Marketing Your Business Through a Downturn
Energise provide bespoke programs to unlock people potential and help
people to change career and work better. Rachel Brushfield, Director at
Energise, specialises in career reinvention and helps you to market
yourself and create a career strategy and plan to succeed and keep
nimble in our changing world. Energise also do talent management and
human capital projects so are up to date with work trends and what
employers are seeking. Clients include individuals from GAM, RBOS,
Merrill Lynch, Accenture, Mellon, law firms such as Clifford Chance and
one of Rachel’s clients, Duncan Goose won an ITV 2007 People of Briton
Award.
When the chips are down, the future uncertain and budgets tight, it's easy to cut areas like marketing which are perceived as less essential than staff salaries and rent/rates. Compared with some areas of expenditure, the return on investment for Marketing is harder to prove and so it is often the area that gets cut first, along with training and learning and development. However, research proves that companies who market their way through challenging times come up trumps.
"When we long for life without difficulties, remind us that oaks grow strong in contrary winds and diamonds are made under pressure." Peter Marshall
When people feel unsure, often they switch into short term thinking survival mode. This is understandable up to a point but dangerous, and you can actually shoot your business in the foot. Alot of Marketing is about building for the long-term.
The definition of marketing is understanding, anticipating and satisfying customer needs profitably (Source the Chartered Institute of Marketing) and understanding your customers' needs isn't something you can ignore in a downturn. In fact their needs become more important, because customers know they have more power and influence because there is more competition.
Analyse your customers
When things are busy, it can be hard to find time to analyse your customers and identify the specific characteristics they share. Make time to do this exercise so that you can better market to them and maybe even say goodbye to a 'high maintenance low profit customer segment' post the downturn.
Do low cost marketing activities
Do a questionnaire with your clients; write a letter to a trade magazine; ask associates how they market themselves; do a talk at a networking group or host a lunch to introduce your clients to each other.
Use the quiet time constructively
Create client case studies, ask your clients for testimonials and introductions, do research into your clients' needs and problems, review your competitors' approaches and get up to date with market trends. People often complain they haven't got enough time and then when they have it, they waste it worrying rather than using it constructively!
"When the winds of change blow, some people build windmills, others build walls." Anonymous
Strengthen your client relationships
It is human nature to be more risk averse and stick with what/who they know, and this is magnified at the moment because of lack of trust following the credit crunch. Work out which 20% of your customers give you 80% of your profit and satisfaction and invest in strengthening your relationships with them.
Identify blocks to marketing
Many people have blocks about marketing, networking and selling and avoid it. This limits their success and they then berate themselves for not doing what they know they should be doing! Such blocks are often unconscious and pinpointing and changing them makes a huge difference to success.
One client, a greeting card designer, talked about setting up her business and marketing herself but kept on procrastinating. We identified that the blocks to her getting her business off the ground were a) her environment wasn't inspiring her and b) the lack of a desk/storage to create her product. Once these were in place, she was unstoppable and now has listings in many major national chains such as Paperchase.
Build your differentiation and brand
A brand is the distinctive and relevant territory you want to occupy in your customers' minds and hearts. It is the combined perceived functional and emotional things they get from using your service. A brand is built over time and worth the investment, as long as it is based on customer needs and you update your brand with these changing needs. Re-look at your differentiation and make it even more focused and specific.
Add value don't discount
Fear is common when there is a downturn and it can feel tempting to discount your prices to secure business, at any cost. This is a dangerous path to come back from and it is much better to add additional things to your service or product that build the reasons to choose your product or service. Doing pricing quotes for companies who are playing suppliers off against each other is not only time consuming, it is soul destroying and doesn't build your business.
Try something new
If what you are doing isn't working try something else. Doing one new thing in addition to or instead of your usual marketing can create fresh leads. For local services, putting a professional looking advert on village, doctor or post office notice boards or doing a creative mailing that stands out from other run-of- the mill mailings can attract new customers.
Network, network, network
Investing time in networking and trying new networks keeps your name and brand out there and enables you to meet new associates and get fresh ideas.
Focus on less
Often by focusing on less, we can achieve more. This can feel like you are restricting yourself but is better than spreading yourself thinly, trying to appeal to everyone and therefore standing for nothing distinctive, and ending up appealing to noone. Get clear about the unique aspects of your product or service and how you can strengthen these.
Client example
Tom Young is an artist. Beliefs about artists being penniless and not being good at marketing because they are 'creative' are common. Here's what happened when we worked with Tom:
Tom was lacking money and feeling stressed but determined to 'crack' making a living out of art. He painted with 2 contrasting art styles and didn't believe that he could do/have both commercially. Tom had his Bank 'on his back' and needed to make money fast.
We explored Tom's beliefs about money, abundance and art/painting as a commercial possibility. He identified and changed limiting beliefs about what was possible We defined clear goals – short term to earn £15,000 in 3 months and a clear vision for the future plus longer term goals. We helped him elicit a list of key contacts, simple actions and low cost quick wins, e.g. phoning his no 1 previous client and offering an exclusive preview of new work to him, attending a networking meeting with lots of potential customers etc. I also recommended that Tom visualised the outcome he wanted regularly.
