Effective Marketing Tactics During Economic Hardship: Making that Important Sale when Consumer Wallets Won't Open

In recent months, there isn't a single business in America who hasn't felt the sting of an impending economic crisis. The US dollar is waning, signifying that business owners should switch their marketing tactics if they want their promotional budget to stay the same.

So what should business owners do to make sure they survive? How should they market their products in a method that's the most cost effective? All it requires is a bit of thinking creatively, combined with money-saving techniques.

Because obtaining a new client can cost your company far more money than retaining them, it's your pool of current customers that you need to target with your marketing methods. First, try and determine how you can best serve your clients and their specific needs. The easiest way to accomplish this is simply to ask them. Not only will you receive better answers than if you had spent a fortune on market research, the act of asking them by itself may generate extra income. Just putting your name out there for the customer to see may remind them that they need whatever product you're selling; at the very least, it may provide a referral for later income.

Be certain that your surveys and emails are both appealing visually and free of errors. One typo can ruin the entire image, making the viewer write off your entire business...not just the material. Even a broken link can be damaging, so always double-check before sending the finished product out. If needed, consider hiring a professional editor to help you out.

Another method to think about in difficult economic times is the tried-and-true postcard promotion. A card someone can hold is more likely to gather positive results than an email. Also, postcards in general tend to cost less to send than letters or other, heavier card stock, so you're saving money here as well. And don't forget that an elegantly designed postcard may actually be put in a prominent place, displaying your name to your client consistently throughout the day.

Lastly, consider using industry-related articles or press releases to your advantage, especially in economically lean times. No price can be put on a well-written promotional piece, and it can easily create free publicity for you when the right eyes see it. The power of the press still runs strong.

If you have the time and ability to devote to your marketing campaign, you can save more money than you ever considered. Just don't forget to consider all of the angles in your particular industry to determine the most effective cost-cutting methods.