How marketing has changed forever...and what to do about it
For 10 years leading up to the new millennium, the US economy rolled merrily along. Confidence was high and business was strong. But starting in the spring of 2001, the economy has resembled Disney World’s Space Mountain ride—off-balance, in the dark, without any idea when the ride will end. The dot-com bomb, corporate scandals like Enron, and ongoing conflicts in Afghanistan and Iraq have reshaped our economy into one based on uncertainty.
To account for this uncertain economy, you’ll have to adjust your marketing efforts accordingly.
Lengthen your expectations First, marketers must commit—like never before—to ongoing marketing efforts. Because of the ongoing uncertainty in the economy, companies are taking longer to reach buying decisions. This means that a marketer has to find creative ways to stay in front of their prospects—in hopes of being on top of the “in pile” when the buying decision is finally made.
Marketing tools for the new economy Stay frequent with more efficient marketing vehicles Today’s marketer asks “How can I stay in front of my prospects often, but for less cost?” Opt-in e-mail campaigns, one-page sales letters and “check-in” phone calls with customers are all cost-effective ways to keep your company in front of key contacts.
Face-to-face networking If you or your sales force aren’t networking at least 10% of your time, you’re missing out. Buyers want to do business with those they trust, and one way to build that trust is to network. When networking, people see you in a non-threatening way and let their guard down more easily, making it easier to connect with them. One of the best networking organizations for a small business is your local chamber of commerce (for me it’s the Minneapolis-based Twin West Chamber www.twinwest.com
Testimonials A client of mine sells telecommunications services to Fortune 500 companies—a traditionally conservative buying culture that wants to see a proven track record of work with other Fortune 500 companies.
Yet, nowhere in this client’s materials will you find testimonials or case studies. The client says, “Why would I want to tip our competitors off to who our clients are?” and I say, “Because you risk more by not doing so.” If prospects can’t find the certainty they’re looking for, they’ll take their business elsewhere.
Get ink In this market, where you’re looking for marketing efforts that do more and cost less, publicity can play a key role. A well-placed feature on your company in a prominent trade publication will build instant credibility in the minds of your prospects.
Identify 3 publications your prospects read, then identify the writers or editors for these publications that cover companies like yours. Send each one a press release every month for at least 3 months and you’ll start to see your company’s name up in lights. And so will your prospects.
What will happen if you don’t I recently met with a client in the office furniture & design business. For the last 10 years, this company has relied on word-of-mouth alone to build its business, forsaking all other types of marketing. Today, this company is in trouble. With its customers undergoing layoffs and staff transitions, word of mouth from their customers has all but dried up and a feeling of desperation hangs in the air.
Don’t let this happen to your company. The 21st century is here, brimming with promise for a better tomorrow. With marketing efforts that emphasize the certainty of doing business with your company, you’ll be around to experience it.
21st Century Marketing - To learn more about this author, visit 's Website.
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