Marketing your business at any time is a challenge. It is particularly difficult in a recession. Where do you spend your money? Can you be sure of a return? Currently businesses are confronted with a staggering array of marketing options. People selling these marketing options are consistently proactive pushing you to do something. So many alternatives spread across a diverse range of platforms is a complex situation with no easy answer. All this, in a climate of change, driven by the advance of Social Media and the Digital Age is in the midst of a recession. What is the answer for local business?
In keeping with “fortune favors the brave”, marketing in a recession is a positive step for local business. From our experience most businesses do cut back their marketing in a recession and in that lies the opportunity for the “brave”. Not all businesses are equally affected by a recession. Those that take a proactive stance by seeing a recession as an opportunity can and do succeed. Online marketing is proving to be a key component for those businesses who decide to thrive. According to the IAB (Interactive Advertising Bureau) internet advertising revenues in the United States surged to 7.3 billion U.S. dollars in the first quarter of 2011, the highest first-quarter revenue level on record for the industry which is a 23% increase over the same period last year.
What Marketing Option?
The marketing landscape is in the midst of change. The concept of permission based marketing was first broached by Seth Godin in 1999. Permission means no interruption and by looking at what email marketing had to do to survive, you can see the power of permission marketing. If a marketing platform doesn’t adapt, it disappears, cold calling is a prime example. The whole concept of permission based marketing is continuing to grow almost exponentially and developing a marketing plan that is permission centric is critical for long term growth.
The most clear example of permission based marketing is in online applications where a website attracts so many visitors it can profitably sell advertising on the site. Basically giving free information that engages people to the point where engagement reaches critical mass. Obviously that takes a lot of time and money. For local business it is first important to simply understand the permission concept. The first rule is always ask yourself “do I have the customers permission.” In just about any online situation your marketing is permission based. The customer can quickly leave for something new if you don’t provide a reason to stay. Is your business marketing with permission….?