There really are 2 sides to any marketing program the gaining of new customers (acquisition) and the keeping of the customers you now have (retention).
To pull back or drop spending on either side of the marketing equation can put your company’s new client or client retention program in a total tailspin.
In a down economy, and it is down, I don’t care if the experts said the recession ended months ago. It is still not nice out there. I know it and you know it.
Let’s face the fact that new clients are the very lifeblood of your company’s existence. If you cut off your companies push to get new customers you will go out of business. The customers you have will slowly disappear some faster than others but it happens.
In a down market like this one it is really one of the better times to get in customers. In past recessions and this one is no different than the others, companies tend to pull back on their over all sales and marketing attack. Less time, less money, fewer resources, resulting in less competition in trying to acquiring new customers, or even holding on to the ones they have.
If you are short on marketing dollars yourself I would put them into retention marketing. Keep what you already have. It’s easier and cheaper to do. A rewards program, a good guy discount, a F2F visit at their location (do people still to real F2F sales appointments? Just kidding).
As for new accounts, get smart. Use predictive modeling to find the best nitch. Use some analytic techniques to target your marketing spending. If you can target down to the best kind of customer you will have less marketing leakage and get the best bang for your buck.
Larson Notes & Satire: If done right, this stuff works. How do I know? Because that is what we do here at Larson’s. When you work on a no contract basis like my company does, it is succeed or loose. Yes you read that right; I do not obligate my clients into long term contracts. I found I did not like long term deals when I was on the receiving side, so I don’t do it to other’s when, like now I am on the giving (of contracts) side. I do have one kind of long term deal floating around out there but that is a % of actual sale situation only and you need to meet special criteria to be eligible.
We are hitting accounts all over the place, phone, mail, email, Social Media, SEO, SEM, web site, linking, classified ads. Even with all I am using here there are hundreds out there that we are not using for whatever reason. I have a firm belief that you start with 2 marketing tools and utilize them at 100% efficacy then add a 3rd and bringing that up to snuff and so on. I have found that the most any one person can master and work at one time is probably 5 or 6, even me. After that even I seek help from other professionals. Just remember, it really does not matter if you’re using 1 marketing tool or 10. The key is utilization efficiency at or near 100%.
Larson & Associates
Target Marketing & Telesales Professionals for new account acquisition
Making good businesses great and great businesses even better
P.S. We make telesales for small business affordable by offering programs down to only 15 hours a week. Maybe you could add telesales into your marketing mix call today and find out.
P.P.S. An American Company, marketing American Companies! Call or email to get an appointment to pick my brain (a $125.00 value) for 30 minutes.