Looking for someone new to blame the recession on? How about social networking tool Twitter?
A new study by Harvard economist Martin Schmeldon suggests that Twitter, a social utility tool for real time connections with others, has had a significant impact on the downturn in American productivity.
I believe a tool is only as good as the person using it, and in the case of many employees it comes down to personal time management and a good leader. Facebook, Myspace, Twitter and other social media tools can be highly effective, cost-cutting forms of marketing (note: they are rarely a stand-alone marketing solution) and can reach a broad demographic - it is up to managers to ensure these tools are used effectively and appropriately in order to yield results.
It is further compacted by managers switching marketing efforts entirely to one avenue, anticipating rapid and high results. This is a super high risk strategy at the best of times, and again it is a case of decisions by the marketing manager, rather than the impact of a tool created to expedite communications.
Before canning it completely, examine Twitters strengths and weaknesses.
Or perhaps just use it to follow Sockington.
Image courtesy of kaspersorensen.com
Marketing during tough financial times requires flexible marketing managers and a new approach to combating fluctuating household spending. Managers are being asked to strive for the same results with a fraction of the budget of rosier economic times.
Previously sound markets have shifted, with fluctuating unemployment and commodity prices varying greatly from region to region. Marketers need to be constantly vigil, reprioritizing quickly to reflect evolving micromarkets.
Focusing on micromarkets within larger areas can identify audiences within a 'hard hit' area who are less price-sensitive, while still being able to offer preferential pricing to the rest. Read in detail about reprioritisation and marketing in a downturn.
Traditional marketing vehicles, while having a longer track record, are often costly and shortlived. New vehicles in the social and digital media space are often much more cost effective, increasingly accessible and more engaging, particularly with Gen X and Y audiences.
Most importantly, existing customers should be a top priority. The old adage goes that it is cheaper to keep a customer than to create new one, and at times like these it could prove the difference between make or break.
Focus on maximising the value for existing customers, read up on low budget marketing tactics, examine new marketing vehicles... there are always winners no matter what the economic climate.
