I keep reading articles, blog posts, and newsletters packed with advice for marketers on how to ride-out the recession, economic downturn, revenue slow-down, tough times, or whatever one decides to call this unsure economy.
The following are all great marketing tips, but does it take the threat of a recession to shape up our marketing efforts?
- Stay in close touch with your current customers and make sure you know everything you can about these target accounts.
- Keep a good eye on your competitors. Learn their strengths, weaknesses, long and short-term goals.
- Reactivate your old leads and tighten up communications to those leads you’ve been slowly nurturing.
- Prioritize your marketing budget. Decide what you must have, what would be nice to have, and what you can do without.
- Motivate and reward your sales teams with programs and qualified leads that encourage them to excel.
- Target wisely. Don’t waste precious time and resources on those not likely to buy; instead focus on your most profitable customers and prospects.
- Strengthen relationships with your existing customers and business partners.
- Segment your customer base and measure lifetime profitability value and overall sales.
- Don’t cut back on marketing and advertising because your competition is likely holding back now. You have the playing field.
This last one gives me hesitation, though I read this tip everywhere. I truly doubt that anybody’s competition is sitting on the sidelines right now, or ever. I would say to spend more wisely by focusing correctly and that will get you ahead in any times.
I find it interesting reading all of the “how-to-market-in-a-recession advice,” but one BIG thought strikes me. Actually, it makes me worry. Shouldn’t marketers be performing all of these activities regardless of economics? Isn’t that just good marketing?