In a recession, some people win and some lose. The big news is that you can decide today which side you want to be on.
In 1975 Ronald Reagan was elected President. Interest rates were enormous; people were waiting 2 hours in line to fill up their gas tanks and hostages were being held in Iran. Times looked pretty bleak. Then came one of the most prosperous times in U.S. history.
We know that some people prosper during these hard times. Bankruptcy attorneys, blood banks, cleaning services, home based business opportunities and venture capitalists are doing well now. How can your product or service innovate itself to become part of the solution instead of part of the problem?
The Question Is: How Do You Or Your Business Take Advantage Of These Opportunities?
During recessionary times, successful people are the ones who are more creative. They build wealth and success because they seize the opportunities before them.
This is why this period in history offers the greatest opportunities of our lifetime. Real Estate is distressed, the stock market has bargains galore and retail discounts areeverywhere.
Wealth is built by seizing opportunities, reducing costs and maximizing sales conversions.
What's holding us back?
Let's face facts. Most business people are just too busy putting out fires all day to worry about all the new fangled marketing strategies. They're not sure what the best strategyis, what a good response (ROI) is or if they should do it in house or outsource. Most executives feel their time could be better spent elsewhere. They yearn for the day when they can spend less time doing what they don't enjoy and lead a more fulfilling life.
What's the answer? Identifying and presenting the most relevant solutions - solutions that will give your customers and clients hope to raise sales and profits while reducing expenses.
What Your Customers Really WantMartin Etherington, VP-Marketing at Tektronix, Inc. said in an article in BtoB Magazine, January 19, 2009, "We have an absolute focus on helping our existing customers in thisdownturn and providing innovation in a crisis. They have the same problems we do - controlling expenses, improving time to market and increasing revenues"
Naylor Gray, director of global marketing at Frost & Sullivan, said "the most important thing is to focus on ROI and focus on the things that will make the company money, such as lead generation programs, webinars and white papers."
Recession MarketingStefan Tornquist, research director at Marketing Sherpa recently identified the 5 key elements essential to marketing successfully during a recession. He made his comments in a Wall Street Journal interview in June, 2008.
1. Branding matters. Downturns create branding opportunities for small players to increase their visibility because there is less competition advertising in the market. It's basically an "end-run" strategy.
2. SEO & SEM remain unleveraged. Organic search is not complicated but most marketers don't realize how important it is in the grand scheme of internet presences.
3. Increasing traffic is expensive. Increasing conversions doesn't have to be. It's easier to test various conversion strategies than constantly looking for more traffic and leads.There are two quick ways to improve your website's effectiveness; better usability design and better copy.
4. Copy impacts web conversions more than any single factor. The way to improve your copy is to constantly test, tweak, test, tweak, etc.
5. Direct mail is still the marketing workhorse. Research confirms what direct mail experts said in the 1980's: Short, single purpose direct mail pieces will outpoll a 75 pagecatalog. Define your target buyer and mail them something that will lead them to a highly personalized website.
Time saving resources that work.
Welcome to the age of content marketing. B2B marketing strategists envision 2009 as the year of interactive content marketing and custom publishing. Clients are demanding more"what's in it for me" content that solves their problems, needs and challenges. Marketers are beginning to rely on more personal, segmented, prospect focused content that they can track and respond to in real time.
The chief marketing council (CMO) found in a recent study that 75.9% of senior marketers believe they are not realizing the full revenue potential of current customers.
In most cases these companies are spending money on acquiring new customers. They could reduce expenses and boost revenue dramatically by using strategies to up-sell, cross-sell, partner and be more inventive in ways to engage existing customers. It's a matter of integrating and mining your current database with your salesorganization.
Find which leverage point you can easily improve upon and begin to implement specific strategies. Content marketing in all of its forms (audio, video, print, teleclasses) areeffective at each of 5 customer leverage points. Attraction, Qualification, Conversion, Retention and Multiplication.