Manizesto

This is the first in a series of three on marketing to money-strapped customers

We’re all painfully aware that the economy is in a bit of a slump, which to marketers means you’re probably seeing fewer customers making purchases (lower conversion) and those customers spending less than before (lower average order value - AOV). If that’s the case for you, then you’re probably having a tough time keeping the revenue where it needs to be.

So what can you do? There are basically three stages to this, but let’s talk about understanding your customers first. If you’re going to be able to send customers relevant offers, they need to be based on the fact that you understand where they’re coming from.

To get the full picture, look at the current macro-world first. What’s happening in the big picture? Gas prices are high. The housing market is in a slump. Everything is getting more expensive. Consumers are not as eager to take risks and invest. The Dollar is weak. People are spending less money on entertainment and other non-essential items, such as eating out.

That’s a lot of bad news, right? Don’t get too worried. This understanding will help you communicate in the right way with customers and develop offers and messages that resonate with them.

If you’re a truly great marketer, you’ll look for ways to help your target customers and help your business too, without putting either in less desirable situations.

The truth is, a slow economy is actually one of the best environments to build strong relationships with customers. What better to build a long term relationship with a client than to solve their problems during tough times? Think about it.

Next, we’ll talk about what to do once you understand your customers.

To make sure you get the next two segments, subscribe to Manizesto today. (Photo courtesy roujo)