Marketing out of a recession

There seems to be more and more evidence that, in virtually every market, there is recovery and growth. How long the growth will last is up for debate. What is certain is, when growing a business, when everyone else is growing too, means you need to tweak your marketing. Two key things occur in a growth market, one, businesses are willing to risk more to gain market share and two the rewards for marketing can be greater, feeding the cycle.

Your marketing should pick up pace and breadth in a growth market, otherwise you will find yourself left behind. A rising tide carries all boats, but some boats get carried higher than others.

So we decided to put together 10 proven marketing ideas to generate new business in a growth market. Generally speaking, now is the time to introduce new products or services, particularly premium products, however we have assumed that this is on your horizon already. The first step should be numbered -1. which would be to market your way through a recession. The best way to grow your business in a growth market, is to have been consistently marketing your way through the recession in the first place.

  1. Touch base with all your old contacts. If you have lists of people who have unsubscribed from your lists, contact them directly with a proposition. If you don’t have these lists, now is the perfect time to create them. Get in touch with your old contacts just for coffee or better yet, call them and arrange a meeting. Now is the time people will be open to new ideas.
  2. Launch a new starter pack. Try it for 30 days! Get a trial version for free when you call us now! Give people a risk free option to try your business. In a growth market you will have more people looking for new services or products.
  3. Discover and explore new markets. The size of potential rewards can be higher than at other times. Use tools like Google Keyword search or browse through Yahoo Directory and look for potential allied industries or groups of companies you could enter.
  4. Build more content into your website. Use this chance to start that blog and start building more content. When the market is abuzz with new ideas and new products, not is your chance to cement your busienss as an authority in the market. You could just use your blog to post press releases, and then use the press releases in the market to industry news media.
  5. Reduce customer turnover. A growing market can work against you too. In a growing market your customers are just as likely to leave your business, due to competitive incentives and new market entrants. Now is the best opportunity you have to cement relationships with your current client base. By far the best program we have run to increase customer satisfaction for one of our clients, was sending out a thank-you card. In the card was a discount coupon for their next bill. It was unexpected, genuine and it worked well too.
  6. Refine your bulk purchase offerings. When the market is growing, don’t be tempted to lower your price as it will just eat away at your margins. Don’t be tempted to offer 2 for 1 offers etc as it cheapens the product. Use the Amazon.com model and offer people added value purchases. For instance you could say, buy one product at normal price and get the second one at 30% off. This increases the total value of the sale without cheapening the offering.
  7. Investigate/invest in new marketing methods. Now that there is a chance to increase your market share, you should be looking at new and efficient ways to grow your business. Last year the use of mobile browsers increased by 319%, is your website mobile friendly? Could you launch a mobile app that is part of your service? Have you investigated digital print to direct marketing? Earlier this year we created a marketing campaign to over 3000 targetted customers for just $3000 including database, print and post direct to potential customers.
  8. Ask your customers what they want. How do you know what your customers want from you? Ask them. It takes very little time or money to set up a questionnaire or online survey. Ask your current customers a few, quick, key questions such as when they will be buying again, what they will be buying, if they would prefer a different size, quantity order etc. As the market is growing, now is the time to find out if there is any more room for your products or services in their life.
  9. Celebrate some successes. You made it through a recession, you should be pleased! Now is the time for you to celebrate and promote some of the successes over the last year. Momentum generates more momentum, so you should be promoting the things you have done right and celebrating the members of the team who have helped you grow. Build more testimonials, create some strong customer profiles.
  10. Look at new methods of distribution. There are hundreds of ways to sell online now. They all take a small amount of time and money to get going, but most of them require very little upkeep. You could expand your distribution overseas, if you manufacture a specific product. In Australia AusTrade will trip overthemselves to help you expand. You could start looking at major chains to pick up your products. Not all major retailers are open to heart-toheart conversation, but some time spent working on a way in may reap generous rewards.
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Tips and benchmarks for the best email marketing

How we beat the industry average for email marketing. Contact us to have a stellar email marketing campaign.

Industry Averages (approximately);

Open Rate: 15%
Click Rate:  3%

Our Performance on email lists over 500 people.

