Marketing In An Economic Recession #5
October 31, 2008
This is the fifth installment in our series things you should consider when marketing in a recession. Yesterday we promised you four things you should start to do right now that will make a difference in your market position in the future. Let's go:
Reevaluate Your Marketing Plan: Sure that sounds easy but what I'm asking you to do is go into your best thinking mode and really look at your marketing plan. In 2009 have you positioned yourself as well as you can? If you used to do eight trade shows will four work? Check the print advertising do you REALLY need to be in all of those trade magazines? Check the ones that really hit your demographic and don't always buy price. There is a reason some things are really cheap! The best advice we can give you IF you have a marketing plan that is well thought out follow it. If you don't have a solid marketing plan you will not be able to have a realistic budget going ahead. We're not joking.
Reevaluate Your Mind: If you are one of the folks that relegate your marketing and advertising to an "expense" item rather than an investment.... get ready to put the "For Sale" sign up. Look, when you pull back on advertising and marketing SOMEBODY is going to swoop in and take your market share. IF you have been paying attention over the past few days we've given you SOLID historical examples of how you can build market share in a recession.
Take Advertising and Marketing Seriously: We know of plenty of business leaders who have "Mary" the "Front Office Girl" track and take care of their marketing and advertising. We're not kidding. The boss gives out a list of media people he/she will talk to and if anybody else calls, "Tell them you'll take a message." Stop! You never know what new idea will save your butt. If you have a "Sales and Marketing" director ask that person to spend as much time on "directing" your advertising and marketing budget then he/she does trying to build your dealer network. And, if you are working with an agency and that agency isn't bringing you new ideas or business updates. Gosh, call us. And, if all of this is too scary...again, call us for cryin' out loud.
Get Some Serious Help: Ok, here's the pitch. If all of this stuff makes your head spin and you would rather be out on the sales/shop floor or if you would much rather be pounding the road looking for dealers...or if "Mary The Front Office Girl" called in sick. Call us. Seriously. Let's be honest, I have NO idea how to make the "Self Weasel Winding Torque Inducer" you folks make. No idea. But...I'll bet you we can find new and exciting ways to SELL it! That's what we do...everyday.
We're here all the time working on behalf of our clients. Perhaps, if things are right we can do the same for you. Thanks for reading and let's go get 'em!
Michael P. Libbie - Insight Advertising, Marketing & Communications where advertising, marketing and communications is what we do for people every day. Name sort of fits huh?