Google has an interesting post up on its Retail Advertising Blog. The post gives tactics for marketing to four different groups of people in the current state of the economy. One of those groups is what Google's Yael Davidowitz-neu calls the "slam-on-the-brakes segment."
Basically, the people who fall into his category are the ones looking to save money wherever they can. They limit unnecessary purchases and substitute purchases with alternatives that cost less. This can be a difficult segment for a small business to reach, but Yael shares the following tactics:
- Consider highlighting discount prices and offering lower priced alternatives to your current product line.
- If your product is not a necessity, you may want to consider offering it in a smaller size for a lower cost - this group is less considered about gaining value and more focused on conserving funds.
- When selling a potentially postponable product or service to this group, financing or layaway plans may help overcome their immediate financial concerns.
- Marketing messaging might discourage postponing services, such as an oil change, because they will cost consumers substantially more in the long run if not handled immediately.
- Expendables, or purchases consumers view as unjustifiable, will be a difficult sell for this group. To overcome these challenges, consider providing do it yourself alternatives to pricey services.
Of course, as we've discussed repeatedly, coupons are often a great way to reach these consumers as well. For some tips and info on digital coupons read these articles:
- Online Coupons Work Better Than Print
- The Coupon Craze Continues
- Keys To Creating Good Coupons
- Google Offers New Coupon Templates for AdWords
- Mobile Coupons - Savings Customers Won't Leave at Home
On the subject of marketing in a weak economy, let me throw this video out there for you, which we posted in April, but is still relevant. It provides some marketing tips for limited budgets.
How Are Small Businesses Marketing For the Holidays?Marketing Through ContestsOften Overlooked Places To Leave Your Stamp OnlineAre You Listed in Google Base?5 Key Ingredients to Surviving in Online BusinessGetting Your Products in Google Shopping SearchesMarketing Tips for Limited BudgetsSmall Business Marketing Unleashed - The Tip of the IcebergOnline Advertising Will Thrive in Weak Economic TimesBad Economy May Make Marketing More Important | |||
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Offering Coupons for Already Discounted Prices
Any ideas on how to incorporate a coupon when you have already priced your product as low as possible? We would like to find a way to reach the frugal, but if we offered coupons we would start to lose money on the sale. The other obstacle we have is that our product is often a one-time purchase (
DIY window film) for a homeowner, so we're a little stumped in terms of loyalty initiatives. Any ideas?
Tailoring your services or
Tailoring your services or products can make it affordable for the customer during these setbacks. There are still people buying, but needs to be affordable. for example, you can take your family to one of many discounted disney hideaway trips, or maybe getting a small home project done with your windows thru West Coast Vinyl
sorry, meant to linked to
sorry, meant to linked to Disney hideaway, West Coast Vinyl
Another idea!
One other idea that has worked for many of my Customer Loyalty International customers is our rebate program. Business owners can match a rebate certificate on things their customers use every day like gas or groceries with the cost of their product or service. This will enable their customer to recover the cost of their purchase by getting cash back frome these purchases on a Visa Debit card easch month when they shop.
Those businesses offering goods or services that consumers can put off but really do need, like carpet cleaning or driveway sealing, can offer the customer a rebate certificate equal to their service, thereby enabling the customer to get a $25 rebate each month on their normal spending thus enabeling them to convert their normal spending into cash on a Visa Debit Card ultimately allowing them to recover the cost of their purchase.
For example, a carpet cleaning of $150 can be matched with a $150 grocery rebate certificate, giving the homeowner the opportunity to recover the $150 they spent to have their carpets cleaned over the next six months just by doing their normal grocery shopping. So essentially their service would then be FREE! To obtain this customer costs the business owner less than $15. It's a great program.
It seems like everybody
It seems like everybody wants a deal these days. People are more conscious than ever about their finances. But, at the end of the day, let's face it, we're still Americans and still the biggest spenders on earth. Offering a coupon is the best way to make a discretionary sale happen.
Interesting series of posts
Having read all the series of posts on how to market in to the four groups identified during the current economy I think there are some good tips in there - and of course they will apply equally well when (!) the economy picks up again. I particularly think the idea of concentrating on building brand awareness during the downturn is a good one. Offering discounts / coupons has also got to be a good way of injecting some enthusiasm back into the buyers.
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