Open Rate: 18%
Click Rate:5%

10 Tips for the best email marketing campaigns;

  1. Target. Find out to whom you want to send the email campaign. Make sure you know what they are interested in and what market they operate in.
  2. Produce quality content. Every day we recieve over 100 emails from various people that go straight to the bin. Make sure you are given the recipient information that is up to date (what is happening in your industry NOW), informative, (dont just give facts, give analysis), fresh/new, (don’t just cut and paste from google, and don’t just steal other people’s conent) and above all make sure that it is well written. Poor content can also get caught in SPAM filters.
  3. Develop a list. Make sure that your recipients have allowed you to send them emails. Make sure you have taken down as much information as possible, at least their names and company names. We use double opt in lists that people actively subscribe to. We also use a different technique to market to potential customers, however we are always moving them to the opt in lists. We are also only marketing to small numbers of potential customers so that we can keep the email campaigns from becoming SPAM.
  4. Use engaging subject lines. Try to sound informative and not “marketing”. Try to show that the email is up to date and has the latest information. Here are the top 5 subject lines, thanks to Mail Chimp
    [COMPANYNAME] Sales & Marketing Newsletter
    Eye on the [COMPANYNAME] Update (Oct 31 – Nov 4)
    [COMPANYNAME] Staff Shirts & Photo
    [COMPANYNAME] May 2005 News Bulletin!
    [COMPANYNAME] Newsletter – February 2006
  5. Personalise. By far more people will open, become engaged and click through an email that has their name in it, or their company name.
  6. Use a good email marketing program like MailChimp. Mail chimp is a good example of an email marketing client because you can measure your performance, personlise the email. They also have bucketloads of tutorials on how to improve your email marketing campaigns.
  7. Include several calls to action. We make sure in every campaign we give the customer good reasons to click through the email. This can be a particular special offer, a great article or just asking them to update their information. We always use immediate language and make sure that it is clear what is a link and where they should click.
  8. Test for design/looks. For every email campaign we produce we run two different types of tests. Firstly we test the design of the email in several different browsers. We test for useability and readability. We want to make sure of the following;
    Do the images show up, if they don’t does the text make sense on its own?
    Does the image preview well, so people can see the heading/first paragraph of the content without opening email?
    Does the design render correctly in a few different browsers
    Does the content make sense? It seems easy to produce content but is it short, punchy and readable in Outlook?
    Do the links do what they are supposed to do?
  9. Test for performance. We also run A/B tests to see which of two headlines create the best response. Every email marketing campaign we run a small test to up to 50 recipients with a few different layouts of content. We keep track of the changes we make and use this information to improve the performance of our email marketing.
  10. Track Measure Repeat. All our email marketing campaigns are active. We try not to run short term once off marketing campaigns. We use our knowledge for each market in each campaign to improve the quality of the next one.
  1. [COMPANYNAME] Sales & Marketing Newsletter
  2. Eye on the [COMPANYNAME] Update (Oct 31 – Nov 4)
  3. [COMPANYNAME] Staff Shirts & Photos
  4. [COMPANYNAME] May 2005 News Bulletin!
  5. [COMPANYNAME] Newsletter – February 2006
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The best marketing links on the web right now

Bribes Let Tomato Vendor Sell Tainted Food

America’s Top Franchises

3 Things We Can Learn From IKEA’s Facebook Campaign

5 Questions with Seth Godin

12 Principals of Branding

Scientific Evidence of Supplements

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The best business Squidoo lenses

As we have mentioned before, Squidoo is a facility where, like wikipedia, anyone can create a page. However, unlike wiki, with Squidoo, people can earn money or donate to charity. They can also create listsa bout whatever they want, without the fear of being banned or some zealous editor changing their hard work.

The best businesses lenses on Squidoo, that do not involve Seth Godin, are as follows;

Employee Performance Reviews

The very best, most interesting, take on employee performance reviews.

Free advertising

A quick take on free advertising, mostly focussed on social networking, but none the less still interesting.

Facebook at work

The ups and downs of Facebook at work. Should businesses get involved or not? this lense answers some of those questions.

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The best home improvement Squidoo lenses

Squidoo is a website that allows anyone to publish and create a community. The pages people create are called “lenses”. Lenses are pages that gather everything someone knows about one topic.  It’s a simple, fun and interesting way to develop a community online that does not revolve around Facebook. Apart from the fact that Squidoo is currently filled with spam, it is a neat idea.

Home improvement is a growing niche online, so we thought we would highlight what we thought were the best home improvement lenses, and why.

Vegetable Garden Layout

There is so much detail, and so many pictures, going through all the possible connetations of a vegetable garden, it is mind boggling.

Gothic Style Bedrooms

With Twighlight being such a massive hit, we can only assume that people are hell-bent on making their bedroom look like something out of a Brams Stoker novel. It seems that this lense caters for those people that love the nightlife, but don’t know how to boogy.

Romantic Outdoor Lighting

With Valentines day a painful day away, this had to be slipped in there. If you are willing to spend money on Amazon then this lense is the one for you.

Insulation

The best insulation available in Australia is discussed in this lense.

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Sample Marketing Plan

You can now download this plan when you register for FREE!

Creative Development can develop a strategic marketing plan for you. All you have to do is use the contact form on the right hand side of this page. This is a very quick sample marketing plan you can use.

Below is a sample marketing plan that you can cut and paste;

Marketing Plan for The Company

I.   The Challenge

The take-up by customers of the services that THE COMPANY offer has been limited. This is a symptom of a broader problem. Generally, the profile of THE COMPANY should higher as it has operated within the local area for some time. The business units, and the markets in which they operate, pose individual strengths and weaknesses that are exploitable. As a group, however, the company needs to move forward in several areas. THE COMPANY as a “brand” needs to become higher profile. This includes within the local councils, as well as within the minds of future, present and past apprentices/trainees.

THE COMPANY has to carry out a services analysis.

What potential hurdles must THE COMPANY overcome?

What methods will THE COMPANY employ?

What are the main Goals of THE COMPANY?

II.   Situation Analysis

Company Analysis

THE COMPANY business units;

Customer Analysis

Broadly speaking these are the customers we seek

Number:

Type:

Value drivers:

Strengths of THE COMPANY

Weaknesses of THE COMPANY

Opportunities the marketing presents

Threats from compettiion

IV.     Marketing Strategy

Objective – Raise the profile of THE COMPANY

Strategy – Develop a footprint, THE COMPANY signature and log line

Target – Stakeholders within the Industry

Method – Adapt the current THE COMPANY corporate footprint, and evolve this into a THE COMPANY footprint and adopt this throughout the organisation. This includes, developing a marketing statement about each business unit. It also includes creating a consistent message about the organisation that every stakeholder knows about within the organisation. This creates a springboard that propels the company.

Timing – ASAP

Cost – None

Strategy – Develop a set of tools that consistently promote THE COMPANY to each key stakeholder.

Target – The stakeholders within THE COMPANY’s environment

Method – Consider the stakeholders within the industry. Analyse their current needs, and “jobs that need fulfilling.” Aim to address these needs with a clear communications strategy. Create the tools that can efficiently address these needs. This would include direct mail pieces to schools and careers advisors.

Timing – Analyse the THE COMPANY stakeholders in April and develop the tools across May.

Cost – Developing will only cost time, printing will cost a maximum of $10,000, plus mailing costs.

Strategy – Develop a scheme that improves the referral rate.

Target – Current clients and potential clients

Method – Create a club. Implement various incentives that include things like $50 for every new customer referred by an “old boy.” Have old boys meetings once a year. Improve relations within the community by featuring the business of graduates in newsletters and communications. People whom have used THE COMPANY before are easier to motivate than those that have not. Improve the use of “testimonials.”

Timing – Start in May, so that it will be running by June

Cost – $10,000 a year to maintain.

Strategy – FREE open days in key areas

Target – Areas where THE COMPANY are deficient

Method – Increase communication within the community by hiring community halls and advertising the current “free” services that THE COMPANY offer. Piggyback the current profitable services off the back of these. Create at least half a dozen of these to maximise the effect.

Timing – Start planning in June and implement in August.

Cost – $15,000 for all collateral, advertising and promotion of the days.

Strategy – Improve the functionality of the website

Target – All stakeholders of THE COMPANY

Method – Carry out a value chain analysis within the THE COMPANY business model. Analyse each stage of the process and see how e-commerce can apply. Improve the use of levers, such as communities and communication, to move potential customers through the buying stages.

Timing – Begin evaluating the website ASAP. By the end of June begin adding various functions to the website.

