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The most important step marketers can take in an economic downturn is to keep marketing. However, they may have to make changes, and with funds tight, be more strategic.
This, according to Robert Kravitz, president of AlturaSolutions, a marketing content creation company based in Chicago. “The goal is to get the most marketing bang for the buck.”
Among the steps Kravitz suggests to get more marketing buck for the money are the following:
Create a flexible budget. Having a marketing budget helps utilize money most effectively. However, it should be flexible. If income drops 10 percent or 20 percent or increases 10 percent or more, plan as to what can be removed or added to the program.
Review what has worked in the past. Many organizations find traditional advertising is still their best bet. Others find a “package” of content marketing, social media, and advertising has served them well. Review past marketing strategies and see which have proved most effective.
Evaluate social media strategies. Social media takes time and time costs money. Review the strategies currently in place and see which are proving more effective. “Also, investigate untapped social media strategies. Articles placed on a CEO’s LinkedIn profile, for instance, can be surprisingly powerful. They turn the CEO and company into thought leaders.”
Look for no-cost options. Asking for product reviews can be one of the most effective no-cost marketing options available. People read these and they have power.
Look for low-cost options. Newsletters remain surprisingly effective. That might be why we get so many. “However, make sure viewers learn from your newsletter. Newsletters just about an individual and their activities or a company promoting products or services gets the delete button humming.”
Outsource some work. Some marketing programs can be more cost-effectively handled by an outsourced company. Plus, the entire relationship is based on results. If the results are not there, discuss options or look for another company.
Consider alternatives. This involves different forms of marketing such as videos, infographics, webinars and podcasts. Much will depend on your industry, but all of these have proven effective for different companies.
For more information, visit www.alturasolutions.com
About AlturaSolutions Communications
AlturaSolutions is a 17-year-old communications company that has worked with some of the largest and most-respected companies in the professional cleaning, food service, facility management, and related sectors. Based in Chicago, AlturaSolutions Communications publishes articles discussing the value, benefits, and features of its clients’ products and services. The company is a strong believer in the importance and value of trade publications. For more information, visit www.alturasolutions.com.