Should You Spend Money Marketing in a Recession?
Most would think that spending money on marketing your business during tough economic times would be as wise as riding a motorcycle without a helmet. But when managed properly, businesses who market wisely may not feel the impact of a down-turning economy.
There are two keys to achieving this: 1) targeting and identifying who your profitable prospects are 2) maintaining a strong relationship with your ongoing profitable customers.
There are companies that sell lists of companies with contact names and information. These lists can be purchased by industry, demographic information and even geographic information. There are also analytical and forecasting tools that can identify your best prospects by industry. Investing ahead of time in a well—informed list of prospects can save you thousands in returned mail, printing costs and wasted labor.
Another important marketing strategy is ongoing credit screening and evaluating. You need to be aware of companies that are likely to pay on time or not. This is not only true of prospects but of ongoing customers. Your business's financial status is relative to that of your customers. So be sure to evaluate their financial standing periodically.
Your current clients may indeed be your biggest opportunity. Consider ways to maximize the dollars your current clients spend at your business. While it may take some creative positioning and time building strong relationships, this strategy often proves the most successful, especially in tough times.
To discuss these ideas more specifically, please feel free to contact us. We would be happy to assist you.
About Our Consulting Services
We are not your 'average' consulting firm. Far from it.
We are members of the Principa Alliance, an international network of business consultants and our goal is to help you build a stronger, more profitable business and enjoy a higher quality of life as a result.
When you work with us to improve your business you're gaining access to a global knowledgebase and a wealth of consulting experience that is so much more powerful than any one firm could offer.
By combining our knowledge of your business, the personal relationship we share with our clients and the consulting tools, support and networking power of the Principa Alliance, we can help you achieve more with your business than you imagined possible.
In short, we can, and will, do so much more for you than just 'keep the score.'
Contact us today to discuss how we can help you implement any of the topics described in this newsletter, and help you build a business that delivers on its promise.