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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.
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).
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.
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.
Author Bio
Jay Lipe, aka the “Plan Man”, is the CEO of
Emerge
Marketing; a firm that helps growing companies improve
their marketing. He is the author of the book The
Marketing Toolkit for Growing Businesses (Chammerson
Press) which is available at major bookstores and online
at www.amazon.com.
He is also a sought after speaker and seminar leader, and
can be reached at (612) 824-4833 or lipe@emergemarketing.com
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