Did you know that you could set your business up to gain market share when the economy is bad?
All you have to do is focus your marketing efforts to gain the clients your competitors are no longer fighting for. The key here is to get really good at understanding your competitors and your target markets.
Understand your competitors
How do you better understand your competitors? You need to know their names, locations, websites (not just how to get to it, but actually what it looks like and what sort of content is on it). Find out what their current sales promotions are so you can make sure you are playing in the same ball park. But most importantly, how are they (or aren’t they) reaching their target audience.
Understand your target market
Now, look at your own target market. Think of this more like looking at one or two specific people that would be the perfect customer (or the new type of customer) you’re trying to gain. What makes them view one company as a superior choice to another? What types of media do they have exposure to? For example, if they regularly ride the bus to work or drive certain freeways the understanding of these facts can let you know how to take advantage of your media placement. Is there a promotion that those customers will feel the benefits of more than another? What level of service do they expect? How do they actually get your product or service? Study these things, and write them down. Analyze the information and then your campaigns will be more effective in making you more money, even in a so-called recession!
Become more competitive
In a down economy many companies will start to spend less on advertising, creating a void for someone (you) to fill. This could be a totally new market you haven’t gone for yet, or just more of the same type of people you’ve always had. Either way these are the people with needs that you can fill.
Just remember you may not get the type of sales increase you would get in a good economy but you will replace your competitor as the trustworthy name in your field thus gaining market share for the future of your organization.
Now combine the increased market share with advertising that speaks directly to the client. Something along the lines of a “great deal” they can’t pass up and a higher level of service than they’re used to. You will start to notice a steady increase in momentum and profits which will be exactly what you need to thrive in hard economic times. Not to mention putting you in the lead for profits when the economy turns around.
Take advantage of things your competitors have stopped doing for clients
Many companies have retreated to the Internet because of increasing printing costs. Now, I think the internet is great for marketing and needs to be utilized by all companies but these companies are forgetting the cardinal rule: Make it easy for customers to remember you, give them more ways to reach you and they will (most likely) come to you instead of going to someone else.
Author bio: Sam Zargari is head copywriter at Zed Collective, and has over 15 years in sales and advertising experience.