Marketing when you know customers aren’t buying may seem like you are throwing good money away. Yet people are buying. The problem lies in believing they are and overcoming the misconception that lets you off the hook of thinking about why YOUR customers aren’t buying.
An entrepreneurial approach is needed. You must find out who is buying and why. Answering the ‘why’ will help you market to them in a way that solves their problem. You need to identify the reason they need what you have and entice them to spend.
Not all marketing has to involve lots of money. There are tips for marketing that won’t break your budget. Some of these can certainly help no matter how much or little you have to spend.
Customers Aren’t Buying – Is it a real or perceived threat?
Are customers not buying or are they not buying in the way you sell? Have you adjusted to offer online services, are you marketing using the channels that potential customers use? It could be that you have become invisible and aren’t fully maximising the sales channels that customers are now drawn to.
The important thing to remember is that marketing also involves networking. Your approach to customers needs to adapt. If you approach them with a simple we are selling and want you to buy marketing strategy that can be highly effective when customers are buying won’t work when there is a perceived slow down in consumer spending. Marketing should be about checking in on customers and identifying pain points. People are still buying but what, why and how they are buying is changing.
It may also be that you need to make changes to what you offer. Just because you don’t make or offer a particular service now, it may be beneficial to offer it in the future. If you can offer something similar to what you know they are buying or add complementary ranges to what you already offer then you may have the client relationship in place that gives you the edge in selling to them.
If you have a subscription course or product information that you usually make a charge for, consider offering it free of charge for a period. You can attract new customers by building trust and credibility without them needing to spend in the first instance. If you can create sustainability for your business by converting even a percentage of your new audience into longer paying customers then that is great. Perhaps offer a taster of free virtual information with an option to pay for more. The current environment is ideal for testing new ideas and products. It’s also a great time to offer new versions at a premium that render current offerings obsolete. The way of buying and using information and products is changing. Therefore, you will only succeed if you adapt your marketing to meet it.
Even in a slow economy some industries will thrive, and others will bumble along till the economic climate changes. How your business survives will depend on your ability to adapt your marketing and brand awareness to keep up.
And, finally, some interesting financial podcasts to listen to: