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Marketing - in a Down Economy

You know the old saying “A bird in the hand”… well this

really applies in a down economy.

As is often the case, 80% of your sales come from 20% of your customers. Put your marketingeffort into strategies geared to appeal to

the “elite 20”.

Go out of your way to ensure customerservice and marketing efforts to them is at its best. Reap the rewards

–

as these elite will beproclaiming your praise to others - sustaining your sales through tough times and beyond.

Seek out prospects - Good Research is Vital.

Use the extra time you may have in a down economy to uncover the factors that motivate yoursales.

Who

are your elite 20%? What products/services are they most interested in?

Your bestprospects

will always closely

resemble your best customers

. Your research should producesome answers to who your prospects are, and where, why, when, and how they are convertedinto active buyers.

Tell the Truth / Gain Trust

–

do not exaggerate.

In tough economic times; consumers will oftentake more time to make buying decisions

–

carefully weighing all the options. Althoughenthusiasm is good - slow down on the marketing hype and focus on building solid relationshipsby presenting trustworthy information that will help them make a decision. Maintain confidenceand a passionate attitude but use a softer sell approach.4)

Sell Benefits, not products or services.

Purchasing is an emotional decision. A buyer wants tofeel good about the purchase

–

and you can set them up to feel this way by stressing benefitsinstead of features. Think about how your product or service

will make the buyer’s life better

(happier, richer, more comfortable, more free time, etc.) and communicate with prospects fromthat point of view.5)

Customer Testimonials

–

Keep it Current and Real.

When it comes to tough economic times; we’re all in this

together. That feeling makes it natural for consumers torely more heavily on testimonials and ratings in theirbuying process. People trust people, especially if they

feel connected to that person. You can’t buy trust –

butyou can build it

by using customer testimonials thatspeak to potential customers in an honest and believable way.6)

Develop Deadlines

–

procrastination kills a lot of sales. Impose a time limit in your call to action(Act now

–

offer ends XXX)

in B2B it may simply be a discount if the customer acts on aproposal before

a certain date

. This strategy can help speed up the slow decision maker.7)

Embrace the Web