Marketing & promoting when times are slow
If you’ve followed the news, you know the economy is slowing down in many places. You may have already felt the pinch. In August, manufacturing lost 11 thousand jobs, after shedding 23 thousand jobs in July. Another sobering fact is that manufacturing has lost more than three million jobs since 2000. The housing market is backing down as well and belts are starting to tighten.
There’s still work out there for the creative crew, but what I’m hearing from designers and others is that the projects are small and the phone isn’t ringing as often.
So, what does this mean to you and your business? It means a couple of things. First, if you haven’t been aggressively marketing your practice, you’re already behind the eight ball. Second, and this is mostly for creative enterprises, you’d better start educating your clients about what to do to help insure their success in a slow economy.
Research has shown, over and over, that the successful companies are the ones who maintain, or better increase, their marketing activities during slow times. Typically, one of the first things to be cut during a slump is marketing. So, while the competition is cutting back and losing market presence, the ones who step things up are the ones who increase their visibility. Plus, because of this increased visibility, they’re poised to be in a much better position when things start to recover. Often, they can overtake a top gun who cut their budget.
But, for many independent professionals, marketing dollars are already hard to come by. So, it’s time to use brains instead of bucks and savvy instead of spending.
Here’s a few ideas to help get you through the tough times.
1. Build your list without spending a buck
It’s always best to build your own list, rather than renting one. When you build your own, you do the research and learn a lot more about your prospects’ companies than just a name, addresses and maybe a phone number. When you know about your prospects, it’s easier to tailor your message to address common problems and challenges.
2. Use your list
This is a no-brainer, but if you don’t use your list, all that time building it was a waste. It’s always nice to mail out a snazzy 4-color piece or a slick promo package like the ones that grace the pages of HOW Magazine’s Self Promotion Annual. But, if times are slow, consider a well-written letter of introduction along with your business card. You can do the jazzy thing later when the wampum’s flowing in.
Be sure to follow up by phone. This is the critical area where lots of folks fail. Without a follow up plan, even the cost of some paper and stamps can be squandered.
Another tactic is burning CDs with your promo instead of having it printed. It’s a bit more expensive than a simple letter, but, since you can create them on demand, it’s usually less than a printed piece.
3. Focus on industries less effected by a slow down
Think about what people are always going to need when things are slow. For instance, if you now focus on construction and housing, you might start promoting to the healthcare market. People are always going to need medical care.
4. Expand your horizons
I live in an area that has a heavy industrial/manufacturing base. When things slow down, they cut back spending and the work dries up. It was important for me to expand my marketing area. Now, only about 10% of my clients are local to me.
If it’s looking like your local area may not be able to sustain you during a sluggish period, it’s time to start thinking about expanding regionally or even nationally.
5. Get some press
If you’re getting slow, consider using this time to put together your press kit. Send it out to your local media and also trade magazines within your niche.
Look for things that you can put a newsy spin on and write a release. Have you joined a committee for some community or nonprofit project? Offering any new services? Maybe you just completed a project that would make a good case study for an industry publication.
6. Get back in touch with former clients
Pick up the phone and renew some old connections. Maybe get together for lunch or just coffee. Learn what they’ve been up to. Find ways to keep in touch. How about an e-newsletter or occasionally emailing them some useful links to articles, sites and such? Become a resource.
7. Dialing for dollars
Cold/warm calling is a numbers game, but it’s still one of the quickest ways to nab some new business. If you’re slow ... or worse, stopped ... use this time to make some calls each day. It beats sitting at your computer playing solitaire.
8. Get active
Join and get active in some community groups and/or business organizations. Get on a committee or two. Or, better yet, chair them. This will increase your visibility and get your name around. Working on committees also lets others see how you work.
9. Suggest project ideas to your clients
If you’re on top of your clients’ businesses, and you should be, find ideas that will help them out. Perhaps they have a new product or service that could use a brochure or news release. Maybe their site is stale and needs a lift. Be proactive about helping your clients become successful. When they're successful, so are you.
10. Upsell at every opportunity
So, you’ve got a gig. Great. Maybe it’s a brochure for a new product. Could they also use an ad? Perhaps you’re doing a menu. Your client might also need table tents to feature the new entrees.
Remember the 80/20 Rule – 80% of your business usually comes from 20% of your client base.
For instance, one of my clients called me in for some marketing consulting. We hashed some things around and I suggested news release about a particularly successful joint venture. I wrote the release. Upgrade number one. The release was picked up by a trade publication. It was my client’s first press mention. They were pleased as punch and it generated some inquiries from new prospects.
On the heels of that success, I suggested they do a press kit and shoot it off to their [small] media list. Upgrade number two. We sent out the kit to the six editors on their list. That resulted in two feature stories and one invitation for my client to submit a feature. Guess who writes that? Upgrade number three.
The feature stories resulted in several new inquires and customers. The new customers included companies in Asia – an entirely new market for them.
When you’re upselling, though, it’s important to keep in mind sound ethics. Don’t try to sell them something that they don’t need and won’t help them. You might get the gig but lose the client when it fails.
There’s still work out there for the creative crew, but what I’m hearing from designers and others is that the projects are small and the phone isn’t ringing as often.
