People are hanging onto their money more tightly now so businesses have to tug harder to get them to part with it. Smart business decisions during slow times can keep your company in the forefront of consumers' minds so they'll remember you when things improve.

Resist the temptation to cut your marketing budget. People won't remember your company over your competitors if you don't keep your name in the marketplace. Here are some inexpensive ways to keep your marketing efforts in full swing in a slow economy.

5 Inexpensive Marketing Ideas for a Slow Economy

  1. Develop a simple marketing plan, but don't get carried away with the details. Do you have a new product or special event that you can promote? Just write down your goals, and outline a plan to achieve them. Keep that outline handy to start—and stay—on track. Click here to create your simple marketing plan.
  2. Ramp up online marketing. Stay in touch with your clients, and let them know you're thinking of them. Develop e-mail blasts with smart, useful content to send to customers and suppliers. Let them know you value them during tough economic times, and you'll reap the rewards when things improve. E-mail blasts are easy for people to read, and you can offer online coupons on your web site that encourage them to visit. Whatever you do, make sure there is a call to action at the top of the e-mail blast with a link to an appropriate page on your site. If you haven't already, install Google Analytics and take advantage of the free tracking it provides.
  3. Look for free PR opportunities. Promote your company and/or yourself as an expert. According to Elise Benum in her book, The Art of Self Promotion, you should become a partner to the media. She says, "They need your expertise…If they don't get the quotes from you [for their articles], they'll be getting them from your competition."
  4. Engage your customers in the places they visit online. Find the online forums your ideal clients visit often and join the conversations there. Build a presence in the social networks. This will raise your credibility and visibility, as well as drive traffic to your web site.
  5. Set up joint promotions with other businesses. Share the cost of a direct-mail piece with another company whose business goes hand in hand with yours. Set up a promotional deal with one of your neighbors where you both benefit. For example, a juice bar and a gym in the same shopping center could share the cost of printing an oversized postcard offering a free drink when you join the gym.

    Sponsor an open house with a few non-competing companies where everyone invites their customers. This works great if, say, a caterer, an interior designer, a clothing boutique owner and a make-up artist all share the costs of the event. Everyone benefits from sharing their customers and the customers enjoy themselves in the low-pressure atmosphere.

If you're smart about investing in marketing, you'll secure a piece of the pie when things pick back up. Remain consistent with your branding throughout your marketing efforts and keep yourself in the forefront during the slump. When the economy picks up, your customers and suppliers will think of you first.