Marketing in a Down Economy

Economic reports show that we’ve been in a recession for much longer than many of us want to admit; maybe you’ve made adaptations to your marketing efforts. Maybe you’re like most and still feeling your way through the necessary changes.

We’ve done some research and have put together a workshop specifically for the VT/NH Direct Marketing Group; we’re presenting 12 Fundamentals to address the three themes introduced in Nancy Shaver’s article, Making Marketing Count in a Down Economy, published in Chief Marketer this past November. Here’s a quick summary of her three themes:

1) Understand your customers
Don’t assume your previous customer insights hold true, economic challenges can change consumer views dramatically. Focus your research investments on customer behavior and tracking tools rather than branding. Create and disseminate engaging, relevant messages based on an understanding of customers’ preferences, needs and behaviors

2) Concentrate on current customers
Focus on current customers, in tough economic conditions customers feel vulnerable and are more likely to stay with a company rather than make a switch. Increase your relevant engagement to generate sales, help your customers through their difficult situations to build stronger relationships. Use the opportunity to capitalize on the trust and goodwill that you’ve created and find ways to help them navigate through the slowdown.

3) Analyze and segment
Pay attention to customer profiling to identifying which customers spend the most, new behaviors will emerge during a slowdown; proactively assess and respond. Focus on the improvement of your customer profiling, segmentation and modeling — not just analytics or insights. Use more sophisticated campaign planning, data management and creative execution

Join us tomorrow; visit the VT/NH Direct Marketing site for information on our session. We’re also planning a session in Chicago this April, drop us a line if you’d like information.

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