|
A little over a year ago and probably before, articles started popping up
all over the place about, "Selling in Tough Times," , "How To
Market in a Down Economy," and the like. Now that we have seen a few,
more positive headlines starting to sprinkle throughout, "Turning the
Economical Corner,", "Have We Hit Bottom,", what now?
(article continued below ...)
For the sake of prognostication, let me review. No I am not driving the
car by only looking in the rear view mirror.
When times got tough, managers all over the place looked for places to
cut costs. Marketers looked for newer places to sell and to sell more. Some
business managers cut marketing and sales expenses. Let me state here, once
and very clearly, that is the WRONG thing to do.
Jay Conrad Levinson of guerrilla marketing fame says that "recessionary
marketing" is a real opportunity. Bear with me on this review as we
approach some new thoughts on "recovery marketing." During tough
times, customers are looking for real value. Effective marketing points out
that real value to customers with the ensuing result of increased sales and
increased share of market.
What Jay Levinson state for "recessionary marketing" applies to
"turning the-corner-and-coming-back" marketing, or
"recovery marketing" as well; maybe even more. During recovery,
lots of positioning is occurring, while at the same time skeptics are still
about. During recovery some people choose as their favorite form of
transportation to be hopping on to a bandwagon. Once the bandwagon fills up,
companies look around at each other and start to feel that it is almost too
late to start up aggressive marketing once again. The same old adage applies
to marketing much like it does to work… "It’s easier to keep it up
than catch it up."
Borrowing from "recessionary marketing" and applying the same
mind set, thought processes and applications to recovery marketing, will
further separate the marginal companies from the successful ones.
Recovery marketing boils down to investing in the three things that
should have been invested in when times got tough.
- Increase the size of orders
- Increase the frequency of orders
- The third item, but more costly is to increase the number of customers
you sell to.
Enhanced marketing programs and increased investment in marketing
accomplishes the above items. Free samples, seminars, consulting, and
speeches, are incentives for the customer to buy more and to do it more
often. Now is the time to put that marketing line item expense back into the
budget. Prioritize 3 recovery marketing initiatives now, don’t deviate and
certainly don’t cut the expense or investment that is made. We’ll leave
the concepts of consistency, persistency and long term thinking to other
marketing articles.
Here are a few recovery tactics that will help your positioning as
customers and prospects decide where to spend their growing dollars earned
from a recovering economy.
Publicity
If you don’t already have a PR program in place, start one
now. There are a multitude of reasons to write a press release. Focus on one
editor and get something published. This is free marketing and an effective
technique that shows up in all the "marketing in tough times"
articles.
Current Customer Attention
The best prospect is a current customer.
This is true whether we are marketing in a recession or in a recovery or in
a boom. Pay them the proper amount of attention. Prioritize them and see how
far into their account you can gain share. Share of customer is always a
priority and will help focus marketing efforts in a recovery.
Increase Networking
Referral programs and word of mouth marketing are
still low cost associated with a high success rates. There are ways to
enhance this but you have to put yourself in front of the potential buyer in
some fashion or another or have someone else do it for you.
Repackage your products and services
as bundles or higher ticket items.
This certainly attains that goal of selling more per order. Customers that
have stuck with you through thick and thin will probably spend more also in
times of recovery.
Spend some money
invest in that direct mail program that you’ve been
putting off. Send that new brochure to customers and prospects. Sometimes
positive talk about "preparing for the recovery" is very
contagious. You’d be surprised what kind of mindset you can create in your
own market.
These are a few things to get you back on track if you cut that marketing
expense (and want to beat the bandwagon hoppers) and want to ride the
recovery wave. I can’t wait to write the next article in this series about
"Marketing In Boom Times!"
About the Author:
Alfred J. Lautenslager is an award winning marketing/PR consultant,
direct mail promotion specialist and entrepreneur.Al can be reached through the websites at http://www.market-for-profits.com
and http://www.1-800-inkwell.com.
|