Marketing and the Economy

Today was a day of meetings and networking. First was BNI then Homewood Chamber, and to finish the day was the business to business power team for Birmingham's Best BNI group. No I'm not cocky, that is our name, Birmingham's Best.

Today my theme I guess you can say was not letting your flame burn out. Studies have shown that during a recession companies that continue to market gain market share. You hear people say that no one is spending money so why should I? Reason number one is: People are STILL spending money! The fact of the matter is they might not be spending the amount they used to but they are still spending money. Reason number two you want to market: To get the people spending money with YOU and not you competition down the street or around the corner.

Now when you say market I have to spend a couple thousand dollars, put a ad in the newspaper, put an ad in the local magazine right? No! Get creative. Think about ways to market yourself/company with out spending a ton of money. Talk to other local business owners to find out how their business is and what they are doing in a down economy. If you don't know other local business owners get involved in a local chamber or two to meet these people. Now look what you have just done, you did some marketing for hardly any money what so ever. Also look for small items that you can pass out that will not cost a lot of money. Magnets for example are a great way to market yourself. Look at the ROI of a magnet. Say you bought 1000 business card magnets and each one cost 0.24 cents each. That magnet will go on their fridge or filing cabinet and will be seen no less than 240 times in a year. The cost per impression on that magnets comes out to.........0.001 cents. Pretty amazing and you stay in front of the people.

Market share is gained in a down economy. You will have to spend money, but know where you are spending your money. Don't take the buckshot approach and scatter ads all around. Target your audience.

Feel free to add your thoughts!