Growing your business in a tough economy
What generally happens when times are tough is that you cut or reduce your marketing budgets without giving any thought or planning to the next three, six or even twelve months. The result being that you have little or no business being generated which leads to even more catastrophic problems.
If you are seeing your marketing budget as an expense rather than an investment (which needs to be nurtured over a period of time), then you need to refocus your thinking. Don’t let the economy be your excuse.
You hear it everywhere you go – “Sales are down because of the economy. My customers simply aren’t buying as much”. So, you cut your budget, save money – BRILLIANT. Job done. But, you’ve left the door wide open for your competitors, who have continued to invest in their marketing budget, to take over all the leads and sales that should have been yours.
By backing off, business will go down, but if you work harder and smarter, business will improve. As the saying goes "When the going gets tough, the tough get going."
So how do you invest in a marketing plan that will work for you?
First things first - Don't panic!
Do a marketing audit
Review everything you are currently doing and understand what is working and what is not.
Consider all the avenues available in today’s marketing mix and look towards creating an “omni channel” approach
- Face-to-face selling
- Social Media
- Digital
- Radio
- Television
Competitor research
Find out what your competitors are up to. Their sales, marketing and general approach to clients.
Price objection and building value
Customers are not necessarily looking for a discount, but they are looking for value.
Make sure you can back up your prices with some solid ROI and an understanding of what your customers are looking for.
The messaging
Make sure your brand is positioned correctly.
Is it easy and simple to understand?
Go back to basics – one-on-one meetings.
Regular newsletters.
Special offers to long term clients.
Build relationships
The relationship with the salesperson is the No.1 reason people give for doing business with a company.
Stay focused and stay in touch.
Keep a good attitude
Inspirational, motivational, positive, and upbeat – make this your daily mantra.
You are responsible for your success
Success is up to you - you own it, and you control it.
Keep spending
As business improves, keep increasing your marketing spend.
INVEST
INVEST
INVEST
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