With the recovery comes opportunity. So, companies are focused on marketing. Some will be rebranding to reach new kinds of customers and clients. Some will be launching new products and services. And some will be trying to sell more and/or at a higher price than before. The rub is that marketing costs can be expensive. How can you cut yours? Image Marketing Consultants has these 3 tips.
Partner. To get its initiatives in the digital wallet off the ground American Express has found partners such as Wal-Mart. They pool resources, ranging from know-how to distribution channels. That not only saves money and spreads the risk but also increases the odds for success.
Place small bets. With so much turbulence in the economy it’s downright reckless to bet the ranch. Try out a number of strategies and tactics in small ways. JC Penney bet the ranch on its anti-discounting strategy and lost out big time.
Reward. Both research and experience show that customers and clients want to be thanked for doing business with you. Companies such as Discover which structure their loyalty rewards programs right are growing faster than those with no or ham-handed programs. Rewards don’t have to cost much and, since they reduce churn, they can save on marketing costs.
Kate Sirignano, founder of Image Marketing Consultants, invites you to a complimentary consultation for your marketing, public relations, partnership, special events, and social media needs kate@imagemarketingconsultants.com, 203-404-4868.