The posts on the blog show how marketers are developing some really clever ways of creating interest for their business. The earlier posts with videos on Lego and T- Mobile, for example show innovative ways of gaining attention.
The lessons and challenges for marketing in the recession are:-
To stand out from massive competition. Some competitors will cut price, that is tempting but will cheapen the brand and lower the profit from each sale. Try to offer better value and bundle products such as buy your house insurance and buy car insurance at a discount.
Ensure that the customer is loyal and sees your business as a solution to their problem. Remember people buy the benefits not the product. Its not that the speed of the processor is or the size of the engine is. What does that mean? So I can access internet quicker, use less fuel in my car etc
Add real value for the customer. Make life easier, so you can connect the phone to the PC, downlaod pictures and print in one click.
Be clear who that customer is, don’t try to target everyone. If you are selling clothing, is the customer the younger trendy girl who wants something different and new every week. Or the classic buyer who buys one or two key pieces each season. Is it the techie guy who wants all the latest in mobile phones or someone who just wants emergency calls.
So the lessons are to offer a really fabulous deal and to keep that customer happy but the competitor scared