How To Market Your Business In An Unstable Economy

It doesn’t matter the size of your business; most business are feeling the bite of this economic slump. Consumers are being more cautious with frivolous spending and opting to purchase items they need. More and more businesses are seeking cost effective ways to market their product or service without going bankrupt spending millions on television, radio and print ads.

How can you continue to increase your customer base, sales and revenues while decreasing spending on advertising?

There are many cost effective ways to continue to build your brand recognition including: Press Releases, Video Email, Video Marketing and Social Networks.

Press Releases
Press Releases are probably one of the most cost effective tools for advertising but very underutilized. A press release is a written or recorded communication used for the purpose of announcing something claimed as having news value. Press releases are typically promoted through a press release service or directory and sent to news media outlets and news editors. Press Releases can be used to announce a launch of a new products or services, events, promotions, etc. Press releases can help drive targeted traffic to your website for little to no cost.

Video Email
As competition in the marketplace increases, businesses are seeking affordable ways to increase brand awareness among their customers. Video email allows the customer to visually see and connect with you and your product or service. A recorded video stream is attached to the email message. When the prospect opens the message they will be able to view your video presentation. Using video emails can add credibility, increase sales, reduce ad costs, and improve customer relations.

Video Marketing
Over the last 2 years, YouTube have virtually taken over the video sharing market. When Google purchased YouTube in 2006 for $1.65 billion dollars many took notice. Today, videos hosted on video sharing sites receive millions of views daily. This marks a shift in advertising as we know it.

Video marketing; much like video emails, give you the opportunity to speak directly to your customer about the benefits of your companies products and services. Videos can be created using a camcorder, digital camera or web cam. Videos can be posted on video sharing sites for free. Once a video goes viral (visitors began sharing your video with others) you can expect thousands of visitors to your website almost instantly.

According to Dave Witzig from ShopNBC, customers that watch videos; specifically product videos convert at twice the rate of customers who do not.

Social Networking
A social network is a community of online people who share interests and/or activities, or who are interested in exploring the interests and activities of others. Most social networks are web based and provide a variety of ways for users to interact.

Many online networkers are using social networks to build relationships with like-minded indiviudals. Social networks are free to join and include a variety of topics and subjects.

It is important to note that joining a social network and simply advertising your product or service may be considered as spamming. You want the members within the social network to view you as an expert on the discussion topic.

As with forums, you want to add value to the social network by providing relevant content, answering questions and offering advice.

Include your website information in the profile section of the social networking site to direct potential business associates or customers to your product or service. People are more inclined to purchase from you if they trust and respect you.

Theresa Johnson is a Small Business Consultant for MyCEO, Inc. MyCEO is a provider of affordable business resources for small businesses and entrepreneurs with over 400,000 member worldwide. Learn how to increase your brand image while decreasing costs. Get everything you need from a free website, business coaching, to a marketing strategy at MyCEO. Visit http://energize-your-income.info for more information.