Cost – anything from nothing to $15000, depending on the outcome of the value chain analysis.

Strategy – Implement a telemarketing / tele-research campaign

Target – All stakeholders of THE COMPANY

Method – Use a telemarketing team to increase communication with the industry. Use the team to achieve the following

  • Increased research of the industry, including what current and past THE COMPANY trainees think of the service, what users of the competition think of the service, what potential clients want from THE COMPANY
  • All leads created from open days, website hits and referrals can be followed up
  • Contact government departments and elevate the brand in their minds.

Timing – Develop a plan and implement in June

Cost – $26 per hour.

Strategy – Increase the number of business alliances, particularly through marketing

Target – All potential, non-conflicting businesses

Method – ANYTHING GOES, use the network.

  • Talk to past trainees and allow them to put information in the newsletter
  • Talk to companies and allow them to put information in the newsletter in return for advertising/ discounts that are only available for “old boys”
  • Talk to media companies and allow them to put content in the newsletter and advertise industry specific news, in return for advertising. Have a feature industry
  • Create an alliance with local radio stations to allow them to set up stands at the free community days.
  • Allow local political leaders to have a column, or get a “special guest” for the newsletter, in return for spots at their rally for voters.
  • Give people a “free” needs analysis
  • Write a piece on how to create needs analysis and submit it to business publications.
  • Collaborate with other companies that do not offer the same services, like CRM trainers, software engineers, and so on and develop a joint marketing program.

Objective – Develop an integrated Public Relations program

Strategy – Develop a PR scheme by identifying key Media contacts and develop community media contacts.

Target – All THE COMPANY stakeholders

Method – Contact relevant industry media and set up meetings. Collate media kits and generate a process of systematic information provision. Create a media section on the website that provides specific information for the media.

Timing – April

Cost – Nothing

Strategy – Evaluate stakeholder media and information needs and meet those needs

Target – All THE COMPANY stakeholders

Method – Contact all stakeholders and create a symbiotic communications process. What do current trainees need/want from THE COMPANY in terms of information about THE COMPANY or the industry? When do media require information about the industry? What do they all require?

Timing – May

Cost – Nothing

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The best links on the web right now

Stop, Breathe, Plan – How to make the most out of your marketing

Changes to eBay fee strcture sparks a controversy -  Basically you will now get hit with a 9% “final value fee” for all transactions with a per-item cap of $50. This is in the states we presume. In Australia we have had to deal with eBay fees for some time.

Lessons from James Cameron’s Avatar for business – Basically Find ways to charge a premium, Get the vision, Use long-term thinking, Re-Invest.


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The lifetime value of a customer

One of the number one things marketing companies should do is calculate the (average) lifetime value of a customer. This can be done in many ways, but basically you are looking at taking total revenue per year x number of years a customer would normally work with you.

There are some other ways of doing it but that is basically it.

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Product Design in 2010

Touch pads will be a thing of the past. In the same way that we view big unwieldy CRT screens as a relic of the 90s, we will probably view touchscreens in the same way. There is a great video courtesy of TED about how we will interact with products in the future.

It seems that more and more of the information available through the web and through mobile devices will become real. Information will no longer be something restricted to reading or viewing. Their will be touch screen gloves, and information will be projected into 3D.

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Subscriptions as a revenue model

Dave McClure asserts that  “Subscriptions are the new black”  and that by 2015 everybody will be at it. Subscriptions a way of raising revenue is definitely the in thing at the moment. Rupert Murdoch is threatening to cut off google from the News Corp pages and make everyone pay for access to its flagship titles such as The Wall Street Journal.

I agree with Dave to some extent. Newspapers such as The Guardian and The Economist have been charging people to access content for some time. Most organisations that produce content will move to the subscription model at some point in the future. The best part of this is that it will sort the men from the boys. The ones that produce interesting, compelling, content, will be the ones that succeed. It may also mean that news organisations will go back to producing opinion and news worthy copy rather than glossy bubblegum fluff and gossip.

Smaller organisations have known for some time that subscriptions are the way to make money when you have comelling content. A short look at Internet Business Mastery will see a whole swag of small organisations that use the subscription model to make money. You could probably argue that the large organisations dug their own graves by offering so much free content to start with.

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