New Marketing Strategies for Tough Economic Times
When economic times get tough, it may be time to rethink your marketing strategies. Even when there are big job losses and large corporations go bankrupt, these challenges can be overcome and profit is still a possibility for businesses of all sizes.
You need to analyze your own business, market trends and seek out ways to tap into new markets. Companies must react to the new economic conditions by proactively seeking out new opportunities, both domestically and in the international arena.
Analyze Your Business
Markets are forever changing: some of your customers may take more interest in your wares, whilst others may not – that is the nature of business and often you may not know why sales are fluctuating from customer to customer.
Indeed, you can’t rely on your existing customers alone. So how can you change your marketing strategy to entice new clients on board?
Well, ask yourself the following questions and you will be heading in the right direction:
- Which are your most popular services/products?
- Where are your clients located?
- How did they hear about you?
- Why do they choose your services?
- What advantages do you have over your competitors?
- What advantages do your competitors have over you?
Analysis and customer feedback is essential in helping you come up with a viable marketing plan. But there are a number of other fast, effective strategies that companies can implement that ensures they can maximize their sales from new clients.
Lingo24, a successful global translation company based in the UK, entered new markets by setting up foreign language web sites in countries such as Denmark, Norway, Germany, the Netherlands and France and sales increased significantly in these countries immediately.
The initial investment was minimal; the web sites were translated and localized and the services were adapted to suit the local markets, costing only a couple of hundred pounds for each language.
How to Go International
Even small business should consider developing new sales channels for their businesses on the international market. The internet is accessible to everyone across the globe and launching websites in other countries is a small initial outlay that can yield a big return on investment.
Having a website in English is practical; however the English language internet is highly competitive. Launching a website in a different language may open up new sales opportunities and the foreign language internet offers greater opportunities to rank highly on search engines for key search terms.
So where do you start?
- First and foremost, try to get a full understanding of the market.
- Talk to any customers you may have abroad and ask if your product/service may be interesting to other clients in their country.
- Analyze foreign markets to see what you would be up against. Find out who would your major competitors be and what they are up to.
- Use keyword research tools from Google and Yahoo to identify what terms potential customers use in other countries.
- Write web copy in your own language and have someone translate it for you in the target language(s).
- Last but not least, use professional website localization services to ensure you get your message across.
Lingo24 is the UK’s fastest-growing translation and website localization company with operations in four continents covering every industry sector.
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Filed Under: Make Money Online • Marketing Tools-Resources • Online Marketing Tips
Hi,
I am starting my own insurance agency and am trying to build up my book of business through effective marketing. Although I have been working on some good strategies so far, I am looking for any advice to push it to the next level. What strategies have been successful for you?
Thanks for short but useful informations.
I really think translation services can help a site “go international” as you put it! I will have to check out Lingo24
Master the technology of business and the business of technology.You need to know technology and how it can help make doing business or your job faster,better and more effective.Thank you.
Sometimes you pay a lot for fancy foods, or eating out, but what would be the healthiest foods to eat in these tough economic times? Can eating certain foods help the economy?
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Did you know the entire cosmetics industry was born in the depths of The Great Depression.
Effective marketing spending during economic downturns is not about how much you spend but how you spend it.Marketers must assess how consumers and customer behavior can be positively influenced during tough times.
it means different customer behavior and profile… We have to do different marketing strategy.
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Everyone’s talking about the crappy economy. I think more people will stay at home on the internet.
I am agree with you . Now there are much competition around the world as well now we have to face big competition on Marketing specially on Internet
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Very true.. you must go international. Its simple with internet.
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I had thought too to go international but it is hard when you need to ship a product overseas.
Specialists in brand development, marketing and communications for the web and … are skilled across the areas of marketing strategy.
Specialists in brand development, marketing and communications for the web and
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Thanks for best contain sharing i think all is very important and also very relevant.
You definitely have to employ a new marketing strategy during economic tough times, but as a company as a whole you should ways try to have versatile strategies so you can adapt to any situation! At least that is how I feel!
Till then,
Jean
When it comes to marketing what works today might not work tomorrow. And what works for one niche or money making method might not work for another. The true sign of a good or even great marketer is the ability to assess how well there processes are working and then improve them to be either more efficient or more effective (sometimes both if you’re lucky lol). When it comes to the international economy that is the web one area that you should pay close attention to is services. Often times you can find online services for really cheap prices from other country. I was recently looking into having some SEO work done for one of my sites and was shocked to find out that I could get the work done in another country for the fraction of the cost. It never hurts to shop around I guess
Historically, marketing budgets are among the first to be cut in a budget crunch, but marketers should be cautious about trying to find a quick fix,” said Bob Liodice, president and CEO of the ANA.
