Tony Rubleski, MindCapture Group
Following are 3 smart strategies when marketing in a recession:
1. Focus more marketing dollars and attention on existing clients. Beside referrals, here’s a quick Mind Capture reminder list of zero and low cost strategies you can do to stay in touch with clients and key referral partners:
*Use a monthly newsletter or eletter to keep people updated
*Send a press release to your local media monthly or at least once a quarter
*Update your website with great content to educate and serve clients and prospects
*Host a client appreciation event with key business partners
*Send your top clients a thank you card or note of appreciation for their business
*Partner with a non-profit in your community that needs funding and positive PR
*Have a sale or special event exclusively for your best clients
*Sponsor a chamber of commerce event and invite key clients and prospects to attend as your guest
2. Resist the temptation to cut back on your marketing efforts. Too many businesses let their CPA or the competition scare them into cutting off the oxygen, marketing, within their business. I’m a big advocate for continuously tracking and monitoring what’s working and what’s not in your marketing and making adjustments. I have several clients who are actually doing more marketing now and finding great deals on media.
Having sold advertising for many years I can tell you that most media reps will negotiate great deals and discounts when the economy tightens up. It’s much better to have some revenue versus zero. Remnant space is your friend. Be on the lookout for opportunities when close minded competitors have cut back or are in a play it safe mode.
Another overlooked strategy is to joint venture and share resources with other businesses to lower costs and share customer lists. Too many businesses try to carry the load by themselves and miss out on simple, low cost ways to leverage their time and marketing dollars with fellow business owners who are seeking to get the word out and add more value to their existing clients.
3. Go on the offense and guard your mindset. I was speaking in Seattle a couple months ago to a group of chamber of commerce executives and found that many of them were actually GROWING their memberships. Were they lying, delusional, pulling my leg? No, many of them stated that this is the best time to grow and retain current members on the value the chamber proposition offers when utilized. Amen. Far too many non-profits and even some of their peers are stuck in the “woe is me” mode and have bought into inaction, fear and retreat with their mindset and marketing efforts. This is what I often refer to as hope being a poor marketing strategy. Hope is what’s choking the life out of too many organizations.
Lessons from the best investor in the world
Why does one of the world’s greatest investors, Warren Buffet, go on buying binges when everyone is selling stocks? Simple. He knows that this is the best time to buy, get great deals and go on the offense. This logic is a great lesson for business leaders to model as it relates to growing their customer base and standing out in their industry. While many complain, retreat or “play it safe” the savvy, well positioned marketer goes on the march to grow when the market place is stuck in quick sand or fear.