A survey conducted this month by BtoB, an online business magazine. It found that more than 40% of businesses are choosing to increase their marketing budgets, despite the economic problems that many are currently facing. It was noted, however, that other cheaper forms of marketing, such as online campaigns are being prioritised.
Although it makes sense for businesses to cut back during troubled economic times, it is no shock that companies are working harder than ever to catch the eye of potential customers, in whatever way they can. High customer volumes, as well as improved customer satisfaction, are the backbone of successful business and so if the budget allows, businesses need to pull out all the stops in attracting new buyers.
Many of the newer businesses are suffering in this economic downturn, due to a lack of knowledge when it comes to marketing. It is not always those with the highest budget that win the race, but rather those who know their customers best. One common mistake is to aim an advertising campaign at everyone. No single company can serve the needs of everyone. Selecting one target group of customers will improve the appeal of the brand and perhaps even give it an exclusive feel, which ultimately drives many others to become interested.
The assumption that rationality is more important than emotions is another typical marketing error. Customers generally make purchases based on things which have an impact on their feelings. What does this mean in terms of marketing? Customers should not be convinced to buy a product, they should feel an emotive connection with what the product can provide for them.
One thing that newer businesses should avoid is the advertising of the business they hope to be, a few years down the line. Providing a perfect purchasing experience, in terms of customer service, delivery times and product effectiveness takes time to achieve and so whilst it is important to aspire to this level of service, it is wise to only advertise a business as such when it is genuinely the case.
Businesses on a budget can still make sure that their company’s product or service becomes well known; a wildly expensive campaign is unnecessary for many smaller businesses. Simple things, such as promotional pens and stationary, given out to clients and associates can be great for increasing business exposure.
Although it makes sense for businesses to cut back during troubled economic times, it is no shock that companies are working harder than ever to catch the eye of potential customers, in whatever way they can. High customer volumes, as well as improved customer satisfaction, are the backbone of successful business and so if the budget allows, businesses need to pull out all the stops in attracting new buyers.
Many of the newer businesses are suffering in this economic downturn, due to a lack of knowledge when it comes to marketing. It is not always those with the highest budget that win the race, but rather those who know their customers best. One common mistake is to aim an advertising campaign at everyone. No single company can serve the needs of everyone. Selecting one target group of customers will improve the appeal of the brand and perhaps even give it an exclusive feel, which ultimately drives many others to become interested.
The assumption that rationality is more important than emotions is another typical marketing error. Customers generally make purchases based on things which have an impact on their feelings. What does this mean in terms of marketing? Customers should not be convinced to buy a product, they should feel an emotive connection with what the product can provide for them.
One thing that newer businesses should avoid is the advertising of the business they hope to be, a few years down the line. Providing a perfect purchasing experience, in terms of customer service, delivery times and product effectiveness takes time to achieve and so whilst it is important to aspire to this level of service, it is wise to only advertise a business as such when it is genuinely the case.
Businesses on a budget can still make sure that their company’s product or service becomes well known; a wildly expensive campaign is unnecessary for many smaller businesses. Simple things, such as promotional pens and stationary, given out to clients and associates can be great for increasing business exposure.
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