So, what does this mean to you and your business? It means a couple of things. First, if you haven’t been aggressively marketing your practice, you’re already behind the eight ball. Second, and this is mostly for creative enterprises, you’d better start educating your clients about what to do to help insure their success in a slow economy.
Research has shown, over and over, that the successful companies are the ones who maintain, or better increase, their marketing activities during slow times. Typically, one of the first things to be cut during a slump is marketing. So, while the competition is cutting back and losing market presence, the ones who step things up are the ones who increase their visibility. Plus, because of this increased visibility, they’re poised to be in a much better position when things start to recover. Often, they can overtake a top gun who cut their budget.
But, for many independent professionals, marketing dollars are already hard to come by. So, it’s time to use brains instead of bucks and savvy instead of spending.
Here’s a few ideas to help get you through the tough times.
1. Build your list without spending a buck
It’s always best to build your own list, rather than renting one. When you build your own, you do the research and learn a lot more about your prospects’ companies than just a name, addresses and maybe a phone number. When you know about your prospects, it’s easier to tailor your message to address common problems and challenges.
2. Use your list
This is a no-brainer, but if you don’t use your list, all that time building it was a waste. It’s always nice to mail out a snazzy 4-color piece or a slick promo package like the ones that grace the pages of HOW Magazine’s Self Promotion Annual. But, if times are slow, consider a well-written letter of introduction along with your business card. You can do the jazzy thing later when the wampum’s flowing in.
Be sure to follow up by phone. This is the critical area where lots of folks fail. Without a follow up plan, even the cost of some paper and stamps can be squandered.
Another tactic is burning CDs with your promo instead of having it printed. It’s a bit more expensive than a simple letter, but, since you can create them on demand, it’s usually less than a printed piece.
3. Focus on industries less effected by a slow down
Think about what people are always going to need when things are slow. For instance, if you now focus on construction and housing, you might start promoting to the healthcare market. People are always going to need medical care.
4. Expand your horizons
I live in an area that has a heavy industrial/manufacturing base. When things slow down, they cut back spending and the work dries up. It was important for me to expand my marketing area. Now, only about 10% of my clients are local to me.
If it’s looking like your local area may not be able to sustain you during a sluggish period, it’s time to start thinking about expanding regionally or even nationally.
5. Get some press
If you’re getting slow, consider using this time to put together your press kit. Send it out to your local media and also trade magazines within your niche.
Look for things that you can put a newsy spin on and write a release. Have you joined a committee for some community or nonprofit project? Offering any new services? Maybe you just completed a project that would make a good case study for an industry publication.
6. Get back in touch with former clients
Pick up the phone and renew some old connections. Maybe get together for lunch or just coffee. Learn what they’ve been up to. Find ways to keep in touch. How about an e-newsletter or occasionally emailing them some useful links to articles, sites and such? Become a resource.
7. Dialing for dollars
Cold/warm calling is a numbers game, but it’s still one of the quickest ways to nab some new business. If you’re slow ... or worse, stopped ... use this time to make some calls each day. It beats sitting at your computer playing solitaire.
8. Get active
Join and get active in some community groups and/or business organizations. Get on a committee or two. Or, better yet, chair them. This will increase your visibility and get your name around. Working on committees also lets others see how you work.
9. Suggest project ideas to your clients
If you’re on top of your clients’ businesses, and you should be, find ideas that will help them out. Perhaps they have a new product or service that could use a brochure or news release. Maybe their site is stale and needs a lift. Be proactive about helping your clients become successful. When they're successful, so are you.
10. Upsell at every opportunity
So, you’ve got a gig. Great. Maybe it’s a brochure for a new product. Could they also use an ad? Perhaps you’re doing a menu. Your client might also need table tents to feature the new entrees.
Remember the 80/20 Rule – 80% of your business usually comes from 20% of your client base.
For instance, one of my clients called me in for some marketing consulting. We hashed some things around and I suggested news release about a particularly successful joint venture. I wrote the release. Upgrade number one. The release was picked up by a trade publication. It was my client’s first press mention. They were pleased as punch and it generated some inquiries from new prospects.
On the heels of that success, I suggested they do a press kit and shoot it off to their [small] media list. Upgrade number two. We sent out the kit to the six editors on their list. That resulted in two feature stories and one invitation for my client to submit a feature. Guess who writes that? Upgrade number three.
The feature stories resulted in several new inquires and customers. The new customers included companies in Asia – an entirely new market for them.
When you’re upselling, though, it’s important to keep in mind sound ethics. Don’t try to sell them something that they don’t need and won’t help them. You might get the gig but lose the client when it fails.
2 Comments:
Great advice, Neil. The best thing about most of your suggestions is that they cost nothing but time, which is particularly important when times are lean.
Thanks for your comment Nigel.
I know many folks out there think "marketing" and then think "expensive." But it doesn't need to be. There are many techniques and tactics that are low or no cost.
It's a matter of putting on our thinking caps and testing those tools that we believe may be a good fit for us. Testing is important, as is giving a tactic enough time to work ... or not work. If it doesn't move, on to the next. Sending out one postcard or making a few calls here and there and expecting a windfall isn't realistic. But, over time and by giving things enough time, we find those techniques that are a "just right" fit for us.
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