The BV Blog

Marketing Thoughts From The Creative Team At BusinessVoice

A-T-T-A-C-K

Thursday, September 18th, 2008

In the marketing industry, we’re frequently presented with the task of achieving more bang for less buck, especially in slow economy.

And whether we’re actually in a recession or not, in our current economic state, it’s only natural that business owners are concerned about their bottom lines.

But a slow economy is no reason to slash your marketing budget. It’s time to attack.

In a post at the Stopwatch Marketing blog John Rosen lays out a plan for burying your competition, a helpful do’s and don’ts list ripe with successful and not-so-successful examples from previous economic slowdowns, and sage advice to live by.

While slowdowns can be scary and painful, they also have salutary effects. They force companies to refocus efforts on strategies that genuinely build businesses and powerful brands. For those who accept this challenge and make the right choices, slowdowns can be a period of growth and success.

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INVEST IN YOUR BRAND…AND MORE ONIONS

Tuesday, September 9th, 2008

I love subs. Those five-dollar footlong subs. But the last time I went to the nearby five-dollar-footlong-sub store (the one named for an underground train), they were all out of tuna fish. The last TWO times I stopped in they were out of green peppers. And during my last THREE visits there were no onions in the joint.

Frustrating? You bet! Especially when you’re a tuna / green pepper / onions sorta’ fella like yours truly. But what really toasted my bread was that, each time, the “sandwich artists” who broke the bad news to me could not have demonstrated less concern over my customer experience. In fact, they were borderline rude about it.

Now, I understand that on the list of the world’s real problems, my onion-free subs barely crack the top five. Okay, maybe the top four. But if you own a sub shop — or any other business, for that matter — it should be mighty important to you that your employees not only empathize with your customers when things go wrong, but that they’re empowered to take a step toward making things right, even if that step is merely offering a sincere apology.

This latest brush with employee apathy - and the resulting damage to the sub chain’s brand equity - reminded me of a recent blog post from Drew McLellan. The subject was “Where should business owners invest their money in 2009?”

Drew writes:

As business owners and leaders look back on ‘08 and either shudder at the memory or exhale a sigh of relief that they survived it, it’s easy to assume that the plan going forward should be to lower prices or cut the marketing budget.

The reality is, both of those are the wrong answer. Cutting prices and slashing your marketing budget will only put you deeper in the hole as the economy rights itself. So what should you do with your money for ‘09?

Spend it on your employees. Make sure they understand your brand, your brand promise and how you want them to treat your customers. Don’t hold an annual meeting where you devote 5 minutes and a PowerPoint slide to your brand.

I’m talking make an investment. A real investment.

Talk about how you want your brand to come alive every week. In managers’ meetings, on all staff retreats, in your HR reviews. Make it a part of your interview process, your exit interviews and everything in between. How much time do you spend on how each and every employee delivers on the brand promise in your new employee orientation?

At Disney, no matter what position you are hired for, from street sweeper to a manager of a division, the first thing you’d do is attend a 3-day orientation that talks about absolutely nothing except the Disney brand and how you, the new recruit, are expected to carry on that tradition.

Think about it. Who interacts with your customers? When your customer has a concern or a complaint, who deals with them?

Especially in an economic time when every client matters and you can’t afford to lose any ground, isn’t this the year you should earmark some of your marketing dollars for the very people who deliver your brand every day?”

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MR. POTTER’S THEORY APPLIES TO MARKETING TOO

Thursday, June 26th, 2008

In the movie “It’s a Wonderful Life,” Mr. Potter - the local Scrooge - reminds the main character, George Bailey, that, during the depression, he and George were the only people in town to keep their heads. When everybody else was panicking and selling off assets at a loss, the two of them were calmly riding out the storm…and they emerged from the depression better off for it.

That same logic also applies to marketing during today’s tough times. You could panic, lay off your company’s marketing staff, and hide your money under the mattress. Or you can look beyond the next few quarters and see that smarter marketing is actually what’s called for. This is a topic we’ve covered before, and in her latest e-newsletter, Marcia Yudkin adds to the conversation. She writes:

“During a recession, scared businesses tend to cut back on marketing expenses. This appears to be the smart bet. After all, most customers have become more cautious about spending. So why not conserve your resources, wait out the downturn and have funds to spend when the economy picks up?

In fact, smart businesses expand during a recession because they know there will be a shakeout caused by the scared businesses shrinking.

During any recession, there are always more than enough clients out there to keep you busy if you continue to market, and market smartly. Capitalize on your strengths.

Make the most of your business relationships. Create or revive programs that enable customers to move ahead.

Above all, stay upbeat, putting the dynamics of self-fulfilling prophecies in your favor.

If you behave like the scared businesses, or target them, you will contract. If you market to the smart businesses during a recession, you will continue to prosper.”

Just as George Bailey did.

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AS THE MARKETPLACE TURNS

Friday, June 20th, 2008

In times of economic struggle, business slows down. For some companies, hard times lead to budget cuts, lay-offs, even closure. When the economy rebounds, the companies left standing are stronger for the struggle. 

In times like these, it’s important to position your business to be on the top of the heap when the economy turns.

But how?

Shift your strategy.
Instead of growing your customer base, which is tough to do in a slow economy, concentrate on customer service and penetrating your existing customers. New customers are expensive to court, and the ROI isn’t apparent until they become regulars. Your current customers will generally spend more with you, and they’ll appreciate the attention.

Shore up your marketing.
Prepare your company for the eventual turn-around. Spruce up your website and prepare it for new visitors. Develop an innovative product or service. Create an email campaign to re-introduce your business to your customers. Companies who prepare won’t get caught with their pants down when business picks up.

Hone your processes.
Can you think of 1 process you have in place that’s a complete waste of everyone’s time? Evaluate your internal systems and trim the fat. Get rid of antiquated processes and implement more effective tools. You’ll find yourself more productive in no time.

Focus on your team.
It may smack of cheesy corporate retreats, but you don’t have to do the “trust” exercise to achieve team unity. Promote open communication on all levels. Encourage your staff to job-shadow each other to foster understanding and cooperation. Organize a company outing. (Business is slow, so you’re not losing much by closing the doors for a day and heading to the beach or to your neighborhood bar for a little co-worker camaraderie.)

Whatever you do, don’t put your head in the sand and wait for things to get better. With ingenuity and passion, all things are possible.

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