Thriving Your Business in Turbulence
8 ways to excel despite widespread uncertainty and upheaval
1. Secure your market share from your core customer segments. This is no time to be getting greedy. Your first priority is to get your core customer base firmly secured. Be prepared to ward off attacks from competitors attempting to take away your best and most profitable customers away.
2. Push aggressively for greater market share. All companies are out there fighting for market share and in these chaotic times, some of your competition has been weakened. Some are slashing marketing budgets and advertising expenditures. This is the time to add to your share of the market when you can, more easily than when times are good.
3. Research customers more than ever. Everyone is under pressure during times of turbulence and chaos. This means customers might be changing some of their habits. Yes even your customers. Stay close to them. You don’t want to find yourself giving out an old marketing message that no longer has any meaning.
4. Seek to increase or at least maintain your marketing budget. This is really the worst time to go shrinking or cutting your marketing. If possible you need to be adding to your budget or take money away from those areas you were planning to go after in totally new customer segments and concentrate on your core market.
5. Focus on what is safe. When things are going creasy, there is a massive flight to safety. Your customers need to feel safe and secure in working with your company, its products and services. Do everything you can possibly do to communicate that by continuing to do business with you is the safe thing to be doing. Do whatever it takes to get out those good vibes.
6. Drop programs that are NOT working. If you’re not watching your spending be sure that someone else is. Cut out ineffective programs and divert that money to your marketing attacks that are working. Use your money wisely.
7. Don’t discount your best brands. If you go and start discounting your best services or products you are telling the market, you’re yelling out to them that your prices were too high in the first place, and you will have a hard time pushing the price back up when the recession is past. Instead create a new service or product offering a lower price. Give them options and guide them to what works best for them
8. Save strong lines, drop the weak ones. You need to make your strongest stronger and get rid of the garbage. Now is the time. Don’t go wasting time or money on marginal brands for fragile unsupported services that are not supported with strong value propositions and a solid customer base.
Larson note: Keep your focus on your (written) goals. Now is a time of great opportunity not one of weakness.
Larson & Associates
Target Marketing & Telesales Professionals for new account acquisition
Making good businesses great and great businesses even better
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P.P.S. Need a complete marketing attack? Call us for complete coverage.