There’s no denying we live in turbulent times. After all, does anyone really know what’s around the corner in terms of the economy, politics or the state of manufacturing?
Nevertheless, businesses that want to grow can still be successful despite uncertain times. However, while it’s tempting to completely put your marketing on hold when pennies are being pinched, if you’re not consistently communicating about your business to your clients and potential clients, it’s unlikely you’ll see a spike in sales figures.
In fact, during a time of economic ambiguity is exactly when you should boost your marketing efforts. It’s common sense, a bit like needing to expand your lungs and breathe more frequently to inhale oxygen when running – rather than cutting back on your breathing. Marketing could be the lifeblood of your business, keeping you alive in uncertain times.
But isn’t marketing expensive?
It’s important to shift your mindset and think of marketing as a vital investment. If people or companies are cutting back on spending and buying less, you need to position your product in front of them to grow your market share. Make sure it’s your product they want to buy, not your competitor’s.
And marketing doesn’t need to be costly or expensive. A good marketing strategy will see a return on investment and help to drive sales. Without it, how will you reach people to promote your products, or remind existing customers about your business?
If you’re working to a strict budget, it’s important to prioritise and streamline marketing activity that is likely to deliver the best results. For example, if you already have a database of customers and potential customers who you can send an email campaign, it will land in their inbox and is relatively cheap to undertake. Compare that to a traditional mail campaign that encompasses design, printing costs and postage, and you’d look be looking at a significantly lower investment and potentially a higher uptake. One study suggests that email has an average return of £38 to every £1 spent, whereas direct mail has an average return of just £7.
Likewise, a PPC (Pay-Per Click) campaign can place you directly in front of people searching for your product or service online, usually at a low cost, while placing an ad on social media also reaches a high audience for a fairly nominal fee – particularly if you’re a niche manufacturer.
However, content is still key to any marketing campaign. No matter how you communicate with your clients and prospectives, you need to make sure you’re telling them something they want to hear – or at least draw them in to find out more. Engaging content is central to increasing sales, no matter how many people you reach.
And a good content strategy doesn’t need to be expensive. Once you’ve established a core marketing message you can repurpose that across each touchpoint, whether that be your company website, a social media page or an email campaign. It’s worth spending a little time finessing your message too, so you can really think about your USP and what makes your product superior to those of your competitors.
Don’t forget your existing customers
A recent study from software company Oracle affirms that a business is 60-70% more likely to sell to an existing customer, compared to the 5-20% likelihood of selling to a new prospect.
Therefore, it’s also cost-effective to focus your marketing efforts on existing customers, as well as new prospects. Remind them consistently about the products and services you offer, and tell them when you launch something new. If they’ve already traded with you they’re more likely to be receptive to future offerings.
Consistency is also key here – keeping your business top of mind so you’re the first place customers turn when they need the service or product you offer, even if they don’t need it at this very moment in time.
Still not sure what to do next?
If you’re struggling to grow your business contact us to find out how Sugar can energise your marketing strategy; from engaging content to exciting email campaigns and more. We specialise in growing B2B companies from SMEs to multi million pound businesses, all for a very reasonable investment, and we can be flexible to fit your needs.