Chamber Blog

Ruth Ann Hanson, Chamber Area Director
Ruth Ann Hanson
Lisa Paxton, Chamber CEO
Lisa Paxton
Kathi Nagorski
Kathi Nagorski
Shannon Janco
Shannon Janco

Marketing in a Tough Economy - Focus on Your Future

Wednesday, April 1, 2009

The Brainerd Lakes Chamber will be having a Focus on Your Future Business Workshop series this spring addressing specific topics for business. For each topic we will have a blog initiated by a Chamber member. Carol Russell, CEO of Russell Herder -- an integrated marketing communications firm located in Brainerd and Minneapolis, has posted the following marketing advice based upon what she has been experiencing with clients over the past year. Carol leads RH’s strategic practice, which is known for its creative efforts targeting both consumers and business-to-business markets...

Few are the businesses that aren’t faced with the need for budget reduction these days. And whether small organization or large, one of the first line items to be considered is often advertising.

But studies show that companies that cut back their marketing during a recession end up losing more ground than they would have otherwise. Why? Because while they did it, their competition took a risk and increased marketing efforts. The result? Businesses that trimmed promotion lost visibility during a time when they needed it most, while their competitors that increased advertising maintained and even grew sales.

So, should you rush out and spend to get ahead? Without a solid plan, absolutely not. Budget dollars thrown at unfocused or ineffective marketing strategies are dollars you’ll probably never see again. But neither is it a wise idea to place your company’s brand on hold. Instead, focus on investing in strategy. According to “When the Going Gets Tough,” today’s economy “provides an unusual opportunity to differentiate yourself and stand out from the crowd.” Here are a few ways to consider doing it:

Scrutinize – Get to know your existing customers like never before – and understand how the current economy has changed their preferences, needs and purchase motivators. How? Market research, networking lunches, deep dives into their businesses – all the things you should have been doing even when times were good. Also, consider creating a loyalty program as a way to reward these critical spenders.

Prioritize – As Best Buy CMO Barry Judge recommends it’s important to take a closer look at the marketplace for areas where customer demand remains relatively strong or is emerging as a result of the weakened economy. How? Direct efforts to drive greater share in these key areas while cutting back where demand has declined.

Digitize – Use online to cost-effectively reach your target markets where they are, when they are. How? Use social media (Facebook, LinkedIn, etc.); pay-per-click online advertising; online videos and more to bring your message to life.

Customize – Create messaging that relates to your customers’ specific interests and needs – or don’t waste your marketing dollars. This isn’t a time for shotgun strategies – use a rifle when you offer solutions. How? Find out what your customers’ hottest issues are via their website, on-site visits or networking, then use outreach strategies that allow you to tailor the messaging such as email campaigns and personal letters.

Analyze – Establish marketing metrics for everything you do – and pay attention to the results. How many people are visiting your website? Where are they coming from and how long are they staying? How many people responded to your ad and did they convert into sales? How does your brand preference stack up against your competition? What’s your cost-per-inquiry – and cost-per-sale? How? You can track nearly anything with little or no cost. Use Google Analytics to monitor website visits; internal sales training to ask customers the right questions and record their answers; lifetime value calculations to understand who your ‘best’ customers really are.

A challenged economy isn’t easy for anyone – companies or their customers. At the same time, however, difficult times provide a unique and valuable opportunity to retool worn business tactics and reposition you for better times ahead.

Carol Russell – CEO, Russell Herder




Anonymous Amy said...

It's a great pleasure reading your post. It's full of information I am looking for and I love to post a comment that "The content of your post is awesome" Great work.
3 Key Things to Success in Flipping Houses for Profit

Property Investment Points to Consider

March 12, 2020 at 3:02 AM  
Anonymous bacarasitecom said...

Your thought is excellent; the problem is one thing that not enough persons are speaking intelligently about. I am very joyful that I stumbled throughout this in my search for something relating to this. 온라인카지노

August 17, 2021 at 12:57 PM  
Anonymous sportstoto365com said...

I don’t even know how I ended up here, but I thought this post was great. I love it when people come together and share opinions, great blog, keep it up. 토토

August 17, 2021 at 12:59 PM  
Anonymous casino said...

I'm so happy to finally find a post with what I want. casino You have inspired me a lot. If you are satisfied, please visit my website and leave your feedback.

November 22, 2021 at 2:41 AM  
Anonymous casinositeone.JDS said...

I definitely loved every little bit of it.

June 13, 2023 at 6:42 AM  
Anonymous casinositeguidecom.JDS said...

I’ll be coming back to your website for more soon.

June 13, 2023 at 6:43 AM  
Anonymous safetotositepro.JDS said...

Nice article. This is quite informative.

June 13, 2023 at 6:44 AM  
Blogger Martin said...

The Spanish Group LLC proporciona servicios de traducir documento al español y un excepcional servicio al cliente en cada estado del país. Ya sea que usted sea un individuo que necesite una traducción certificada o que usted sea una organización del Fortune 500, The Spanish Group tiene personal capacitado y servicio al cliente de calidad para su organización.

June 22, 2023 at 7:56 AM  
Blogger keven john said...

Iam playing cricket with my friends at every time,I have no concentrate on my study,One day,IMy mother tell me that Every things is temparary in this world.If you have to success on your life you have to focued on thier study and now Iam a professional academic writer and I help for the universiy students to help the assignment and I offer an online Acca Thesis service at a cheap rate.

September 28, 2023 at 5:26 AM  
Anonymous 먹튀검증 said...

thank for a tremendous post and a all round entertaining website.

October 31, 2023 at 6:48 AM  
Anonymous 스포츠토토 said...

Very inspiring and helpful too.

October 31, 2023 at 6:48 AM  
Anonymous 바카라 said...

I will definitely love to read.

October 31, 2023 at 6:49 AM  
Blogger Martin said...

The Spanish Group LLC provides translate document to Spanish services and exceptional customer service throughout every state in the country. Whether you are an individual requiring certified translation or a Fortune 500 organization. The Spanish Group LLC is able to offer higher security than other translate document from Spanish to English services because we require stringent security clearances and legally binding contracts to our certified translators. Non-disclosure agreements are welcome.

December 8, 2023 at 4:00 AM  
Blogger Stephen said...

A forward-thinking approach and the flexibility to adjust to changing conditions are essential for marketing in a challenging economic climate. Businesses may successfully weather economic downturns and position themselves for long-term growth and success by looking forward and investing in strategic marketing initiatives. Abogado trafico Loudoun VA

April 25, 2024 at 8:13 AM  
Anonymous Anonymous said...

In essence, slot spaceman are modern-day explorers, venturing into the unknown to bring back knowledge and inspire generations. Their journeys, filled with peril and wonder, remind us of the limitless possibilities of human endeavor.

May 29, 2024 at 2:11 AM  

Post a Comment

Subscribe to Post Comments [Atom]

<< Home

Powered by Blogger

Previous Posts:

Brainerd Lakes Chamber     Minnesota     800-450-2838 or 218-829-2838     Home