You suspended pay raises and bonuses. You canceled the cable for the TV in the breakroom. You haven’t taken a full paycheck since the end of the summer. You even whittled the once-lavish holiday party down to a few cheese and veggie trays from the supermarket and a name-drawn gift exchange with a $10 limit. Yes, if there was an expense to be cut, you slashed it. And yet, your QuickBooks balance sheet is far from reassuring. What next? Authors Michael Masterson and MaryEllen Tribby say if you want to survive the economic slump, the start of 2009 is the perfect time to move your focus from cutting expenses to revving up some revenue-boosting marketing efforts.
“Once you’ve cut your expenses to the bone, you must get back into revenue-producing mode,” said Tribby, co-author along with Michael Masterson of “Changing the Channel: 12 Easy Ways to Make Millions for Your Business.” “And while there is no easy way to bring in revenue during a recession, success hinges on implementing the right mix of marketing efforts. Remember, motivated, financially capable businesses and consumers do exist, but if you aren’t getting in front of them, you are leaving their money on the table.”
“Changing the Channel” teaches owners and employees of businesses of all shapes and sizes how to master the 21st century marketing landscape — lessons that are much-needed in today’s tough economy.
The trick? Multichannel marketing — combining new concepts, such as search engine marketing and social media, with tried-and-true methods like direct space advertising and public relations — to reach a wider customer base, build customer loyalty and increase sales.
Unfortunately, say the authors, many businesses just aren’t taking advantage of all of the (surprisingly affordable) marketing channels that have opened up for them — an especially deadly mistake in a slow economy.
“Marketing in the 21st century is extremely cost effective,” said Tribby. “Many of the channels that have opened up are cheap and easy to test, so that a company can quickly see which marketing messages and channels are working for them and which aren’t. These channels allow you to market more without spending more money.”
The key, say the authors, is direct marketing. This method offers many advantages: low cost of entry, plenty of markets, and the ability to accurately measure the impact of your marketing efforts on sales. It includes radio, television, magazine and newspaper ads, catalogs, and sales letters sent through the mail, and now, advertising via the Internet.
“Essentially, multichannel marketing offers customers more than one way to buy from your company,” said Tribby. “And in a downturned economy, you can never be overexposed.”
