annual two-day summit to present research findings, expert presentations and case studies. Topics include tools and tips for making your marketing content more appealing, generating positive buzz around your business, no- or low-budget strategies for creating demand through online networking forums, proven PR techniques for gaining and sustaining positive coverage and other marketing issues.
AIGA Gain Conference
October 23-25, New York City
The American Institute of Graphic Arts, founded in 1914, is the oldest and largest membership association for professionals in the design industry. At “Gain,” participants can hear success stories from a select group of business and design leaders from a variety of industries. Topics of discussion will include generating greater return on investment, fostering emotional connections and providing positive brand experiences for customers. Confirmed speakers include the creative director of Target, chief design officer of Johnson and Johnson, chief creative officer and founding art director of Martha Stewart Living Omnimedia and Malcolm Gladwell, author of Blink and The Tipping Point, both number one New York Times bestsellers.
- Making decisions by committee
Too often, a good idea is watered down by compromise. A brilliant idea is altered so many times (to please everyone) that it morphs into something completely different. The end result makes no one person completely happy and becomes ineffective. Choose one leader to direct a project. If you don’t get the results you want, change your strategy or consider appointing a new leader – but never rely on getting good results by bringing in a committee to muddy up a potentially great idea.
- Delaying your marketing plan
Lawyers often make the decision to delay their marketing programs until their financial situations improve. They don’t realize that this logic is backwards – financial situations won’t improve until the marketing plan is implemented. It all goes back to the phrase heard too often: you have to spend money to make money.
- Not utilizing your practice mailing list
Your past and current clients are your biggest asset. They are the ones who are most familiar with your practice and your best word-of-mouth advertisers, after all. Always refer to your mailing list – which should contain past, present and prospective clients and referral sources – when sending direct mail pieces, firm newsletters, announcements or other pieces.
- Not making marketing a priority
Due to the demands of this industry, many lawyers find it difficult to give their marketing efforts the attention required to get things done. These lawyers work at full-speed on their clients’ behalves, with the false hope that their hard work will bring in new clients. Whether your firm chooses to hire a marketing professional to work internally or chooses to hire an outside agency, it’s important to keep your marketing program in gear so your firm will attract an ongoing influx of new clients.
- Competing on low price
If your marketing message promotes your firm’s low prices, a. you’re undermining your credibility, b. you’re attracting clients who are after price and will probably switch firms if one of your competitors offer fees lower than yours, and c. you’re losing money because the cost of your marketing efforts to pull in these cheap clients probably costs more than the profit you’ll earn from them. Compete on value and leadership, not price.
Which type of business has, for the past two decades, continued to grow at around two times the rate of all businesses?
Majority Women-Owned Firms
For the past two decades, majority women-owned firms have continued to grow at around two times the rate of all firms (42 percent vs. 24 percent), according to The Center for Women's Business Research.
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