Official "recession" or not, there's no question that many industries suffer from continued malaise. I'll be delivering a presentation on Marketing in a Down Economy at the upcoming Business Growth Conference, sponsored by MANTEC (an affiliate of the National Manufacturing Extension Partnership), on March 14, 2013. The number of attendees registered to attend my presentation suggests a heightened level of interest in this topic - at least in our corner of the world.
Companies that continue to market during an economic downturn often realize measurable market share increases when conditions improve. But increasing or even maintaining the marketing investment during a downturn can be a challenge. During a time of uncertainty, consider the fact that one or more of your competitors will cut or eliminate their marketing budgets. This results in opportunity for the smart marketer who commits to maintaining awareness, demonstrating value, and cultivating customer relationships
– new and existing. If you’re committed to long-term, sustainable growth, here are some tips for smart marketing during a soft economy.
Commit
Smart marketers use current dynamics to their advantage. Maintaining a results-oriented marketing program during a downturn requires commitment and a solid team.
Survey Customers
During and after an economic downturn, your customers’ buying dynamics and motivators will change. Don’t assume that you still understand what customers value. Survey the market and tailor your messages to these needs.
Survey Competitors
To the best of your ability, understand what your competitors are doing in terms of positioning, value messaging, and sales strategy.
Survey Your Positioning
Is your customer-centric value and positioning in the marketplace relevant to today’s buying dynamics? Reposition yourself if necessary and remember that positioning and branding are not the same.
Build Relationships
Replace any broad-based tactics with relationship-based programs that demonstrate your understanding of and communicate your unique value to target audiences.
Customer Retention Programs
Develop customer retention programs to prevent attrition and promote up- and cross-sell.
Align Sales and Marketing
Make sure that sales and marketing teams are aligned in terms of message, current positioning, and timing to improve the customer experience and help prevent attrition.
Proactive Marketing
Engage in a targeted, proactive marketing program that is strategically-oriented and results driven. Find an agency partner that is experienced in your company’s unique dynamics.
Messaging
Messaging that communicates your company’s value in terms that resonate with buyers is more important now than ever. You may have up to 5 buyer types to communicate with during your sales process. Each one requires a customized message.
Develop a Lead Conversion Strategy
A Lead Conversion Strategy, similar to a Customer Engagement Strategy, reviews the communications and tactics within a lead funnel from point of entry to the point of conversion – or drop off. It identifies areas of weakness that may result in low conversion rates. A sound Lead Conversion Strategy categorizes leads by role, communicates your company’s value offering in a corresponding manner, uses tactics and timing that mirror the buyer’s preferences, and is integrated with sales activities. A Lead Conversion Strategy can help you improve your conversion rates and provides a measurable impact on your bottom line.
If your company still feels the effective of a lagging economy - or you are ready to use the current conditions to your advantage - get started today. Commit to taking action. Assemble a team. Plan. Budget. Act. Measure. Evaluate. Commit again. It's a fact that marketers that maintain or increase marketing spending during a soft economy reap rewards when the market rebounds. What are you waiting for?
