Who would have thought it? It feels as though the economic downturn has fallen on us overnight and suddenly all of our marketing and advertising livelihoods have been thrown into jeopardy. After all, it is the marketing budget that’s the first to be cut in times of a (whisper it) “recession”.
The case for marketing is a strong one though: it’s how business keep the consumer informed about what they do, what problems they solve and what services they offer. But with the recession projected to extend over the next few quarters, marketers are going to have to revaluate their business strategies; now more than ever the business environment is one of cutting marketing costs and increasing gains.
So what’s your marketing department’s survival plan? With the returns on traditional print media diminishing and ‘experimental’ media like iPhones, social networking and blogging still an unknown quantity, the process of elimination leaves only one clear medium still standing: email.
Make Every Penny Count Double or More
The cost of sending an email is significantly lower than sending out a direct mail letter or brochure, or even making a sales call. This is why the return on investment when you make a sales conversion using email marketing is so high compared to other marketing mediums.
Studies by the Direct Marketing Association (DMA) have revealed that the ROI on email marketing is nearly 2.5 times higher than other on-line marketing channels and 7 times higher than traditional media. Since the cost of spending an email is so low, you can afford to send more messages to more prospects, thereby increasing the likelihood of making sales conversions in the first place.
Not that the other marketing channels can’t contribute to this process – just think of email marketing as the glue that holds everything else together. It’s highly effective on its own or as part of a multi-channel strategy. Whether you’re an entrepreneur searching for the best way to reach prospects or part of an established business hoping to augment its existing strategies, email marketing ought to be the core of your operations to reduce marketing cost.
How to Grab – and Hold – People’s Attention
Now that you’ve solved the problem of making the most of a reduced budget, you’re probably wondering how this is supposed to make you more sales if shoppers have supposedly stopped spending?
Well, the fact is, consumers haven’t stopped spending at all – they’re just choosing who they buy from much more discerningly, and not necessarily based solely on issues of cost either. Trust and personalisation should be your avatars for the recession; consumers are more inclined to buy from companies that pay attention to what they, the customer, want. This covers everything from the special offers to the marketing updates you send them. There’s no space in consumer’s lives for untargeted, irrelevant emails anymore and neither should there be any room left in yours.
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