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RECESSION – WHAT RECESSION?
FIVE WAYS TO MARKET AND SELL YOUR WAY OUT

It is becoming more obvious as the recent market downturn bites – let’s not call it a recession – that companies are falling into categories: survivors and thrivers.

The Survivors are companies that want to get through these tough times in one piece.  They are cutting costs, reducing budgets in marketing and advertising, laying off staff, trying to retain their existing customers and working longer hours.  They do not want to take any risks and are riding the storm.

The Thrivers are companies that are taking the bull by the horns and using the current economic climate to make sure that they get the customers.  They are upping their sales efforts and fine tuning their marketing messages.  The Survivors know that business is still out there and making sure it comes to them. Survivors thrive on the knowledge that their competitors are cutting back, particularly on marketing, as this means more exposure for them.  These companies have identified the Thriver/Survivor split and know how to sell to each type.

So where does your company fit?  Thriver or Survivor?

A more prudent approach is probably a mixture of both – cutting sensible costs and overheads, but don’t cut marketing costs.  It is vitally important to keep up your marketing and selling efforts and these involve spending sensible money.

There are five identifiable ways in how to tackle this economic downturn.  These ways will improve the leads coming into your business and enable you to close more deals.

Buster Number 1: Increase Marketing Budget

After you’ve gasped out loud and squirmed in your chair, think of the logic: it makes sense to increase your marketing spend.  Maybe even think about advertising.  In a market where the majority of competitors are disappearing from news pages and advertising slots, you take the plunge and your business will get more exposure.  Your business will then be viewed as successful – particularly if your major competitors have disappeared.

Buster Number 2: Look Where Other Sales People Aren’t

Where do you get more sales leads from?  There are plenty of standard answers and one is “where other sales people aren’t looking”.  However, two examples are:

What industry do you sell to?  Monitor what is happening, use the internet, phone up everyone you can think of in that industry to get an informed opinion.  That way, you will find the right people to speak to.  You can then name drop along the way.

If you sell in to an industrial sector, find as many technical articles as you can, again using the internet is a valuable tool here.  Phone the authors.  These people will talk to you and give you valuable insight about the industry as well as giving you sales leads.

Don’t forget, think outside of the box.

Buster Number 3: Social Networking

Talking about the internet, have you heard about Twitter, Web 2.0, Facebook?  What on earth is it all about?  A lot of business people are realising that they can improve their standing within their industry, and subsequently get more leads, via social networking.

Almost every day, there is something in the newspapers about Twitter, Facebook, Linked In, Flickr even YouTube.  If you have a look yourself, you will see that there are other social networking sites too.

Having a company website as well as using this social networking is turning into a valuable business tool.

Mind you, there are a lot of businesses out there who are using this social networking in the wrong way.  There is no specific plan of action or objectives.  Without these, social networking is a waste of time.

Going back to Buster Number 2, look where your competitors don’t.  Find relevant discussions groups, forums, blogs, social media sites that your target prospects are using.  This way, you can demonstrate your expertise without any hard sell.  It won’t be long before you become an authority in your industry – you have to know what you are talking about though!

Don’t forget, have a plan of action and stick to it.

Buster Number 4: Be Better or Different?

A fantastic product or service with poor marketing will not out perform an inferior product or service with superior marketing.  If your competitor outmarkets you, then you are on a hiding to nothing.

This means that you don’t have to better, just different.  Why not try:

• Sending out postcard campaigns instead of letters
• Frequency outweighs reach – if you go down the direct mail route, send 1,000 mailings to the same list 5 times as opposed to a one time mailing of 5,000 contacts.  Frequency and ‘in front of mind’ value are better than a one-hit approach (this also gives you a sales contact advantage as they are more likely to remember your company)
• In the first direct mailing, send out something different - use a chocolate foot.  Say something like: “now that we’ve got our foot in the door, look at our …”

Be different, stand out.

Buster Number 5: Existing Supplier Syndrome

How many times have you been told “we’re really happy with the suppliers we already use”?  What’s the betting you leave it at that.  It has put you in the position where you can’t question them because it questions their original decision – going with you would mean that they would have to admit that they were wrong in the first place.  This isn’t a good move.

Going back to Buster Number 4, Be Different.  Follow a different approach. Here’s an example from Sean McPheat, the UK’s authority on Modern Day Selling.

“I’ve got an idea, Brian.  Let’s place this small order with me today just to get us started.  Then, give your XYZ rep a call.  Let them know that you’re going to give us a try with something very small.  Tell them that we are offering to give you two more deliveries a month and that we will sharpen your tools for free for life and let them know that we are going to give you a free online ordering system.  Now, Brian, if XYZ decides to come up to the level of service that we offer, then, by all means, I think they deserve to keep your business.  However, if they do not, or will not, meet our level of excellence, then you did your job by giving them a chance and I would think that we’d have earned some of your business.  What do you think?”

Again, it’s not the words that are important, it’s the approach.

Don’t forget, your approach and attitude towards this current economic downturn (OK, recession) will help your company survive and thrive.  Be positive.

Lisa Claber MCIPR
Lisa Claber Consultancy

Website www.lisaclaberconsultancy.co.uk