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ROW (Return on Web Site) Marketing in a slow economy.
By Mael Hernandez, April 2008
You cannot turn on the TV, radio or go on the Internet without hearing about how our economy has slowed. Or that we are on the brink of a recession. The stock market seems to be going down more than it goes up. The subprime mortgage crisis continues to top the news and the predictions are of things getting worse before they get better.
How do companies react to a slowing economy? Many look to cut budgets and expenses and the marketing budgets are the first to go. Despite that, historically it has been proven that companies that cut marketing budgets during rough times end up hurting themselves. In fact, if you can maintain or increase your marketing budgets during a slow economy you can actually increase market share - especially if your competitors are cutting back. Think about it, all consumers whether B-C or B-B are looking for the best deals. This creates a huge opportunity.
Increasing the marketing budget may not be feasible for every company so what options are available? As I have stated in a previous newsletter, I believe "Traditional Marketing is Dead." In order to improve our marketing effectiveness we need to use as many means as possible to test, measure and track all of our marketing efforts. No other medium allows us to track our marketing efforts more than our web sites. In fact, I advise clients to rethink their marketing strategy to use their web sites as the focal point of all their marketing.
Regardless of the state of the economy, as marketers we should focus on increasing the overall effectiveness of our efforts. A slowing economy gives us a reason to review what we are doing, what is and isn't working. What is providing the greatest ROI and what can we do to improve our overall marketing effectiveness and increase sales?
The following are some things you can do to help improve your marketing effectiveness, ROI and most importantly increase sales.
These are just a few things we can do to help us market during a slow economy. These are also things we should be doing on a regular basis. Review your marketing strategy and make sure it includes a strong interactive marketing plan that maximizes your web site and other cost effective interactive tools. Remember that measuring the ROI from marketing campaigns is essential regardless of the state of the economy.
I believe one of the most important, if not the most important thing every company should do is to study the numbers. How are you measuring the return on your efforts? If you would like to learn more about the interactive options available to help you increase your marketing effectiveness and ROI , drop me an email at firstname.lastname@example.org.
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