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5 Powerful Marketing Strategies to Grow Your Business During a Recession posted on Wednesday, 14 May 2008

Smart business owners look at economic slowdowns as an opportunity rather than an obstacle. They get tough and try to gain market share, not by spending more money, but by using innovative, low cost, high impact marketing tactics that get results. Here are a few.

By David Carleton

Implement a Publicity Marketing Campaign
The local media are constantly looking for great stories that they can share with their listeners and readers. All you need to do is give it to them. If that sounds too simplistic, it’s not!

The trick is to give the press something newsworthy. They especially like “news” that falls into categories like: beating the odds, myth busting, revealing polls or surveys, interesting trends, free workshops and local charity events. PR can get you what no form of advertising can - credibility and the ability to position yourself as the local expert in your field.

Develop a Referral Marketing System
All business owners know how powerful referrals are, but few have any type of systematic referral program. Companies believe that giving great service will automatically result in lots of referrals. That’s simply not true! The fact is, is that many people would give you referrals but t are too busy or just don’t remember. That’s why it’s important to have a referral system that reminds and motivates people to refer you to others.

An inexpensive yet powerful strategy for getting more referrals is a simple “Thank You Card Program.” People refer business professionals that they know, like, and trust. What better way to do that than with a thank you card?

I use an on-line system called Send Out Cards, which lets me send out thank you and referral cards in my own handwriting. They print it, stuff it, lick it, stamp it and send it for about a buck including postage. Go here to learn more www.TheReferralMovie.com

No matter what system you use, be sure that you make it a habit to send thank you cards. This simple and inexpensive method has the potential to increase your referrals dramatically.

Engage in Joint Venture Marketing
Why not partner with another business that has already spent the money to get the customers that you want? You’ll be surprised to know that many businesses will be glad to actually endorse your business to their customers. That’s called joint venture marketing and is done every day by even the largest companies.

How does it work? First, make a list of companies that market to your target customer. Next, approach the owners of these businesses and ask them if they would like you to send a letter to all your customers endorsing their products and services. Many will say, “Yes, but what’s the catch?” Your answer is, “It’s simple, I’ll send an endorsement letter to my customers for you, if you send an endorsement letter to your customers for me.”

Start a Continuity or Rewards Program
An easy way to increase sales is to implement a continuity program that offers a free or low cost reward to your customers to keep them coming back.

The first step is to look at what you sell that is “continuity-based.” Create a special offer on those products. For example, for every five oil changes, your customer gets a free oil change. Next, create a continuity card that you “punch” when your customer purchases a product. Then send out the card to all your customers with a letter explaining the program.

Do continuity programs work? From the credit cards you use to the airlines you fly, many companies entice you to buy their products using this “frequent buyer” method.

Make Targeted Offers to Your Customers
The most valuable asset you have is your relationship with your current customers. Most businesses however don’t take full advantage of this.

You should make frequent targeted offers to your current customers. If you have a customer that purchased product A, but didn’t buy product B, why not send them a letter with a special offer on those products? You can also send an offer letter to those people who inquired about a specific product or service but never purchased it. Perhaps the timing is better now for them to make the purchase.

As President of Street Smart Sales and Marketing, David Carleton has developed sales, marketing and training programs that have helped hundreds of businesses in 30 countries around the world generate leads, increase sales and enhance their overall marketing effectiveness. He has authored The Essential Referral Marketing System and The Ultimate Lead Generation System and conducts the San Diego Guerrilla Marketing Boot Camp. Visit www.StreetSmartSalesAndMarketing.com for more information.