Small business owners need to find additional means of promotion during tough economic times. Relying on a single method, such as an ad in the phone book or a newspaper, isn’t enough anymore. Most other ad mediums, such as radio and television, are often too expensive for the average business owner to use on a frequent basis.
Downsizing or reducing prices offers a short term solution in a failing economy. However, building a lasting relationship with your target market and keeping the lines of communication open is a far more cost efficient and effective method.
Large corporations often concentrate on these expensive marketing campaigns, including television ads, radio spots, and ads in national publications. They understand the importance of attracting new sales and getting repeat business during times of economic strife. Small business owners can sometimes be at a disadvantage because they don’t have as big of an advertising budget.
Small businesses need marketing just as much as large companies. In fact, they need it more because they’re competing against companies with more money and more resources.
As marketing budgets come under more pressure, businesses are now looking for methods that have a proven return-on-investment (ROI) so that they can get more bang from their marketing bucks. Because of this, a lot of businesses are using online marketing methods such as e-mail and mobile marketing which are proven to outperform traditional media such as advertising.
According to a study by the Direct Marketing Association, the ROI from email marketing in 2009 was $43.62 for every dollar spent, while direct offline marketing had an ROI of just $15.55 for ever dollar invested. (Source: The Power of Direct Marketing Economic Study by the Direct Marketing Association).
Email and mobile marketing are the most cost-effective way to increase sales. Small businesses can use them to stay in touch with current clients and customers. They can also use them to contact potential prospects. They allow small business owners to utilize a level of personalization, tracking, and awareness far greater than typical forms of advertising. They also allow for much more flexibility in scheduling – messages can be delivered instantaneously, as opposed to a weekly newspaper ad or radio spot.
Most large companies seek the counsel of internet marketing consultants on a regular basis, in addition to their own public relations staff. Small businesses can also benefit from the services of consultants to implement and manage internet marketing solutions.
Make sure you check out Logic Path’s self-managed and full-service email marketing solutions that are built to help any business withstand the recession.
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