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Make A Miracle Happen
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Mar 4, 2009 by Mark MaierI'm not talking about walking on water or making money grow on trees but what I am suggesting is that you are in a position to help your clients help themselves. Eric Holmen of MediaPost posted "Waiting For A Miracle On 34th Street" and the points he touched on have relevance with every client. He stated that retail is the logical place for the rebound to occur as the Stimulis package was supposed to be the vaccine but it hasn't worked, now it is back to core relationships to solve the problem...."Utilize online and other new media and technologies whenever possible, as these generally enjoy a lower incremental cost than their mass-media counterparts.
This economic crisis highlights the effectiveness of marketing initiatives, which is fueling the continuation of the move away from expensive, expansive mass media advertising and marketing. This move is best exemplified by the long term rising trend in online marketing - even though these have been forecasted down in recent days. Campaigns are becoming more targeted, direct and individual, as these are the qualities that yield the highest redemption rates, increased ROI, and overall better relationship with customers. It's what the market demands right now.
Keep building relationships
Instead of trying to identify and reach out to new customers during this tumultuous trading period, many retailers are -- and should be -- focusing on their existing consumer base, particularly with high-touch online communications. These contacts are the most valuable assets a retailer can have, and they must be nurtured and developed with the same enthusiasm as new business development.
Actively seek innovative solutions
While it may seem counterintuitive to explore new strategies and solutions in the teeth of a financial crisis, the slowdown in business activity may actually present an ideal breeding ground for new ideas, the examination of existing solutions and shopping for others. This is a great time to try a new online strategy, or to explore other tactics as many marketing specialists and other solutions providers are willing to work more competitively for your business.
Give customers what they crave: a discount
It's common-sensical: 67% of consumers are more likely to use a coupon during a recession, indicating a significant desire for discounts during hard economic times. On second thoughts, let's make that a significant need. And while it may not be a revolutionary statistic, it does present a receptive audience for businesses that have previously avoided discounting. If there was ever a time to tout value and real savings, it's now.
Try online and mobile couponing
Online coupons are effectively replacing print coupons, as they are almost universally more cost-effective and more responsible in terms of impact. Targeted, opt-in messaging yields both quantitative and relationship-building results from the online channel. Mobile coupons have also been steadily gaining traction for years, but with the recession feeding consumers' appetite for money-saving tools and the explosion of mobile phone use approaching critical mass, mCoupons could be the wave of the future. In fact, 24% of all mobile users have responded to a mobile coupon or other mobile offer in the past year. Try it, see the possibilities.
As they have done countless times before, consumers and retailers will rise to the rescue of our incredibly complex economy. Whether this will happen by the end of 2009 is subject to a lot of speculation, but retailers across the country should be pulling out all stops to connect with consumers at a deeper level and explore innovative and direction marketing options to help boost this nation's recovery. "
I couldn't agree more with the premise of what he is saying, each of our properties have a way to help solve the issues facing our clients but we can't wait for someone else to do it for us, we must help our clients with solutions today. Get out, solve, and sell.
