Do you hear the word recession and immediately begin to panic? Perhaps you start to move slower and slower when it comes to making purchases, hiring staff and investing in sales and marketing activities.
You know that by being tight-fisted with your resources you are only compounding the issue, but how do you stop?
Follow these three simple strategies and weather any upcoming economic climate:
1) Get real on who your Top Level Target is 2) Fortify your Existing Client Relationships 3) Balance your Marketing Pie Smart businesses know that the economy ebbs and flows at all times. They prepare themselves for any weather condition by following the three strategies above. Are you prepared?
Strategy 1 - Clarify your Top Level Targets Sometimes called your Ideal Prospects, these are the people or companies that have a recognized and compelling need for your products and services.
Recognized meaning that they are aware of, and ready to take action to solve their problem. And compelling, meaning that they are actively searching for the solution.
Ask yourself, "where can we find large groups of 'these' prospects? Then commit to learning as much as possible about this group.
If you'd like to receive a copy of the Rainmaker's Top Level Targets Questionnaire, email me and I'll get one to you right away.
Strategy 2 - Fortify your Existing Relationships Successful business owners invest a lot of their time on this strategy. You've heard it many times I'm sure, "it's quicker and less expensive to generate additional sales from your existing clients than it is to acquire new ones."
Take the time to meet with each of your clients and customers over lunch or coffee this month. Find out what they are working on, what's keeping them up at night, and what they are looking for help with. I once helped a client find a dog breeder. Not my usual line of work, but he's still loyal to me today. You gotta move mountains to be the one that solves their problem or helps them achieve their goals.
Consider a thank you gift or hosting a client appreciation event. Be the one that lifts others from their doom and gloom thinking.
Strategy 3 - Balance Your Marketing Pie Instead of a boring old 'marketing mix' I like to think of my marketing activities as part of the one big pie that is my company. Instead of focussing on only one or two marketing strategies, we employ between 8 and 12 at any given time.
This ensures that more of our Top Level Targets are reached through a variety of mediums.
Its no surprise that people today are bombarded by over 30,000 marketing messages a day. How are you supposed to get through?
By adding variety into your marketing vehicles and being consistent you will see better results. Variety in delivery channels guarantees an increase when it comes to reaching and connecting with the right people, at the right time for them.
Consider adding strategies such as blogging, publishing an ezine, hosting a free seminar, telemarketing, getting media coverage, finding affiliates and strategic partners, or utilizing web advertising.
Evaluate your current activities and find ways to measure their effectiveness. Ditch those strategies that aren't generating results while investing in new strategies with focus and enthusiasm.
I have a friend who fills her trunk with weather survival gear. Umbrella, flashlight, blanket, tool box, charged cell phone, water, granola bars, heavy jacket, light jacket, running shoes, you name it.
I chuckle at her all the time - but the ironic part is that it's always her car I hope to be in when the weather changes.
Your company's marketing pie should be balanced with a variety of sales and marketing tactics. If you follow all three strategies you'll be prepared to weather any economic climate.
As the Boy Scouts say, "Be Prepared"
Until next time, Jude
To learn more about this author, visit Jude Smiley's Website.
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