10 Ways to Build Your Brand in a Weakened Economy

The U.S. is facing tough economic times and many businesses are suffering.  How can you promote your brand when your marketing budget is shrinking? 

• It’s time to focus on new tactics. 
• It’s time to focus on low-cost, big-buzz alternatives. 
• It’s time to drive word-of-mouth marketing.

Check out these 10 ways you can build your brand in a weakened economy:

1. Start a tell a friend program: Referral programs don’t have to cost a lot.  Offer a small discount on a future purchase to customers who refer a friend who makes a purchase as well as to that customer’s friend.  You’ll get two additional sales as well as another new customer to spread the word about your brand.
2. Start a preferred customer program:  Make your best customers feel even more special by giving them special perks and making them feel like they’re part of a special club.  Your best customers are the ones who will spread the word about your brand the most vocally.  Make sure they know you value them.
3. Ask for press: Contact your local newspaper or bloggers to tell them about your brand, a new program or other word-of-mouth-worthy news.  Many reporters are looking for stories, and yours just might be what they were looking for.
4. Visit online forums and groups related to your brand and business and join the conversation: Get the word out about your business (particularly if you operate online) by leaving comments on forums and groups related to your brand.  Leave a link to your website with a relevant comment to make other users feel like you are a valuable, contributing member of the community.
5. Release a video on YouTube: Make a video then promote it on blogs, forums, groups, social networking and social bookmarking sites.  Funny or odd videos can often stir a buzz and go viral quickly.
6. Start a blog: Blogs are cheap and a great way to get your message out to the online community.  Include informative posts, videos and podcasts.
7. Join social networking groups: Facebook and LinkedIn are great resources to connect with people online.
8. Host how-to seminars or other educational programs: Invite members of your local community (or the online community) to visit your store (or website) for a special program.  Similar to how Home Depot holds how-to seminars, think of what you can teach your current and prospective customers that’s related to your brand.  Offer a discount on a future purchase to attendees.
9. Team up with another business to create an affiliate program: Sometimes sharing efforts with another business can create twice the buzz.
10. Speak at events: Find events related to your brand and business then contact the organization hosting the event and volunteer to speak to attendees.  Provide valuable information in your speech to get the audience talking about your brand.  Offer coupons to attendees for a future purchase.

The tactics suggested above are low cost marketing tactics that can drive a lot of buzz.  However, they do require a lot of sweat equity to be successful.  Each of the brand building tactics listed above cannot live without being nurtured.  In other words, don’t release a viral video then walk away from it.  Don’t leave one comment on an online forum then never return.  Follow-through is critical to ensuring these types of word-of-mouth marketing campaigns actually work.

Don’t be afraid to test the waters.  Remember, the results you get are contingent on the amount of effort you put into making these brand-building tactics successful.

Do you have any other suggestions for branding building in a weakened economy?

Image: Flickr