How Getting Out Of A Recession Can Open Up Previously Untapped Marketing Possibilities!
So who hasn’t experienced, (to some degree or another), both the emotional and financial strains of temporary cash flow problems? But once or as you (and or your major competitors!) gradually overcome them. You and “discover” how getting out of a recession systematically opens up previously untapped marketing opportunities.
And now it’s more a matter of deciding, based on where your business or service happens to be at any given time. Which particular marketing strategies or tactics to at least inexpensively test.
Because you and or your major competitors may uncover some previously hidden income streams. And that capital can and definitely should be used to stimulate further growth, right?
Sometimes All You Really Need Initially Is Some Rather Inexpensive Creative Marketing Strategies And Or Tactics!
First of all you need to understand, most profit seeking entrepreneurs will look for several ways and reasons to at least gradually reduce their advertising or promotional budgets. Especially during a nagging local recession. And “if” they or you are utilizing any type of potentially expensive, traditional advertising mediums. This approach probably makes sense.
However, with an ever so slight adjustment in their long term thinking. You and or your major competitors might come to realize and appreciate “how” you can and definitely should leverage the previously untapped marketing opportunities.
Which often boil to the surface during a nagging local recession. Say for example. (And as usual. These particular hypothetical promotional examples. Are being used strictly for marketing illustration purposes only, okay?)
But it’s not just so you can offer these additional, extremely low fulfillment services for an extremely low cost. It’s so you and or your major competitors can significantly raise the overall perceived value in your customers.
But especially in your long-term repeat customers eyes. Because they will enthusiastically spread the word about your services. (Using positive word of mouth and mouse tactics.) Think about the potential long term positive affects of consistently utilizing such an incredibly simple promotional strategy.
In fact, ‘what” if you or your major competitors purposely used, (or at least inexpensively tested!) and or a similar strategy. But you initially targeted the most successful, professional women in your city or town.
This is where having a basic understanding, of your idea customers, total lifetime customer value metrics come into play in a major way.
When A Personal Or Organization Of Considerable Influence Consistently Says Really Good Things About Your Products Or Services! (Your Income Usually Goes Up!)
Maybe you and or your major competitors initially target the local Nurses associations. Or the top local – female realtors, or top female mortgage brokers. Or the top female lawyers, top female public speakers. Or top or most recognized female radio personalities etc.
The point is. If your typical, long term repeat customer. Currently has a total lifetime customer value of five or X number of years. And they typically spend at least $600 or X number of dollars per year. And you typical net 65% per year or per visit etc.
Hopefully you can see and appreciate “why” it would definitely makes sense to ethically bribe them (somehow!) on the initial front end or your potential long term relationship, right?
Or “why” it would definitely make sense, for another local, non-directly competing vendor. Like say a women’s cosmetics distributor. To provide both the hair and nail salon owners. Plus, all of their current and future staff members, with free or at cost 32 oz. samples of their choice.
And the salon owners could now provide every first-time customer who spends at least X. With an extremely time sensitive discount coupon to their/your store.
Ethically Bribery Definitely Doesn’t Take Lon To consistently Generate A Flood Of New Customers! (Who Are Both Eager To Buy And Help Spread The Word both On And Offline!)
And to strategically take things to the very next level or two. The owner(so of both the hair or nail salon. As soon as or after they prove their customer base is worth the effort. You and r your major competitors automatically provide them with at least one 64 oz. bottle of fragrance of their choice. 😀
This way they have even more reasons to help spread the word, agreed? Entrepreneur this is how getting out of a recession of any kind. Helps opens doors to previously untapped marketing opportunities. Don’t you agree?
You Definitely Don’t Need To Continuously Waste A Fortune On Outrageously Expensive Advertising Campaigns!
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