Marketing a business during hard times is the subject under discussion at Business Management magazine in an article by Luke McKeever, CEO of Portrait Software.
As marketing budgets are cut back and sales are down, McKeever says there are opportunities to take advantage.
He explains: "As your competition eases up on the pedal you have an opportunity to get ahead. Not by spending more but by marketing smarter."
McKeever believes smarter marketing is about optimisation of the efficiency of marketing production and the effectiveness of the marketing activity.
He says: "Growth strategies are giving way to retention strategies as organisations look to conserve and grow the value of the customer base they have rather than focus on expansion."
McKeever insists a clear portrait of every customer is needed to optimise the message. "In today’s highly competitive marketplace where customers are bombarded by marketing across all channels, knowing when, where and what to communicate becomes the differentiating factor," he says.
According to McKeever, "less is more" in the current market where, rather than broadcasting, smart companies are taking the time to listen to customers and learn from them, then choosing the right moment to interact with them.
This way, says McKeever, it is possible to "spend less on communication but achieve a higher return".
How to Market in Hard Times
Luke McKeever, Business Management, Issue 16
