Effective Marketing Strategies in a Penny-Pinching Economy
Back in 2008 as the world entered an economic downturn, many small firms and solo practitioners hunkered down for a tight economy. Fast forward to 2020 and we’ve entered another downturn. Making the most of your marketing dollars during difficult times is challenging; however, it’s the savvy firms that will remain committed.
Firms that remain dedicated will have a significant advantage when the economy starts to pick up again. That said, you have to make money to spend money on your marketing so certain initiatives may need to be put on hold.
Here are the key factors to effective marketing in a penny-pinching economy:
- Reallocate Investment to Less Expensive Initiatives
If you’re spending a significant portion of your budget on advertising, consider scaling back and redirecting your efforts into webinars, or writing bylined articles.
What article ideas have you wanted to write or been thinking about? Capture them and put them on paper. Can these then be turned into a webinar topic? Repurposing topics that you’ve already spent time on can keep your marketing moving.
- Don’t Ignore Your Website
So maybe this isn’t the year where you completely overhaul your website, but it doesn’t mean that you should ignore it and let it become stale.
Start writing up case studies or successes that you can post to your site. Make sure you’ve added your most recent activity to your bio, such as your new Super Lawyers ranking, speaking engagements, articles you’ve authored, etc.
While a redesign can be at the top of your marketing budget for next year, don’t ignore what you have this year.
- Update Your Database
Focus on getting your database in shape. Your database is the core of your marketing, and your incoming/outgoing referral system. If your database is not up-to-date, or if your database is nonexistent, you’re missing one of the most foundational aspects of marketing successfully. Most importantly, your database should extend beyond current and former clients who are in your time and billing program. It should include prospective clients, referral sources and colleagues – anyone your name should be in front of on a regular basis.
- Show Your Value via Consistent Communication
Consistently communicating with your target markets, is more important than ever. Think about how you can deliver more value and deeper relationships to them. What kind of services can you offer, or how can you revisit other challenging areas they have they expressed interest in addressing in the past?
Schedule reminders on your calendar to call or send an email to a former client or referral source. Keep it simple by sharing an article they might be interested in or following up with more information on something they mentioned during your last encounter. Don’t be shy with picking up the phone and staying top of mind.