Economic Downturn Can We Save Businesses?

7 replies
Hey Beautiful Minds

I'd love to bounce strategies with you on preventing the economic down turn from crushing businesses or even forcing down-sizing these past 4 years i've been an in-house marketing manager for two medium size businesses who've flourished through this difficult time.

I'd credit that to targeted advertising spend investing in

Social Media - Viral Marketing - Competitions

Brand Collaboration Joint Ventures

Mild Guerilla Marketing

Direct Marketing

Referral and Membership Programs

Business Development; PIP Analysis

But I am by no means the cleverest person in this forum and would really love to have more ideas thrown into here you don't have to go into much detail if you don't want to just throw things at me and i'll do the research

if this is a topic near and dear to you as well and you'd like to hear more about any of the above concepts and the action and implementation process I had to go through just PM me

Thanks Warriors
#businesses #downturn #economic #save
  • Profile picture of the author Andrew H
    Why not provide a post with real substance stating how you achieved these goals, rather then trying to get people to PM you? (which is presumably so you can sell them, get them to optin, or any other range of bullshittery)

    Steps:

    1. Create a post with real substance
    2. People will be amazed at how brilliant you are (or your lack there of)
    3. People might then click on a link in your signature, where you can then sell to them, get them to optin, etc.
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  • Profile picture of the author Deseado
    Strong response Andrew

    For the record and i'm not offended because I know we don't know each other - I don't use people, not my modus operandi

    1. My whole career is purely an in-house marketing employee
    2. I don't have any optins/I'm not here to sell anything.
    3. I don't have a link in my signature.
    4. I don't see myself as any more amazing or brilliant than anyone else here I have a lot of respect for people who are actively pursuing this and I envisioned and perhaps romanticized this forum to believe that this was a place of camaraderie, maybe you're a bit apprehensive concerned that I am a potential competitor for which i'm sure i'm not.


    I've just always felt a camaraderie with other people in this field that i've met throughout my whole life. I'm used to working in small teams rather than broadcasting marketing and business concepts - I've never run a seminar or even been on a forum like this till now.

    I was merely tempting to throw concepts into the hat which and I would then elaborate on either here or private message based on anything that anyone would be particularly interested in. In private message I feel more comfortable going in deeper with specific companies and their industry, and making recommendations purely for that person and that purpose.

    I didn't go into a lot of detail - Rather than right a novel case study for each of the 6 techniques I listed - mainly for everyone's convenience because if I did list a 400-500 word explanation which is about how much it would take for any kind of "real substance" then my original post would of been 3000 words long I know you're all busy people you've either got your own businesses to attend to or a full time day job and I didn't think you would spare the time.

    So to you Andrew H I definitely could have elaborated more or just focused on one of the points just thought it would be quick and easy for everyone to give a short reply. I see now that is the wrong way to approach it when I get the time - i'll just pick one of the concepts at random and i'll give you some substance
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  • Profile picture of the author Eddie Spangler
    Nice job D-man, your 2000 word rant pretty much said nothing when you could have used that valuable time to compose something to talk about.

    If you want to discuss marketing just post up your idea and we would love to give ideas and opinions.

    Looking forward to your reply.
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    • Profile picture of the author SashaLee
      Originally Posted by Eddie Spangler View Post

      Nice job D-man, your 2000 word rant pretty much said nothing when you could have used that valuable time to compose something to talk about.

      If you want to discuss marketing just post up your idea and we would love to give ideas and opinions.

      Looking forward to your reply.
      Hi there,

      And to add....there's quite a few people on here who make a killing taking action on the OP's vacillation.

      All the best,

      Sasha
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    • Profile picture of the author Deseado
      Originally Posted by Eddie Spangler View Post

      Nice job D-man, your 2000 word rant pretty much said nothing when you could have used that valuable time to compose something to talk about.

      If you want to discuss marketing just post up your idea and we would love to give ideas and opinions.

      Looking forward to your reply.
      Eddie mate, I know exaggeration has it's place but come on 385 words = 2000 to you? I have enough respect for you to know that you're not suggesting a 520% hyperbole is business as usual so i'm going take this as a lesson of be cruel to be kind is that how you wanted it communicated?

      D-man
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  • Profile picture of the author Deseado
    No worries let’s do a quick case study; and I’ll try and make it as succinct as possible;

    This is about Brand Collaboration and the company's Value Proposition in times of economic uncertainty.

    My first marketing role straight out of high school; I worked for a nightclub with multiple owners – indebt to the tune of 480 000 dollars it was a full time marketing position and I got the fun title of marketing and promotions manager.

