How to get ahead in tough times
Recession, slowdown, credit crunch. Even seasoned economists can't agree what the economy is going to throw at us in the next year. Whatever label you choose to place on the current climate, it's already clear that there are macroeconomic forces at work that are placing new pressures on marketing budgets and forcing marketers to prove their worth.
It's a textbook argument that marketing expenditure should not be cut, especially in a recession - that's exactly the time to invest and steal a lead on your competitors. But back in the real world, marketing can be an easy target and may have to face the scalpel in the first wave of reductions when the going gets tough.
Here's five ways to help get better results:
1. Plug any leaks
Selling to customers is a better deal for you than converting a prospect from cold. Reports vary, but typically it costs somewhere between five and twelve times as much to close business with a new customer than to sell to an existing one. A well-organised website that makes it easy for customers to find support can make them want to buy from you again. A newsletter can remind people of the value you can deliver to them and even show them new uses for your services.
2. Build once, use often
As marketers we are often attracted by the bright lights of 'new' and it's certainly important to keep things fresh and appealing. But if a special offer worked before, it might well work again and save you inventing a new process internally to manage the take-up.
Customer satisfaction surveys, case studies, and events such as conferences and round tables, are fertile opportunities for material that can be reused to great effect.
3. Get your timing right
The beautiful glossy brochure lands on your doormat. The car looks great, the price is right. But the expensive mailing still goes in the bin because you bought a new car last week. Timing is critical.
What issues and pain points do you know that your customers will face this year? Online surveys provide a quick and cost effective way to find out what they are thinking right now.
4. Pick your targets carefully
Some segments will ride the economic crunch better than others and you'll get a better return on your sales investment here. Companies operating at different price points in the market may fare differently.
If you are in business-to-business make sure that your sales team is armed with information to build empathy with clients and prospects in these more buoyant sectors. A concise product sales guide can stimulate new opportunities and increase cross-selling.
5. Don't lose sight of effectiveness in the search for efficiency
Sometimes, pursuing efficiency and economies of scale dilutes your message, making it less relevant and, consequently, less likely to resonate with your audience. Sometimes doing less, but doing it well, is the best way to generate sales, not just low-quality leads. Thinking about ROI and not just cost may lead you to print and mail an eye-catching piece to a carefully selected 200 contacts rather than distribute a low-cost email to 2000.
Whatever 2008 and beyond has in store, there are many ways that marketing can improve the value it delivers to the business. And even if the economy is depressed, there are some smart ways to reach out to customers and outflank competitors that will drive top-line results without busting your budget.
If you need your marketing to work harder call us on 0131 225 2225 or e mail: