Not only is marketing essential during the recession, it will remain so during the “new normal”. Be one of the few to stand out in the crowd and leapfrog the competition by focusing on marketing.
- Sales and marketing are not identical: Often, I hear confusion about this topic. Marketing is attracting customers to you. Think of this – if you are doing an outstanding job of marketing with this definition in mind, there is little need for sales in the traditional sense.
- The statistics: According to McGraw-Hill research, those businesses that maintained or increased investment during the 1981-82 recession averaged higher growth during and following the recession.
- The power of stories: Who doesn’t prefer an enticing story vs. boring facts and figures? There is no better way to attract customers to you.
- Word of mouth: Is there a faster way to spread information? (especially in today’s digital world) Consider how quickly your teenager knows the skinny on the latest movie, song etc.
- Trust: Trust and credibility are critical in today’s environment. Do you prefer to buy from those you trust? How can you show your customers, suppliers, employees etc that you are trustworthy?
- Provide value: Nothing attracts shareholders, customers, suppliers, and employees like value. Brainstorm several unique ways you and/or your business could provide value.
- Understand your customer: What could be more important? After all, the only way to provide value is to know what is valued.