Marketing in a Down Economy

"We're going into a recession, what do we do?"

Many of our clients have asked us about marketing during a recession. The concern is understandable, as the Denver economy - and the nation's - slows. Our answer is a simple one:

Fight. Do it smartly, be pragmatic...but fight for your customers.

In tough economic times, smart businesses seize the opportunity to focus on delivering value to their customers.

• Customer retention and optimization become key
  Keep the customers you already have by delivering maximum value for their money. Give them solid reasons to stay with your business.


• Customer acquisition should be value-centered
  Your customers, whether you are a B2B or B2C business, are watching their spending. The value equation becomes more important every day as the economy continues to slow. Deliver maximum value, and you WILL acquire new customers.


• Eliminate waste wherever you can
  Eliminate wasteful spending. Take a look at your marketing efforts - what is pulling measurable ROI? Anything? Hopefully. If not, get rid of it. Instead, focus on efforts that will communicate the value of your business to your target market in a cost effective manner with a quick ROI (may we suggest Text Message Marketing?).
  

Warren Buffet says it well - "When the tide goes out, you find out who is swimming naked". In this contracting market, the tide is going out. Weaker competitors will weed themselves out. Focus on developing, delivering, and communicating value, and you can even grow your business in these difficult economic times.

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If you would like to know more about how Harper Design can help you grow, or if you would like to submit an RFP for your marketing project, please contact us.