Mining Marketing Gold in an Economic Downturn – 3 Easy Ways to Get Started

Wednesday, September 16, 2009

By: Susan Gunelius

There is an old saying, “When life hands you lemons, make lemonade,” and it can be applied to business and marketing, too.  The economy might be struggling, and small business owners are cutting corners and marketing budgets in order to survive, but all is not doom and gloom.

Did you know there are actually opportunities to be leveraged when the economy is weak?  There is marketing gold waiting for you if you look for it.

Check out the suggestions below and let the economic turmoil work for you instead of against you.

1. Ad placement on the cheap.

One of the first things businesses cut back on when the economy is tight is advertising.  That means there are a lot of publications and media outlets out there that have lost clients and have ad space they need to fill.  Start calling publications that you never thought you could afford, including television, radio, outdoor, and print, and inquire about pricing.  Don’t accept the first offer.  Be prepared to negotiate and be prepared to be patient.  It might take some time for the sales representative to “be allowed” to meet your price (assuming it’s reasonable).  If they can’t meet your price, then move on to the next one!

2. Very interested trade show and conference attendees.

Another place businesses cut back on when the economy is weak is travel, including trade show and conference participation.  That means not only can you try to negotiate participation prices to exhibit at targeted shows, but it’s also very likely that the people who do attend those shows are very interested.  In other words, the leads you gather at these shows are probably more valuable than all the leads you’ve ever collected at conferences and trade shows in the past combined!

3. Discounted promotional items.

Promotional merchandise companies are struggling, too.  That means you can find great discounts, but you can also negotiate prices further than you ever could when the economy was doing well.  Don’t be afraid to ask for deeper per piece discounts or for the elimination of set-up charges.  Again, don’t accept the first price the salesperson gives you.  Be patient and tell the representative what you have in mind.  Chances are they’ll eventually get very close to your price (assuming it’s reasonable).

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