In the current unpredictable business environment, it's crucial for companies to adopt streamlined marketing strategies that align with the fluctuating global economy. This article provides eight key principles to guide your marketing efforts in these challenging times.
When the economy slows down, don't halt your advertising efforts. Instead, ramp them up. Many of your competitors may be reducing their marketing activities, providing you with an opportunity to seize a larger market share. For instance, Dell managed to increase its market share at the expense of Gateway, which lost 10-20% of its market share in the last eighteen months.
Both online and offline publishers are struggling to generate advertising revenue in the current climate, making them more open to negotiation. Major portals like Yahoo and Internet.com are running 20-30% of their banner ads or sponsorship buttons as "house ads" to promote their own businesses.
Many ecommerce sites bear a striking resemblance to Amazon.com, and for good reason. People are resistant to change, and familiarity is a key reason why they continue to shop at the same stores, both online and offline.
Niche marketing allows your company to maximize your marketing expenditures and R&D costs by focusing on a narrow market segment. ToolLogic, Inc. is a prime example of a company that successfully identified and dominated a niche market.
Understanding what sets your company, services, and/or products apart from the competition is crucial. This unique selling proposition forms the basis of your "brand uniqueness". Ben and Jerry's Ice Cream, for example, managed to establish brand uniqueness in the commodity market of ice cream, enabling them to build a successful company.
Repetition is a key attribute of any successful marketing campaign. While your company may not have the marketing resources of Intel, it's important to consistently repeat your message and reinforce your branding and market awareness through various marketing channels, such as search engine ranking, print, opt-in email, radio/TV, sponsorship buttons, and newsletter inserts.
Offer pricing and terms of service that cater to your client's needs. Digit-Net Technologies, for example, sells software and ASP services to its customers by offering flexible terms of service that adapt to their needs, rather than the other way around.
In this challenging market, companies and individuals are reluctant to change their habits due to high switching costs. Therefore, it's important to adapt your products and services to fit their needs and minimize their switching costs. Communicate this effectively through all your marketing channels.
In conclusion, navigating the marketing landscape in today's unpredictable climate requires a strategic approach that capitalizes on opportunities, leverages niche markets, establishes brand uniqueness, and minimizes switching costs for customers. By following these principles, your company can thrive even in challenging times.
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