The last few years have been difficult for company presidents and marketing directors.
First, we feared marketing during the pandemic. Then transitions into a period of inflation.
Now we’re looking at stagflation with rising prices and slow economic growth.
That is based on economic data and corporate purchases. We’re in the beginning stages of a recession.
Past recessions have proven the importance of marketing more innovative than our competition. Instead of a disadvantage, marketing in this environment can be an advantage.
Having navigated five recessions, you don’t want to waste time and money doing something wrong.
There are 2 techniques that you can use:
#1: Recognizing marketing during a recession or stagflation environment is historically an opportunity.
#2: Make sure all of your marketing is accountable.
The only way to do this is to use direct response advertising.
This involves using direct response copy and art.
You always need to know what your cost per lead and cost per sale is.
Knowing what your return on the investment is.
You cannot waste money on things that are not producing immediate direct consumer results.
Don’t be afraid to try something new but do it smartly. Most marketers are caught and keep doing what they have always done.
The marketplace has changed.
Google, Facebook, YouTube, and addressable TV have changed.
GEO fencing and the strategic app marketing “SAM” has changed.
Of course, the data has changed now, having the ability to use transactional data modeling ‘’TDM’’ and third-party cookies disappearing.
Use multi-channel marketing. Using multi-channel marketing will maximize your profitability.
When I wrote my book The New Multi-Channel Integrated Marketing a couple of years ago, this was the new marketing and advertising.
It still is. Why?
Because the response rates improve with multiple channels in reaching your targeted prospects by as much as an 86% response increase.
If you are not entirely sure how to do this, get my book. ‘’click here’’ or give us a call to discuss your marketing needs.
Experiment with direct mail. Direct mail is not dead. It’s experiencing a renaissance. We may be in a recession or a period of stagflation, and it can be one of your most powerful tools. It may be one of the most neglected or overlooked.
Use a new direct mail format such as a newsalog, magalog, or high-quality personalization envelope/letter technique and combine it with the Transactional Data Modeling (TDM).
Remember that seasonality can be your friend. There are good times to market and bad times to market.
In August and September, your response rates will be up.
The last week in December and the first few weeks of January are always the highest response rates.
Again, contact us if you’d like to discuss seasonality in your responses. It will help reduce your risk.
Consider getting a second opinion on what you’re doing.
Whether you contact my team or someone else, get some other eyes on your marketing.
Have them give you either a professional critique or an assessment of what you’re doing.
It will be eye-opening.
It could save you a lot of money and make you a lot of money.
Especially if your response rates are not what you want or you want to get ahead of potential response downturns.
If you’d like to learn more on how to do this, give us a call at 615-933-4647 or email Craig at firstname.lastname@example.org