Effective Marketing Strategies Manchester CT

By Steve Frawley

(Steve Frawley is president of Emery-Waterhouse, a distributor based in Portland, Maine)

While marketing is often the first budget line to be cut during a recession, this category is more important than ever when times are tough. For independent retailers in the business materials industry who stay strong and strategize well, an economic downturn can become a prime opportunity to seize market share and move ahead of the competition.

Dramatically increasing marketing budgets may not be a practical idea right now for everyone, but moving forward with a strong and strategic marketing plan certainly is. In doing so, it's vital to remember that a recession is not business as usual. Hanging onto outdated assumptions will invariably lead to failure. You need up-to-date, ground-level intelligence on what's really happening with your customers to truly understand your new reality and spend marketing dollars accordingly. With research-based marketing data in hand, you can focus your efforts on giving customers what they want-before they know they want it.

Here are some areas to consider when analyzing the effectiveness of your marketing:

Rethink Product Focus. Aim for a narrower and deeper product mix. While consumers may be unusually price sensitive these days, they are more likely than ever to be thinking about value. Keep in mind that gimmicks are out and quality is in. Products that will be reliable and last a long time still sell during hard economic times. Putting your energy (and budget) behind strong brands known for solid performance will never let you down.

Look Again at Pricing. You should also take this time to reconsider your pricing structure. Temporary price promotions will often attract customers. Find some key commodity items that you can discount and keep prices steady on products people will pay more for (again, quality is important). Then maintain the discipline to stand strong with that pricing regardless of what the competition does. Creative strategies such as result-based pricing can also be effective in the current environment.

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