LOW COST MARKETING STRATEGIES FOR BUSINESS: TIPS FROM THE GREAT DEPRESSION
Marketing plays a vital role in determining the scale of success your business can achieve. Using a variety of techniques and tactics to attract the target audience is not a very easy task as businesses have to understand what the customer’s need are as well as keeping monitoring which tactics and strategies are applied by their competitors. However aside from this, a good business has to be well aware of the economy. As history has shown us through the great depression that the consumer market drastically depletes due to the mindset change of the customers. The great depression caused many businesses to collapse during such crisis, while some adapted quickly and succeed. We can learn a lot from those difficult times. Here are a few tips from the great depression about low cost marketing strategies for business.
Researching The Market
The best market strategy for business is to study and observe the customer’s needs and requirements. Instead of burning large amounts of the finances on generic advertisements, a simple low cost marketing campaign based on family values can attract a lot of customers who prefer to spend their income on cost efficient and durable products that meet their family requirements.
Smart & Economical Marketing Campaigns
A useful tip for success is maintaining market expenditures. History has shown us that by not utilizing marketing expenditures during financial restrictions can deliver poor returns. These spendings do not have to be large as a low cost marketing on social media platforms are still useful if they are able to connect with the customer’s need. Smartly addressing the customer’s requirements on low cost commercials can improve your market shares as well as investment returns. Social networking sites such as Twitter, Facebook and LinkedIn are some of the top platforms to promote your business at an affordable cost.
Offer Reasonable Prices
Customers nowadays prefer to look at the prices, durability and their familiarity with the brand before making any purchases. Many businesses have failed to understand this situation, since they thought that dropping the prices could damage their business infrastructure. A similar condition can be found during the great depression, in which many businesses have flourished just by applying the price adjustment tactic. During difficult times when your business is low in finance and has not much exposure, it is better to start providing temporary low price offers such as discounts and special offers.
Give importance To The Quality And Not The Quantity
Before steadily increasing your businesses income and profit, it is important to focus on the product’s quality instead of quantity. Your businesses product must be unique as well as meeting the demands of your targeted customers before going into a large scale production. Testing it with the customers is another useful tactic. Providing customers with a trial period is beneficial as it helps achieve customer trust as well as learning details on how to improve in order to attract more customers. This helps to gain customer loyalty which results in more exposure for your business.
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