When we talk about marketing strategies in most cases we end up defining a varied marketing mix. The possibility of measuring all the actions, allows to fine tune much more in a second stage with data in the hand. If our budget is adjusted the margin of error is reduced considerably. Failure to get it right from the beginning causes a clear return on sales, thus limiting our range of action for a while.
I have heard many SMEs saying they adopt defensive positions waiting for the storm to pass in times of crisis. What they actually do is delay their process of adaptation to the new economic context.
Analysis of market trends
Before adopting concrete measures, one must understand the tendencies that tend to occur in a climate of economic contraction:
- The visits at the points of sale do not decrease, although the average expenditure in each one of them.
- The customer compares much more before the purchase and for this he uses mainly internet. Consequently, the% of loyal customers falls.
- It increases the need to feel protected against a global situation of uncertainty.
- Many expenses or purchases are postponed whenever they are not of first necessity.
- Pro-liferate substitute products.
- The consumers seek escape from a reality unrewarding
Actions according to the new realities
After analyzing broadly the new market trends we can adopt actions that are more in line with the new reality, I propose the following:
- We must increase the dynamism and frequency of sales promotions: 2 × 1, % discount on second sales, low prices on products hook. There are many formulas to get attention by generating the permanent sensation of novelty.
- Short promotions and clear messages: Do not communicate anything that you will not be able to fulfill. In times of crisis the consumer is even more suspicious.
- Inbound Marketing: Always try to create value for your customers in order to be found and not have to bombard your customers with advertising messages that can overwhelm them. It is often a question of creating content associated with your industry so that customers perceive you as an expert. Interact with them to solve their doubts and learn from you so you will be able to gain their trust and gratify them with purchases. For this you have the social networks, blogs, newspapers or specialized publications.
- Cobranding: This point has different versions like: advertising campaign shared with some key supplier, use third-party technology for your own sales. Look for value partnerships that help you share expenses.
- Make your own recommendations program: Use your most loyal customers to reward them if they recommend your business and translate into sales. Tactics for a lifetime but very efficient.
- Publish promotions or coupons on free portals on the Internet: You only have to pay for sales made, You can also offer promotions for certain groups.
Launches press releases for media outlets: Thanks to certain portals you can now do it at low cost:
- Post some fun video about your business that generates virility. Whenever you have surprised the scope that end up having some videos.
- These are some of the actions we can take, what is clear is that complicated times are more demanding and we need to be much more imaginative.