The financial situation is causing consumers to spend much less than usual.
Which means business owners will have a harder time attracting new customers cost-effectively. As consumers spend less the cost of acquiring a customer will increase. Therefore, you need to start using some simple low cost promotions strategies right away.
Here are three of those strategies
Find out which media makes the most money and focus on that one. Whatever media - Internet, space ads, post cards, etc. - brings in customers who convert is what to put money into. In the long run it will pay off big dividends. So find out which media works the best for you.
Bottom line: Put your money in advertising and marketing that is making you as much or more than your investment. And cut out the others that don't at least break even.
Do a quick analysis of your customer buying habits. The idea is to find out what they buy most of and sell more of those products to them. The more you push those products to new and existing customers the more sales you will make. That's because the market - your customers - is telling you what it deems valuable.
In addition to selling what the customer wants, do a little probing to discover some of the problems they are wrestling with. Perhaps, if it makes sense, you can position one of your products as the solution.
Look for alternative distribution channels for your advertising messages. Conventional media sources are expensive. A good idea is to find non-competitive but complimentary businesses you can do endorsed/reciprocal advertising with.
You mail their list and they mail yours. Test both email and snail mail.
The worst thing you can do is stop advertising and marketing. Don't do it. Instead find lower cost sources and keep the ones that bring in at least a "one to one". Meaning for every dollar you spend a dollar comes back. It's okay to buy customers at a break even because over time they will make you money.
In addition, consider your email marketing strategy. It's a low cost way to drive in sales.
The more you email the better in most cases.
This is the time to go for it.
Another thing to keep in mind is that good ad copy goes a long way. In fact, nothing happens until the sales message is written. So put more effort into creating better ad copy. - 16651
Which means business owners will have a harder time attracting new customers cost-effectively. As consumers spend less the cost of acquiring a customer will increase. Therefore, you need to start using some simple low cost promotions strategies right away.
Here are three of those strategies
Find out which media makes the most money and focus on that one. Whatever media - Internet, space ads, post cards, etc. - brings in customers who convert is what to put money into. In the long run it will pay off big dividends. So find out which media works the best for you.
Bottom line: Put your money in advertising and marketing that is making you as much or more than your investment. And cut out the others that don't at least break even.
Do a quick analysis of your customer buying habits. The idea is to find out what they buy most of and sell more of those products to them. The more you push those products to new and existing customers the more sales you will make. That's because the market - your customers - is telling you what it deems valuable.
In addition to selling what the customer wants, do a little probing to discover some of the problems they are wrestling with. Perhaps, if it makes sense, you can position one of your products as the solution.
Look for alternative distribution channels for your advertising messages. Conventional media sources are expensive. A good idea is to find non-competitive but complimentary businesses you can do endorsed/reciprocal advertising with.
You mail their list and they mail yours. Test both email and snail mail.
The worst thing you can do is stop advertising and marketing. Don't do it. Instead find lower cost sources and keep the ones that bring in at least a "one to one". Meaning for every dollar you spend a dollar comes back. It's okay to buy customers at a break even because over time they will make you money.
In addition, consider your email marketing strategy. It's a low cost way to drive in sales.
The more you email the better in most cases.
This is the time to go for it.
Another thing to keep in mind is that good ad copy goes a long way. In fact, nothing happens until the sales message is written. So put more effort into creating better ad copy. - 16651
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