In an economy like this, cutting back on marketing is
flirting with business suicide. What you should do instead
is increase your marketing without increasing the amount
of money you spend. This will not only protect you from
sales declines, but will also strengthen your business against
the threat of deep-pocketed competitors, who may see tough
times as a great opportunity to outmaneuver you and grab
some of your customers.
How do you get more marketing bang for fewer marketing
bucks? By using proven lower-cost, higher-yield methods.
Here are five sure cures for marketing woes in tough times:
1. Get back in touch with old customers. It's all too
easy to ignore your old customers, but they are often your
best source for new business. Sometimes sending a personal
note, making a phone call or inviting an old customer to
lunch is all it takes to rekindle a business relationship.
If you want to do this through direct mail or email, you
can give old customers a special "Welcome Back" offer -
a freebie, a discount, or a bonus when they resume doing
business with you.
2. Offer prospective customers a free sample. This is
an obvious but often overlooked strategy that certainly
can work for your business. Everyone from grocery stores
(who offer tidbits of food) to high priced consultants (I
spoke to one last week who snared a $10,000 personal coaching
client by offering a free first hour) can use this strategy
effectively. Don't think it will work in the corporate world?
Hmmm... ever hear of a company called AOL?
3. Focus your advertising. Many businesses think "keeping
your name in front of the public" is a valid advertising
strategy. It's questionable at best, but it's way too risky
and low-yield in tough times. Instead, make sure your advertising
is only in publications that reach your best prospects,
and - this is the most important part - make a specific
offer and call to action to get readers of the ad to call
you.
One of my clients used this strategy and progressed from
10 lukewarm leads that wouldn't turn into customers, into
signed contracts with 35 customers representing millions
of dollars worth of business.
4. Let your customers help you out. Business is always
a two-way street. Some of your customers who you've helped
in the past will be glad to return the favor. Often, all
you have to do is ask. Two things you can ask for: testimonials
and case studies you can use in your sales presentations
and advertising.
Another way they can help you: by giving you referrals.
And if you have an influential customer who's appreciative
of what you've done, ask that customer to write and send
an endorsed letter to others recommending your business.
Offer to pay for the printing and postage, and help with
the writing if necessary.
5. Give extra attention to high-integrity behavior. If
you think you're the only one who's a little nervous about
a lot of things right now, you're not alone. Recent tragic
events have increased feelings of distrust across the board.
To set yourself apart in the marketplace, go out of your
way to conduct business in an especially trustworthy manner.
Bend over backwards to be fair about refunds and exchanges.
Do all you can to act in your customers' best interest,
even if it means referring them to a competitor (if you
don't think you're the best choice for what they want).
High-integrity actions can hurt a little in the short-term,
but payback is remarkably quick and well worth any sacrifice
you may have had to make. If you get (or strengthen) a reputation
for being trustworthy, that can be the most precious marketing
asset of all in the times ahead.
This is also a great time to invest in sales training.
If you would like to know more about how Patricia Fripp
can help, email pfripp@fripp.com
or see everything you need to make an educated decision
www.fripp.com Hundreds
of companies can't be wrong!!!
(707 words)
For more strategies on marketing and promotion, check out:
Confessions
of an Unashamed, Relentless Self-Promoter. This
audio program features Fripp with copywriting genius David
Garfinkel and shows you how to make your marketing make
money for you! Learn from success-guaranteed market research
that doesn't cost you a dime. And find out how to get an
"unfair advantage" in every business situation... and much,
much more!
http://www.fripp.com/publicspeakingresources/audio.html