New business models and marketing in the Internet era
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Businesses of all sizes are feeling the pinch of the global economic downturn and, for many, the temptation to reduce their spending on online advertising and marketing may be overwhelming. While the immediate result of reducing such “avoidable” costs may be an upswing in profits, the chances of that business surviving a rocky economy has been significantly reduced. In actuality, it is vital to keep on marketing, and to market harder and smarter than ever before.
Factors to consider when creating new marketing plans
When drafting new business models and marketing plans, it is important to first research the customers thoroughly. The bulk of the profit of a business can be traced to about 20% of its customers. The key to increasing success through marketing is to first identify whom these top customers are, and then to analyze how they became such important customers, with the priority of finding ways to retain them through clever marketing.
Even in tough times, it is important for a business to maintain its normal spending levels for marketing. While other aspects of the business spend may be able to be reduced or eliminated, this is one budget area that cannot change. The types of marketing that the money is spent on may change, though, if analyzing the marketing strategies results in certain types of marketing not yielding as good a result as another. It may be necessary to reallocate the marketing budget, targeting strategies that generate the most profit in the short and long-term.
When it comes to marketing, emphasize the core values of the company and put a great deal of focus on the family values aspect of the business. During tough economic times the value of the family environment, and products that help to support and encourage a struggling family, become more important to customers that are evaluating whether or not to buy a product from a specific business.
One of the best short-term strategies that may be developed as a part of an economic crisis marketing plan is a Pay-Per-Click, or PPC, campaign. PPC functions by directing Internet traffic to a company’s website, with advertisers paying the website owner every time that one of their ads is clicked on. It utilizes the affiliate model and offers opportunities for website visitors to purchase items. A PPC campaign can become expensive over the long-term, but as a part of a balanced marketing solution, a PPC campaign may provide business owners with immediate positive results that more traditional off-line methods may not.
Finally, a good website is more than half the marketing battle. A good website with high usability will be easy to use, informative and result-oriented. Improving an existing website, and raising the bar in these areas will attract more Internet traffic.
Acquiring new skills to diversify into new markets
Developing any new marketing models for a business should include exploring further education in the subject, by the use of which new business skills can be acquired. One of the most valuable skills for business marketing, particularly through the Internet, is digital graphic design. From web page design, to banners and PPC ad design, digital graphic design training from accredited Miami Graphic Design Schools, such as CBT College, provides valuable knowledge for the development of new and far-reaching Internet marketing strategies
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The opinions expressed herein do not necessarily reflect the views of Western Free Press.