There is a lot of hype today about recession proof marketing, personally, based on the results I have seen, I believe it is a bullshit claim! No marketing is immune to change and even in good times the nimble and successful are constantly adapting. In recession you may find that you must become even more inventive to attract more leads on a smaller budget.
So what should you really do? How can you take action now and attract more clients in these challenging times?
So if you want to know where to start – then read on…
You are probably already painfully aware that the actions taken to bring in more business a year ago just don't work today. So you are probably wondering what you can do differently, especially now that you have smaller budgets as a result of reduced cash flow.
The rulebooks that existed a year ago have to be torn up and thrown out. It is probably a good idea for you to review precisely who are your most profitable customers and in what segments they exist.
Many people, who are still extremely successful in these tough times, have taken stock and reviewed their entire marketing portfolio. The first step is to revisit your value proposition. What your customer may have viewed as a valuable before now have dramatically changed as a result of their current circumstances.
As Darwin said "it is not necessarily the strongest or the most intelligent of the species that will survive; rather those most adaptable to change." So what are you doing today to adapt your approach to ensure you can make the most of the changing conditions and your customers changing preferences?
While headline figures state that consumer spending has fallen by 25%, this also means that 75% of spending is still taking place. The question you need to ask yourself is:"am I getting my unfair share of this reduced market?"
A couple of successful customers of mine who in the past had asked for a Blueprint for Success Workshop have realised that now is the time to rethink their strategy. It is no longer acceptable for business owners to stick their heads in the sand like the proverbial ostrich and just hope that things will start to improve.
We all know that hope is not a strategy for success!
What you must do right now is to stop and assess where you are in relation to current market conditions and create a plan for your future success. As people are considering how to trim back costs, at the same time you should also be looking at how to generate additional sales thereby increasing the revenue. We all know the principal formula of business; sales - costs = profits. Therefore it is very important that you focus on both sides of the equation.
You must increase sales while reducing costs.
Therefore slashing marketing costs willy-nilly is not going to help you achieve more sales. What you must do is become vigilant and ruthless about how you apply your marketing budget.
And remember, what worked a year ago, won't work today and is unlikely to work a year from now!
Therefore in conclusion this is why there is no such thing as recession proof marketing. Your marketing, like the market in which you exist, must adapt to change. And as you adapt to change you will start to see a new stream of clients flood your business.
If you're unsure of what steps you should take now then maybe you might want to consider signing up today for a blueprint for success workshop. As many customer testimonials attest to this, it is the most important first step in ensuring you have the right marketing messages and sales questions to ensure your continued survival and future success in today's economic climate.
This article was written by Peter Lawless of 3R Sales and Marketing. If you need help today in turning your marketing results around and attracting more clients on smaller budgets, then ask for a business health check. Then you will know what steps to take for your business.
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