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Specialists in brand development, marketing and communications for the web and … are skilled across the areas of marketing strategy.
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Usually people are not having enough time to listen to our marketing so that they do not know our product. Therefore using the flip books they are able to know us at the time they want to know it.
Did you know the entire cosmetics industry was born in the depths of The Great Depression.
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I see you didn’t consider five Ps of marketing in your article. I understand that recession created problem for all types of businesses but we can not ignore basic pillars of marketing, price, place, product and promotion.
Funny as it is they are quite similar than those previous movies or they were just simply modified and come up with a new name or rather a new movie title and characters.
First of all, the concept of value adding is to allow a business to sell its products for more than its production costs, thereby earning the business a profit. Since a lot of Chinese is unfamiliar with the new products….
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I’m done with my Chrisy shopping and after years and years of giving out toys I realised there’s something wrong with most toys around.
I am finding a lot of interest in the marketplace for ways people can take control of their health and weight, so they can save on medical expenses. Smart folks want Do-It-Yourself solutions that will keep them out of the doctor’s office, so that’s my focus.
For businesses you can help them sell more products for less – including anything that helps them increase sales revenues and reduce costs, thus increasing ROI, profits, and market share.
It highly diminishes your brand and the value of your establishment. If you feel the need to promote, create tasteful cards to insert in check jackets or distribute around town that suggest folks come back and enjoy your signature dishes during different meal time segments.
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Affiliate Internet marketing provides business owners who wish to promote products and services online a great way of making money without the need to spend a fortune in advertising costs.
I had thought too to go international but it is hard when you need to ship products overseas.
When money’s tight and jobs are hanging by a thread, inexpensive products that give us a sense of normalcy help us connect emotionally with “the good old days”, and boost our self-esteem or give us pleasure for a few moments with an escape from worry.
I did mention before that I made the switch from conventional workout routines to Cross Fit. My life has changed dramatically since then.
You’ll need to examine your on-page SEO, page title tags, ensuring your content contains the keywords your trying to rank for, etc.ou are however, trying to rank for very competitive terms “small business marketing strategies” has 17million competing sites for a broad term search, 39,000 for exact phrase search.
Computer hard drives have recovery programs on them in case of a crash or blip in its system. Companies fearing economic hardships during this time and in the future should have a back up plan just like those programs.
My current kicking-my-ass business mentor likes to say that these are millionaire-making times, because there are a lot of problems out there to solve. I think that’s a great way to frame it.
well i have been looking for some genuine marketing strategies, & fortunately i found them here…
nice tips buddy…I will keep on visiting your blog..
thanks,
To market your business, reach new customers, and create long-lasting loyalty, you need one indispensable element: CONTENT.
Find out how you can develop your marketing strategy in 10 easy steps from this site.
Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales. Marketing strategy is composed of several interrelated elements. The first and most important is market selection: choosing the markets to be served. Marketing strategy outlines the manner in which the marketing mix is used to attract and satisfy the target market(s) and accomplish an organization’s objectives.
This is very useful, practical and timely, thanks. We can gain immensely from following the pointers offered in the article. Cheers
It starts with creating good content. Yet sadly as long as google figures in backlinks so prominent it will be easily manipulated. It is sad that the site that ranks the highest may simply be the guy who paid for someone in a third world country to submit is site to a bunch of directories.
Thanks for short but useful informations.!!
Great marketing strategy if you know how to create a good ad. The best marketers know that great sales copy is what makes the difference; I have experienced this first-hand.
Awareness/Branding – commenting is good place for increase brand appearance in other blog. Take deep looks the content of publisher and write a comment in such way manner you can build strong relationship with bloggers.
Knowing how to find desired job openings is an essential skill in this challenging job market, the Job Search Guy
search for a specific keyword that ranks high in Google’s search results without going through those hundreds of results and pages, you need a tool that would tell about the rank of the keyword.
the economy has made it hard, thanks for the tips this will surely help a ton of people
Master the technology of business and the business of technology .You need to know technology and how it can help make doing business or your job faster, better and more effective.
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economic times is a financial newspaper printed and published in india.
the paper used for it’s printing is brownish in color while normally white paper is used in newspaper printing.
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Often do you pay a lot for fancy foods, or eating out, but what would be the healthiest foods to eat in these tough economic times?