Common Sense and Little Cents
Strategies for Marketing in an Economic Slump

In tough economic times, companies need to have a serious look at alternative marketing media, such as the internet. Not only is it a great way to connect with customers, it does not require a massive marketing budget. It simply involves an efficient and productive online strategy. An online strategy can be either a component of the total marketing mix, or exist as its own entity. And what’s more it is a proven way to grow your business.

• Review your marketing plan
• Shift your communications online

The Little Cents Marketing Plan

• Market Category: Segment the industry in which you operate and clearly define your frame of reference.
• Competitors: Gain detailed knowledge of your competitors. Who are they? How are they positioned? What are they doing? What are your Points of Difference?
• Customers: Fully understand the behaviours and drivers of your customers. Who are they? Where are they? What are they doing? What is their need? How is your product relevant?
• Customer Segmentation: Group your customer base into the following segments/sub-segments: prospects, new customers, existing customers including loyal, switching and inactive. Segmentation is critical and each segment carries a specific objective.
• Communications Strategy: Identify the various communications methods that can best link your business with your target market. Develop separate strategies for each of these touch-points depending on how the customer is segmented.
• Website: Position your website at the centre of your integrated communications strategy. Your company’s web address should be prominently positioned on every item that communicates with your market, including adverts, brochures, business cards, press, documents and all other touch points, both online and offline.
• Search Engine Optimisation: Optimise your website for keywords and search terms that are most relevant to your business and industry to ensure your website is easily found in search engines. Top positions are essential.
• Positive Associations: Once enquiries are captured, create customer engagement through pleasant brand associations and image, and user friendly functionality.
• Information Delivery: Present persuasive, meaningful and relevant copy that successfully communicates a strong value proposition. Provide facilities for your customers to communicate with you via blogs, enquiry forms, order forms, feedback and comments. The most successful dialogue is 2 way.
• Traffic Conversions: Devise a clear and fluent step by step process that directs the customer from enquiry to point of purchase. Use carefully devised calls to action that lead to the desired close. In addition provide value-added purchase opportunities that further increase the result.
• Brand Loyalty: Create a strong and meaningful relationship with your customer via post-sales communications and service, such as email marketing and customer support, to stimulate repeat sales, reduce switching and secure long-term sustainable customer relationships.
• Referrals & Recommendations: Product and service that meets customers’ expectations will result in trust and confidence. Encourage Word of Mouth Marketing by asking your customers for referrals. Reward them for recommending you to others.
• Viral Marketing: Interesting communications can entice customers to share your message. News, articles, promotions, competitions and provocative internet postings are easily forwarded to others. Position yourself in multiple places online including social networks, online video channels, blogs, and more.

The Online Marketing Tool Box
Design an integrated online marketing strategy that utilises all online resources that have the potential to connect you directly with your market, creating an internet presence with breadth. Consider the resources that are most appropriate and relevant to your segment.

• Website Design & Development
• Search Engine Optimisation
• Email Marketing
• Pay Per Click Advertising
• Display Advertising
• Affiliate Marketing
• Online Video
• Online Posts, Blogs and Forums
• Webinars
• Database Development
• Co-branding
• Promotions and Special Offers
• Participatory Marketing Campaigns and Competitions
• Social Bookmarking
• Social Network Marketing
• Article Directories
• Referral Traffic and Backward Links

A good example of an effective integrated online marketing strategy is a US based pet food company launched in 2007. In this short time, the company has achieved sales of $2.5 million, a figure expected to double within the next 8 – 10 months as sales climb at a rate of 15-20% per month. With little to no marketing expertise and a shoestring budget, this entrepreneur leveraged free and low-cost online media, such as connecting with its target market via blogs and forums to support its e-Commerce business model. Using Google, they kept abreast of opportunities, locating websites targeting pet owners and posting comments to create brand awareness for his own product, leading contacts back to their own e-Commerce website to make a purchase. Since then vet endorsements have helped to build credibility and philanthropic gestures have secured media interest and PR opportunities. Customer engagement and post-sales service have helped to create positive customer experiences, in turn enhancing customer loyalty. The company also uses social-networking sites, such as Facebook and MySpace, to build its community, connect with customers on a personal level and reinforce company values. The result of this approach has been strong Word of Mouth and Viral Marketing.

With a common sense marketing approach success is possible on little cents.