Finding Marketing Opportunities in a Down Economy

Finding Marketing Opportunities in a Down Economy

Katherine O’Hara is Partner/VP of S3.
http://www.s3s3s3.com/s3s3s3.html

The economy has been front-page news and boardroom talk for Fortune 500 and startups alike. Beyond the headlines, however, are stories of companies beating the economic trend by seizing hidden opportunities. It is a great time for marketers to examine inefficient initiatives and try some new tactics.  For instance: think measurable, interaction and speed. Here are tips for rethinking your business’ marketing efforts:

Identify recession-proof services: The “Make-Me-Money,” “Fix-My-Relationship” and “Keep-Me-Healthy” markets are seeing continued growth in spite cash crunches and credit squeezing. During good times or bad, these are topics that always report high levels of online searches. Your challenge is to identify similar trends within your business that are a constant need for your audience. Do you have services that allow businesses to do more with less? Have you considered offering consulting to create opportunities that could grow into long-term relationships? Rethink the services you offer – and how you offer them. Uncovering under-promoted core strengths may attract new customers. 

Focus on relationships – the heart of social media: Recent studies show that consumers are 10 times more likely to try a product a friend referred. Therein lies the power of social media. The Virtual “face-to-face” chats allow relationship building on a “social” level. Facebook, Twitter, YouTube and blog pages are low cost to create, but require a high level of dedication and monitoring. They capture consumers, across all age groups and demographics, who have made social media a daily ritual.

New mediums may be “app”ropriate: New media offer marketers fresh and affordable opportunities. iPhone and smart phone users are the first to share their toy chest of “apps.” From December 2008 to June 2009, iTunes shows a nearly 400% growth in Fitness apps alone (1429 from 372). Companies are capturing this market through original applications or sponsorship. Brands that were first with the vision to jump onto “the Internet” saw the rewards of being identified as originators of the medium. “Apps” allow current marketers the same ground-floor opportunity.

Target recession-proof markets: Experian Consumer Research reports that 58% of Hispanics did not use a credit card last month and that approximately one-third opt for cash transactions. This makes the Hispanic market historically unaffected by economic downturns. In the past year, the U.S. Hispanic Internet audience grew faster than the total U.S. online population in terms of number of visitors, time spent and pages consumed. With analysts predicting 1 out of 3 Americans being of Hispanic heritage by 2050, this is a market rich with opportunity and long-term rewards.

Whichever avenue you deem appropriate for consideration, it is important to remember the basics. Before entering a communications initiative, define your objectives and capture measurement to assess its success.