The result? Tom achieved his goal of £15,000 in 3 months. His No 1 client bought 2 paintings on the spot and offered Tom his home to exhibit work and invited all his clients/friends, resulting in more sales and contacts. He achieved an exhibition organised and paid for by a furniture retailer who he met at a networking event. Tom is still doing two contrasting styles of painting, with two different galleries marketing a style via an exhibition each year and is now paid to travel abroad to paint commissions and is getting close to his long-term goal and dream of having a home in the country.
Marketing doesn't have to be expensive and painful, in fact the key is finding marketing you do enjoy and focusing on less to achieve more. Pressure from the downturn makes businesses question what they have been doing and be more resourceful to come up with new and different ideas that work and achieve more with less. Good luck!
When people feel unsure, often they switch into short term thinking survival mode. This is understandable up to a point but dangerous, and you can actually shoot your business in the foot. Alot of Marketing is about building for the long-term.
The definition of marketing is understanding, anticipating and satisfying customer needs profitably (Source the Chartered Institute of Marketing) and understanding your customers' needs isn't something you can ignore in a downturn. In fact their needs become more important, because customers know they have more power and influence because there is more competition.
Analyse your customers
When things are busy, it can be hard to find time to analyse your customers and identify the specific characteristics they share. Make time to do this exercise so that you can better market to them and maybe even say goodbye to a 'high maintenance low profit customer segment' post the downturn.
Do low cost marketing activities
Do a questionnaire with your clients; write a letter to a trade magazine; ask associates how they market themselves; do a talk at a networking group or host a lunch to introduce your clients to each other.
Use the quiet time constructively
Create client case studies, ask your clients for testimonials and introductions, do research into your clients' needs and problems, review your competitors' approaches and get up to date with market trends. People often complain they haven't got enough time and then when they have it, they waste it worrying rather than using it constructively!
"When the winds of change blow, some people build windmills, others build walls." Anonymous
Strengthen your client relationships
It is human nature to be more risk averse and stick with what/who they know, and this is magnified at the moment because of lack of trust following the credit crunch. Work out which 20% of your customers give you 80% of your profit and satisfaction and invest in strengthening your relationships with them.
Identify blocks to marketing
Many people have blocks about marketing, networking and selling and avoid it. This limits their success and they then berate themselves for not doing what they know they should be doing! Such blocks are often unconscious and pinpointing and changing them makes a huge difference to success.
One client, a greeting card designer, talked about setting up her business and marketing herself but kept on procrastinating. We identified that the blocks to her getting her business off the ground were a) her environment wasn't inspiring her and b) the lack of a desk/storage to create her product. Once these were in place, she was unstoppable and now has listings in many major national chains such as Paperchase.
Build your differentiation and brand
A brand is the distinctive and relevant territory you want to occupy in your customers' minds and hearts. It is the combined perceived functional and emotional things they get from using your service. A brand is built over time and worth the investment, as long as it is based on customer needs and you update your brand with these changing needs. Re-look at your differentiation and make it even more focused and specific.
Add value don't discount
Fear is common when there is a downturn and it can feel tempting to discount your prices to secure business, at any cost. This is a dangerous path to come back from and it is much better to add additional things to your service or product that build the reasons to choose your product or service. Doing pricing quotes for companies who are playing suppliers off against each other is not only time consuming, it is soul destroying and doesn't build your business.
Try something new
If what you are doing isn't working try something else. Doing one new thing in addition to or instead of your usual marketing can create fresh leads. For local services, putting a professional looking advert on village, doctor or post office notice boards or doing a creative mailing that stands out from other run-of- the mill mailings can attract new customers.
Network, network, network
Investing time in networking and trying new networks keeps your name and brand out there and enables you to meet new associates and get fresh ideas.
Focus on less
Often by focusing on less, we can achieve more. This can feel like you are restricting yourself but is better than spreading yourself thinly, trying to appeal to everyone and therefore standing for nothing distinctive, and ending up appealing to noone. Get clear about the unique aspects of your product or service and how you can strengthen these.
Client example
Tom Young is an artist. Beliefs about artists being penniless and not being good at marketing because they are 'creative' are common. Here's what happened when we worked with Tom:
Tom was lacking money and feeling stressed but determined to 'crack' making a living out of art. He painted with 2 contrasting art styles and didn't believe that he could do/have both commercially. Tom had his Bank 'on his back' and needed to make money fast.
We explored Tom's beliefs about money, abundance and art/painting as a commercial possibility. He identified and changed limiting beliefs about what was possible We defined clear goals – short term to earn £15,000 in 3 months and a clear vision for the future plus longer term goals. We helped him elicit a list of key contacts, simple actions and low cost quick wins, e.g. phoning his no 1 previous client and offering an exclusive preview of new work to him, attending a networking meeting with lots of potential customers etc. I also recommended that Tom visualised the outcome he wanted regularly.
The result? Tom achieved his goal of £15,000 in 3 months. His No 1 client bought 2 paintings on the spot and offered Tom his home to exhibit work and invited all his clients/friends, resulting in more sales and contacts. He achieved an exhibition organised and paid for by a furniture retailer who he met at a networking event. Tom is still doing two contrasting styles of painting, with two different galleries marketing a style via an exhibition each year and is now paid to travel abroad to paint commissions and is getting close to his long-term goal and dream of having a home in the country.
Marketing doesn't have to be expensive and painful, in fact the key is finding marketing you do enjoy and focusing on less to achieve more. Pressure from the downturn makes businesses question what they have been doing and be more resourceful to come up with new and different ideas that work and achieve more with less. Good luck!
