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The Best Marketer Wins
Whether your business is going to exist on the other side of the
inevitable forthcoming recession is going to depend on the marketing decisions
that you make today. Unless, of course, you own a hotdog stand in Tampa where
the bikini-clad vendors are always going to be popular. Or, you might make one
heck of a reliable voting machine. Economic downturn or not, this is a good
time of year to make some marketing resolutions for your business to ensure
your prosperity over the next 12 months. As I've said before in this column,
smart marketing is critical in a slow economy, especially for the small
business owner but for all businesses that want to survive the pressure.
Regardless of your business, do not get caught looking backwards
as you move forward. In other words, don't look at your recent success (in this
robust economy) and assume that you do not need to market your business better.
Your competitor is hoping that you'll do just that! Remember, it's the best
marketer that wins, not necessarily the best product.
Consider taking steps in each of these areas to ensure your
maximum sales and profit opportunities:
- If you are launching new products or services, conduct a
price/demand study so that you know before you invest in R&D who is willing
to pay what for your widget. Wouldn't it be nice to know ahead of time, before
spending your marketing budget, the best price and market segments for your
products? This is good advice in any economy. Again, unless you own that hotdog
stand in Tampa…
- Take care of your current business. Make sure that each
transaction is a consistent, pleasant experience, and that you build confidence
in your company. It's all about perceived value, so focus on the problem that
your product or service solves for your customer - and how you make them feel.
Make sure that phones are answered properly. It goes a long way.
- Ruthlessly capture data about your customers. There are
marketing companies that can enhance your existing database. At the very least,
capture email addresses for private communications from your company. Build a
database of secondary contacts for B2B communications, and segment your
customer list. Know who your top accounts are, and have a separate strategy for
keeping them happy. Know your inactive accounts so you can win them back.
- While we're on the subject of "data" make sure that you take
steps this year to improve your company's database. An accurate database of
useful information will position you to take advantage of powerful marketing
strategies and keep your competition playing catch up.
- Define your business and personal goals for 2001, on paper, and
map out a plan to get there. You'll need milestones, a budget, and a marketing
strategy or two. As the Cheshire Cat said, "if you don't know where you are
going, any road will do…" or something to that affect.
- Find out why your best customers keep returning, and why others
have left you. Now is the time to start asking. Conduct a small phone campaign,
a survey, a focus group, or even a customer appreciation event. You'll get
tremendous feedback and lots of great ideas for your 2001 marketing campaigns.
- Conduct a thorough review of your past marketing successes. Go
deep into the files and dust off whatever generated the best results. Update
the campaign and re-run it. I find that many businesses have abandoned
successful programs merely because it became boring.
- Find the time to read one or two marketing books each month,
and take notes! Even if you are not directly overseeing the marketing programs.
Study businesses outside of your industry and look at the concepts and theory
behind their success. How can you bring successful marketing programs from
other fields to your company? Read your association newsletters and pick out
the monthy trade magazines that make sense. Attend at least one trade show that
your best customers would typically attend, and attend at least one
professional conference.
You can market your way through a recession. It takes marketing
discipline, a good set of products and services, and perceived value. Now is
the time to map out your marketing strategy for the next 12-24 months. Invest
while you have the "extra" cash flow, before the phone stops ringing.
Now, if all of the above seems like too much work, maybe you
should cash out and set up a hotdog stand in Tampa. Not a bad idea, huh? (And
if you are planning to cash out soon, the above advice will maximize your
value.)
Next column: Answers to recent reader emails. I'll meet you here
in two weeks.
Bob Martel is a marketing consultant, speaker, and
direct marketing copywriter. He can be reached at JMB Marketing by e-mail at
bobmartel@jmbmarketing.com, or
by calling (508) 481-8383.
Copyright © 2005 JMB Marketing Group, All Right
Reserved
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