The economy is turning and finally moving in the right direction, there is more confidence in the air and people have more money to spend. So how does this impact on your marketing? We’ve been thinking about this over the past few days and below are a few pointers on business marketing in a recovering economy.
With more money around, your competitors are going to spend more on marketing, so how do we compete? Do we go toe to toe and match their advertisements campaigns on TV & Radio or in newspapers?
We are beginning to get calls from traditional media services offering their services to get us back into that marketing space. The prices are already on the rise as they try to harvest back their losses from the recession. We are going to wait on this one for a few months and see how the prices are then.
Even though our competitors may start spending more, we believe we can spend smarter through tweaking our existing strategies and campaigns.
However, most importantly, we believe that now more than ever, the customer service is no. 1. With more competition for your customer’s hard earned cash, we believe that regardless of the advertising medium chosen, the differentiator will be largely based on the customer service experience.
I heard a story recently about a restaurant that accepted a booking from a group of friends, the restaurant was booked for 6:30 p.m. but the restaurant wanted the table back for 7:15!!! So what does this say about how this particular establishment viewed its customers? The same place was begging people for custom only 12 months ago.
The old adage that the customer is the number 1 priority for any business still holds true. This is what we believe and while we will tweak and maybe increase our budgets slightly, we will not be putting any money into marketing channels where we cannot quantify the returns.
Thanks for taking the time to read this blog and I hope you found it interesting.