My Top 10 AFFORDABLE marketing ideas for a quiet economy

The general consensus among small business owners in WA is that 2020 was a very tough year.

A drive through the CBD or any light industrial area shows an alarming commercial vacancy rate. In fact, official figures in the CBD hover around 18% or almost one in five vacant commercial premises. For B-grade CBD office space it's somewhere around 24%!

So to help you help out just a little, here are my top 10 affordable marketing ideas for a quiet economy:

1) Analyse everything!

Try to really understand the fundamentals of your clients, your competitors, your strengths and your weaknesses. Effective market research is one of the best ways of doing this and it's surprisingly affordable. Once you have this data you can make better decisions on the points below.

2) Shift your product or service offering if you need to.

Do the things that will get clients into your business - not just provide you with single sales. Use incentives such as discounts, giveaways or low cost products/services offers to get people on board with your business and in the habit of dealing with you. Think of this exercise as purchasing an asset rather than a business expense because that is actually what you are doing!

3) Shift your marketplace.

This is not as difficult as it sounds. Sometimes market research can pinpoint geographical areas or even market segments that you have neglected. Digital marketing is invaluable in testing these new markets and growing into them with minimal outlay. 

4) Re-connect with old clients.

Stating the obvious here but re-connecting with old clients is one of the most cost-effective way of growing sales. Keep in mind it takes five times as much to gain a new client than it does to retain an old one. 

5) Commit to a strategic marketing plan.

At the start of every day, every week and every month we should have a plan that we're setting out to achieve. The start of the year is the best time to put a strategic marketing plan in place. 

6) Don't panic.

I remember starting a business back in the 90's and everybody said "Don't do it" because the economy was so weak. In hindsight, starting a business in a quiet economy taught me a lot about marketing and growing a business with next to no money and it set me up for the boom times ahead.

7) Do some research.

Use any free time to do some research or study about current products, services or even marketing methodologies in your industry. The most successful business owners always understand what's happening in their marketplace and stay one step ahead of market trends. This is a truly powerful way to become an industry leader.

8) Carry out some digital maintenance.

Take this time to clean and organise your client databases or even create a database if you don't already have one. Tidy up and optimise your website and re-assess your social media. 

9) Commit to a regular promotional newsletter.

What better time to start a regular e-newsletter than the start of a calendar year. It gives you a reason to connect with clients and prospects and you can tell them about your plans for 2020!

10) Identify clients that have been less negatively impacted by the economic downturn.

In a B2B environment it's federal, state and local government departments, NGO's and so on. In a retail environment it might mean a shift online to target specific market segments. It takes time but they're out there.

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