Use web marketing tools to cut advertising costs

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Moonis Rehman | 06 Apr, 2009
We are in global recession. Ad sales are at record low. Marketing budgets have declined. What started in November 2007 has affected both the small and big players in the industry. This economic turbulence has lead to lay-offs, no new product launches, cut in promotional budget et al. All of us are eagerly waiting for the markets to recover, but no one knows how long will it take? So, how can we cope with the downturn and adapt to survive such situations?

The answer lies in strategic planning that can see you through in these times of serious downturn. Companies need to identify potential risks and affects of recession on their business, they need to stay focused on their goals and offer products or services that are indispensable even in a down economy.

While staying focused, you should find ways for a profitable expansion. If you can grow in times of economic recession you will find yourself on the other side of the crisis – ahead of your competition. You just need to change your strategies to adapt to the prevalent situation.

Recession doesn't mean that there are no buyers for your products or services. There are buyers; the only thing that has changed is their shopping habits. Due to recession, spending power of the consumers may have been reduced and their purchasing now involves more focus, more thought and thorough research. They are now looking for best products or services at the minimum possible prices. They are not after the brands; and are looking for complete value for their money.

Less purchasing has also led to an increase in competition, and the consumer now has the power to bargain. So the companies should maintain a minimum marketing budget even in times of recession. If a consumer can't find you, how will he reach you? You need to prove that you are the best in the market and make it easy for them to find your products and services.

Internet, the greatest invention of all times can play an important role in reaching out to your prospective customers, in showcasing your products and services through the world wide web. You need to set specific marketing goals for your company and identify the consumers (or market) that you wish to target. With internet, you can use the web marketing tools for promoting your website and achieving your goals.

Web marketing tools includes social community websites, website syndication tools, gadgets, and RSS feeds that are easy to use and are often free. They will generate new leads and drive traffic to your website. Social networking sites are Facebook, Orkut and Myspace are very popular with the users these days. You can create a community page about your company, products and services and regularly update it with fresh content so that prospective and current customers can stay in touch.

You can also syndicate your web site or blog with an RSS feed. This will also help in keeping your users updated without having them visit your website. The users will get to know through RSS reader whenever you post something new on your website or update it. These feeds can also be hosted on social community websites, community tool bar, and personalized start pages.

Through your website, you must give your visitors the opportunity of providing a feedback about your site, your products and services so that you can make changes accordingly. You can conduct online surveys to find out whether you are fulfilling the requirements of your customers or not.

Other cost-effective methods for online marketing include sponsored links campaign and the use of b2b portals for advertising.

Sponsored links provide a quick turn-around and help gain instant visibility to your website through effective ad text and keyword matches. Research is required in order to identify industry trends and competitors and is necessary to keep the campaign effective. Sponsored links will not cost you a fortune if you clearly identify your targeted area, do proper research and spend time on updating the same.

B2B (business-to-business) portals have also emerged as viable option of promoting and doing business in a much cheaper and effective way. Business to business portals facilitate in establishing new business relationship and retaining the existing ones, which is also termed as e-marketplace. They serve as a platform for the wholesalers, distributors, suppliers, manufacturers and retailers for carrying out their business via online. Today, online marketing through B2B portals has become an essential tool for both the buyers and sellers.

In fact, a survey report says that B2B portals can deliver a bountiful of ROI (return on investment) in a matter of months. It is a fact accepted by millions that each and every company from any corner of this globe can use the effective medium in order to increase their business sales.

Another aspect is the safety and security of B2B marketplaces. Several recent studies have opined that B2B portals are perhaps the safest mode of getting the right buyer even if he is operating thousands of miles away.

In the end, I would say that the use of web technology along with proper strategic planning for your business promotion can help you weather the storm caused by economic slowdown.

Note:
* The author is a freelance writer.
* The views expressed by the author in this feature are entirely his own and do not necessarily reflect the views of SME Times.