    First thing I did like many of us do starting off you want to know where you’re at so – what resources have we got to play with what’s our position –


    We’ll Start with a quick-simple SWOT
    Strengths; It’s the biggest in the state, lots of experienced staff, music and lighting is good for it’s target demographic (commercial music)

    Weaknesses; High over-heads, poor relationship with the customers (had a really bad reputation).

    Opportunities; Room to diversify customer base as it was only attracting one type of people, has little social media presence, no CRM (customer relationship management)

    Threats; other nightclubs in the area have advertising campaigns targeting our current customers effectively, increasingly stringent liquor license legislation, the recession is reducing everyone’s disposable income.


    Concept to pick this place up that we’ll discuss in this post is; Customer Relationship Management – the core premise of effective customer relationship management (not just having Microsoft Dynamics) is giving the customer value (or perceived value), the psychological principal is Reciprocity to facilitate endearment. (first we get the customers to like us and then we manage that relationship through ongoing two-way communication)

    Good in theory what about in practice;

    Can’t just give value away for example drinks/happy hours because of the threat above – can’t just give away free entry because of the weakness above -

    Assess buying behaviours of the target demographic they’re all coming in after midnight – but the entry price is consistent throughout therefore there is no incentive to change buying habits

    Test Solution 1. introduce an incremental entry price – it’s working to a degree (10%) but there isn’t enough value to change a large percentage of the customer demographic behaviour.

    Test Solution 2. Increase perceived value that the early bird crowd are entitled to receive– concept; Brand Collaboration; Implementation; Create proposals to offer to companies who have an interest that is different but relates to our target demographic’s needs and desires – clothing labels, festivals, movie promotions, international travel tickets, local hotel packages, limousine services, restaurants, hair and beauty services and products, energy drinks and liquor brand sponsorship.

    Results – this solution works well.

    Brand Collaboration is softening the negative perception and diluting the prevalent WOM under the premise that one could rationalise it is not just X-Club’s Event it is Y Company’s and X Club’s Event. This technique is increasing traffic and revenue and negating the loss of the advertising contracts which are ineffective.

    Advertising Contract that was ineffective ; we were using cinema advertising against my recommendation

    Contract ends. Social media replaces cinema advertising – invite all codes helped us to create and communicate events for people who were interested in attending the nightclub. Photos and tagging increased impressions, watermarks left on the photos became profile pictures further increased these impressions and were no longer measurable.

    Assuming your ability to communicate with your target demographic is good – when the business is still lacking the lesson I took away from the marketing strategies and exercises that delivered results in this specific role was that the challenge to overcome is a poorly perceived value proposition in times of economic uncertainty the threshold for value propositions that people are willing to sway towards is more stringent.

    The value proposition needed to be adjusted and increased in order to promote a change in buyer behaviour this is especially true in a recession when there are alternative nightclubs that do not charge entry fees.

    Transcending these techniques to other industries
    When your current customer base is not paying the bills; making your staff redundant I believe will only make you less effective if there is an opportunity for growth (which in business there always is) that opportunity is squandered when key employees are made redundant.

    Often other companies are having the same problem and it is a good opportunity for Joint Ventures and Brand Collaboration because these offer free marketing impressions for both parties that ideally will lead to more sales – win win.

    The first-mover advantage applies if you are the first in your industry to work with a specific other company they tend to be loyal to only working with you in terms of the service you provide in your industry.

    Since that position I have tested this with other industries – automotive, heavy vehicle, hotels, restaurants, gym franchises, travel agents, casinos and occupational health. This principle at it’s core premise has worked for me for a variety of industries and if you’re not doing it already or haven’t thought about it I hope that you try it and that it works for you and get’s you the results that you want.

    A quick bonus I’ll do this as efficient as possible but with substance; Proposals to other businesses for the purposes of Brand Collaborative Events & Joint Ventures I approach it the same way as I do with adcopy for customers I say tell FABLES – Features ,Attributes, Benefits, Leveraging, Emotional Connection with a Succinct Call to Action. – so for you that could be what you do how effective you are at it, (stats and graphs) the immediate benefit your target will receive, leverage the hot buttons, build an emotional connection (maybe some face time, meetings, coffee, dinner) and then lead them to sign – take action.

    You don’t have to do it in this order I don’t do it this in order but I think if you tick FABLE off the call to action has a really good conversion rate. Being honest I never got knocked back from a brand collaboration proposal if I followed this process (got given the opportunity to get that far )

    Much love guys sorry this got off to a rocky start - was my fault. I hope that was insightful or interesting to someone

    Deseado
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  • Profile picture of the author Andrew H
    Now that was a good read. Love the SWOT break down.
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