Why You Should Market MORE - Not Less - When Times Are Tough
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Written by: Marsha Friedman
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Word Count: 641 |
Date: Sun, 20 Dec 2009 |
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Whenever times get tough for businesses, CEOs talk about "tightening their belts" as a way to signify cutting back on essentials in order to ride out the rough patch. And cutting back is a correct strategy. It's definitely not the time to dole out generous bonuses, arrange extravagant company trips or find new company perks to buy into! Instead, it's the time to review every expense and ensure that only those affecting your bottom line are kept in tact. It's also the time to evaluate personnel or positions that may no longer be as necessary in slower sales times.
But all too often, the first place that gets cut instead is the company's marketing budget. And that's a HUGE mistake because marketing is the very activity that drives in more potential customers.
Marketing is the very food that fuels your sales efforts. So when marketing budgets are cut, you can almost immediately see the dwindling spiral of leads and sales occur. It doesn't take a rocket scientist to understand the connection.
If anything, marketing should be strengthened during down times - and it's incumbent upon the CEO to find any way possible to figure out how this can be done. Here are a few tips that can help with your marketing efforts in rough times:
* Increase "outflow." Whether you market through direct mail, email blasts, advertising or publicity - now, more than ever, is the time to push information out about the value and benefits of your products to potential customers. It's also the time to get as creative as possible with "out-of-the-box" ideas on how you can more cost-effectively spread the word!
The universal truth about sales is that you won't get new customers if your information and promotional material doesn't exist in a wide variety of places outside the doors of your business.
* Review your marketing tactics. Now is the time to analyze which marketing tactics are working the best - and just as important - which marketing tactics are your least successful. If, for example, you experienced a sudden uptick in inbound calls a week after a new direct mail piece was mailed, then by all means expand the reach of that mailer. The reverse is true as well. If your promotion is producing zilch, drop it and instead find and resurrect one that worked well for you in the past!
If you got a big bump after the local paper wrote a story about you, reach out to your local radio and TV talk shows about having you as a guest so you can build on the buzz!
* Examine your pricing. Customers in both the consumer and B2B marketplace typically make buying decisions based on a combination of price, quality and value. There may not be much you can do to improve the quality of your product or service, but you can certainly increase value by offering specials on your pricing. Let's face it - if your company is looking to cut costs, other companies are doing the same, so give them a reason to choose you. Look hard at your pricing and determine how much margin you have to play with in offering introductory specials. Then, promote like crazy to let everyone in your database know of your special offer!
There are a variety of ways you can win in a down market, but the primary principle to remember is to increase your outflow! You may not know whether your current marketing is working as well as you hoped, but it is far better to discover it is succeeding by expanding it and creating more business, than it is to cut it and watch the bottom drop out of your sales.
For 20 years Marsha Friedman has been a leading authority on public relations as CEO of EMSI, a national public relations firm. Her firm represents corporations and experts in a wide array of fields such as business, health, food, lifestyle, politics, finance, law, sports and entertainment. Some of the more prominent names on her client roster are Teamster's President Jimmy Hoffa Jr., Sergeant's Pet Care Products, Former National Security Advisor Robert McFarlane and the famous Motown Group, the Temptations.
She consults individuals and businesses on a daily basis and is frequently asked to speak at conferences about how to harness the power of publicity.
Go to www.emsincorporated.com to claim your free "Power of Public Relations" video today! Or call 727-443-7115, ext. 202, or email her at info@marshafriedman.com.
Source: Why You Should Market MORE - Not Less - When Times Are Tough
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