I┬?m sure many of you are feeling the pinch of the global recession, and wondering how you should change your marketing efforts in an economy like this.
Yes, business may be slow┬? but that shouldn┬?t mean cutting spending across the board. I┬?m going to give you five top tips for focusing your marketing in a recession over the next few blog posts. Use them to evaluate each and every marketing activity you engage in, and to rework your marketing strategies.
It can be possible to have more impact while spending less money!
OK, let┬?s get to the first tip (actually #5 on my list): don┬?t focus so much on how you┬?re impacting overall business growth with your software marketing programs. After all, the whole pie may be shrinking with the recession. Instead, focus on your market share in your target segment.
Learn from past recessions. Many top brands won their market by doing something innovative during a down economy. The **** is a great example, launched during the last downturn in 2001. Apple saw a fragmented market and an opportunity to take advantage of that with a market-making product that didn┬?t break the bank. Perhaps consumers couldn┬?t afford a new car or a fancy vacation, but they had enough spending money for an ****. MTV is another example from the recession in the early eighties, and Trader Joe┬?s in the late fifties.
The point is to focus on positioning your business to boom when the economy heats up again, which it will eventually. Even if your target customer segment doesn┬?t have a lot of spending money right now, whose product do you want them to think of first when budgets start loosening? Yours┬? or your competitor┬?s?
Stay tuned for the next tip on marketing in a recession: focusing on market sub-segments that are still spending┬?