Blog

Living in difficult economic times with constant talk of tight finances and recession, might lead company bosses to wonder if their marketing budgets should be a priority right now.  Obviously a marketing consultant would advise that it definitely should be, but we would say that, wouldn't we?

The phrase “out of sight, out of mind” is never more relevant. We are bombarded with messages these days, particularly in the fast-paced social media world, and people scroll past things in a flash forgetting what they have seen as they move on to the next post. The cost of building back up your share of mind and your chance to influence must be balanced against the short-term cost savings of retreating from marketing.  

Strategies to focus on in 2023

Building and strengthening existing relationships to help retain customer loyalty

This can be an extremely cost-effective marketing strategy and keeping existing customers is far easier and cheaper than finding new ones. The bigger firms don't always do this, but small companies can reap the rewards of maintaining trust and loyalty from people who have bought from them before.

Look to add value to your offering 

While your customers are cutting back, 'offering more' can help to secure those unconverted sales, but it doesn’t have to cost the earth.  Receiving a bonus with a purchase can have a dramatic effect on word of mouth; and recommendations to friends or via a social following can help increase sales significantly.

Take advantage of lower cost media

Migrating your advertising from one publication to another, or choosing to favour online presence over printed material can bring about big savings. Investing in a social media strategy which provides instant, cheap and eco-friendly access to a new customer base can be a humble investment spent well.

Focus on PR where real value can be added through editorial, blogs and social content 

Advertising is expensive, and editorial coverage in the right publications can help exert powerful influence on spending decisions. With writing experience and great contacts, a PR consultant can help you maximise chances to get your company in print.

Prioritise customer experience 

This is an area that can give you a real competitive advantage. Investing in your website to make sure it is user friendly, focusing on social media messaging and going back to customers promptly, as well as being flexible to their needs and going the extra mile when you can, can all give your brand a strong competitive advantage. Any positive reviews they leave can assist decision making when choosing suppliers and products.

Next steps

Now is the time to focus on your offering and evaluate how you can communicate effectively to your target market. A marketing professional can help your business or brand to stay ahead of the curve. If you are interested in how we can help, from updating your branding or website, generating editorial or social media content or getting you coverage in the press, please get in touch.

Pippa and Laura

Laura established Peacock Marketing over 20 years ago, and has offered a range of copywriting and marketing services to clients in all sectors; both trade and consumer.

A recent addition to Peacock Marketing, Pippa has over 20 years' experience in PR and marketing, having secured editorial in many national and regional newspapers and magazines for clients, specialising in the equestrian sector. If you would like to see your business featured in one of these or other prestigious national and regional titles drop us a message.