Marketing Mistakes in a Down Economy

Good afternoon, are you enjoying your weekend?

In this down economy, it is very important to not make these mistakes, lets take a look at some ways to avoid these.

Consider marketing and advertising muscle and not fat, be very wary of cutting it.  Be careful to manage your budget for the up an down times,  this will allow you to ride out this wave of slow economic times.  If you have not, then you make have to make cuts, always trim fat and not muscle!

Next don’t pursue customers you would not normally pursue.  Stick to your core audience that you are pursuing and do your best to raise the value to your core demographic audience.  If you try to broaden your product appeal, it can backfire on you by upsetting your core customer base.

This next thing is going to sound strange, but don’t discount!   I think in good times or bad, you discount your price, you discount your product’s value.  However, if you do this, do it deliberately and be very careful.  You don’t want it to take years to recoup margin losses.

And finally, position yourselves to be the market leader when we come out of this economic situation. People are still going to need higher education,  food, drink, chain saws, lawn equipment (just don’t buy John Deere with Intek engine) and clothing. 

marketmpb

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