5 Steps to Prepare Your Marketing For an Economic Downturn!
Let me ask you a rather blunt question – Are you concerned about the effects of the Coronavirus #COVID19 on the economy and your business?
If you are reading this on a Sunday, you might be wondering why I chose to post today. (FYI: I’m not a fan of spreading fear but I am a fan of preparation!)
I’m writing this today because of the number of conversations I’ve had over the weekend with CEOs and business owners of small businesses around preparing for a down economy or recession.
Now, we’re at the starting point of all this, but many of you àre already realizing that your service delivery must move virtual and digital in some instances.
So with all that being said, “how do you prepare your marketing for a downturn?”
My advice – these 5 things:
- Refocus your marketing on who you can best serve – define who makes an ideal customer and who doesn’t – serve only one of them. Learn more >
- Audit your customer experience for places to add value before discounts – One of the first places businesses cave is on pricing, the inclination is that cutting prices will make the phone ring but it rarely helps long term, and it hurts profit. Learn more >
- Partner with other businesses – Proactively creating strategic partnerships is a great way to generate new leads and build long-term momentum. The trick is to do it ways that are win-win and simple for all parties. Learn more>
- Fix your follow-up approach – generating a lead and converting a lead is not a one time deal. Develop multiple follow-up messages, schedule routine marketing touches and send an occasional thank you note.
- Focus on being the go-to informational resource – Marketing is essentially a trust-building game. Few things build trust more efficiently than educating potential customers via webinars, teleseminars or seminars and sharing your expertise in an educational setting. Learn more>
When preparing for a downturn stop playing around with the “idea of the week” and go create and execute this plan!
Indispensable Marketing takes a process approach to developing and installing your small business marketing.