The financial situation is causing consumers to spend much less than usual.
This poses a big problem for businesses because it will be tougher getting more customers. In fact, customer acquisition costs will soar for the foreseeable future. Implementing low cost advertising methods is the smart thing to focus on now.
Let me share a few of those methods with you...
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.
Pinpoint the products and services customers want to purchase. Place a greater emphasis on what the customer is willing to buy. Don't assume you know. Look at actual records of what you sell and let the numbers tell you what is selling. You might be surprised.
And while you're at it, find out what problems your market is agonizing over and figure out how to solve the ones you can. Mark my words, right now the businesses that will make it will be providing... solutions to problems!
Think outside the box. I'm sure you've heard that before. But hardly anyone in business does it. Consider other ways to get your advertising in the hands of potential customers. For instance, maybe you can include your post card as an insert in another company's fulfillment package.
You may discover an entirely new way to advertise that is both cheaper and more effective.
Do not, under any circumstances, stop doing what is already working. That is business suicide. Rather than cutting back this is the time to pour more resources into media that is already productive for you. Even if you break even that's okay. You will recoup the cost of new customer acquisition. But you have to get the customer first.
Also, if you have an email list work it. There's plenty of money in there.
Email is fast, cheap and effective.
Now's the time to dig in.
There's one more thing you should consider doing: Strengthen your ad copy in all of your online and offline promotions. Better copy always results in higher profits. - 16651
This poses a big problem for businesses because it will be tougher getting more customers. In fact, customer acquisition costs will soar for the foreseeable future. Implementing low cost advertising methods is the smart thing to focus on now.
Let me share a few of those methods with you...
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.
Pinpoint the products and services customers want to purchase. Place a greater emphasis on what the customer is willing to buy. Don't assume you know. Look at actual records of what you sell and let the numbers tell you what is selling. You might be surprised.
And while you're at it, find out what problems your market is agonizing over and figure out how to solve the ones you can. Mark my words, right now the businesses that will make it will be providing... solutions to problems!
Think outside the box. I'm sure you've heard that before. But hardly anyone in business does it. Consider other ways to get your advertising in the hands of potential customers. For instance, maybe you can include your post card as an insert in another company's fulfillment package.
You may discover an entirely new way to advertise that is both cheaper and more effective.
Do not, under any circumstances, stop doing what is already working. That is business suicide. Rather than cutting back this is the time to pour more resources into media that is already productive for you. Even if you break even that's okay. You will recoup the cost of new customer acquisition. But you have to get the customer first.
Also, if you have an email list work it. There's plenty of money in there.
Email is fast, cheap and effective.
Now's the time to dig in.
There's one more thing you should consider doing: Strengthen your ad copy in all of your online and offline promotions. Better copy always results in higher profits. - 16651
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