Today's economic challenges are causing some marketing not produce like it once did. It might be time to tune up and recession proof your marketing. Here are some tips to shore up your marketing efforts.
With recession proof marketing strategies you'll be able to maintain growth during tough markets, stay ahead of competitors, and position yourself for growth in better times. Without these concepts, you are likely losing money and struggling like everyone else.
Let's get started with these recession proof marketing tips:
- Diversify your lead generation. No more than 20% of your leads can come from any one source. For maximum stability, test against your best lead generation sources to broaden the base of your lead capture efforts.
- Build your winners circle of strategy. Identify which 5 strategies regularly generate leads and which generate sales. Make these the basis of your marketing, then test new methods against them.
- Measure by profit and loss. Instead of looking at response or conversion rates, look at dollars generate verse dollars spent. Any campaign that gets a new customer at break even or better is kept, all others are dropped.
- Look for deals in market reach. Dig out all your tested campaigns and look for discounts for committing a placement, or how you can use the campaign in a different way. After all, you've already paid to produce it and know it works.
- Know your daily revenue targets. Any marketing or sales effort that helps you reach daily revenue numbers is maintained when the customer created in near profit. This is necessary to keep incoming cash flowing.
- Build a farm club of ideal customers. Identify your top target customers, put in a marketing system to reach them to set an appointment. Keep these accounts informed, protected, and cultivate your relationship with them.
- Eliminate unprofitable customers. By dropping your bottom tier (or changing how you work with them) you keep more of the profits you gain with your best customers. Think surcharge, increasing rates, and up-selling rather than just dropping these unprofitable customers.
- Tag and measure all marketing efforts. Never start marketing, just give yourself a better idea of what is working and what isn't. Do more of what works, tie this information into your profit and loss.
You'll find these ideas get you started recession proofing your marketing while stabilizing your organization in a tight economy. If you want to see how I've helped clients increase profits in bad economies, then contact my office. These points will get you started, but if you want real results you'll need an objective analysis.
Recession proof your marketing and proper in this tight economy, it's easy when you know how.
© 2008-2009 JWH Consolidated Inc dba Center for Strategic Relations, All rights reserved.
Justin Hitt helps technology services providers grow their business in tough economies, increasing sales while reducing overall marketing costs. Discover for yourself new results, http://HittPublishingDirect.com/
Justin Hitt has more than two decades of experience transforming business relationships into profits for clients. Practicing risk and project management in high stakes environments. Featured in Six Sigma Magazine and Greater China CRM. Author of numerous books, reports, and training programs on strategic relations.