The BV Blog

Marketing Thoughts From The Creative Team At BusinessVoice

FOCUS YOUR MARKETING TO BEAT THE ECONOMIC BLUES

Thursday, November 20th, 2008

We’ve talked before about how to grow your business by selling more to your existing customers. And during these economically challenging times, it seems like that advice is more important than ever, according to the top marketing mind at the nation’s biggest electronics retailer. From a marketingprofs.com interview with Barry Judge, Chief Marketing Officer at Best Buy:

Identify and focus [your marketing] investment on your highest-value customers. These customers are your most identifiable and reliable source of revenue and profit across your business; and because they are enthusiasts for your products or services, they will be most likely to continue spending in your categories during a down economy.

Smart businesses know they can’t afford to slash their marketing efforts just because sales are down. Smarter ones will go one step further and put their marketing dollars into efforts to expand their base by growing their sales to customers who are already sold on them.

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MAKE A BIG MARKETING IMPACT…WITHOUT SPENDING A DIME

Monday, October 13th, 2008

There are many no-cost or low-cost steps you can take to encourage repeat business, build your brand equity, and create a positive and memorable customer experience. One of the most basic is to train or remind everyone on your staff to be a pleasant, helpful human being when using your company’s telephones.

We all know that customers are more likely to buy from people and companies they like and feel good about, yet, every day, bad impressions are cemented and potential business is lost when:

a) Employees answer the telephone with an unprofessional attitude or a complete lack of enthusiasm (the “Is it Friday yet?” mentality).

b) Receptionists speak so quickly or incoherently that prospective customers question if they’ve called the right number.

c) Operators treat customers as if their calls are interruptions, rather than the reasons for their jobs.

Now ask yourself if your company’s callers are being treated with the level of care and attention they deserve?

Customers are more likely to come back to you again and again - and spread good word-of-mouth about you - when they feel genuinely welcomed, when they feel valued and respected, and when they feel that you identify with their needs. So, it’s very important to create those positive feelings right away, the very first time customers call.

If your staff’s phone skills and manners are not playing an active and positive role in your marketing, adopt these five simple rules as quickly as possible.

Rule 1: Apply the Golden Rule to every caller. In other words, treat them the same way you’d like to be treated as a paying customer.

Rule 2: Answer the phone with a smile. Yes, actually smile! It’ll give you a more positive attitude, and callers will “hear the friendliness” in your voice. Remember, you’re trying to make a positive impression, whether the person on the line is a first-time caller or one of your most loyal customers.

Rule 3: Whenever possible, refer to your callers by name. Most people like the sound of their own name, and hearing you say it tells them that they’re important to you and your company.

Rule 4: Speak slowly and clearly. If you hurry or slur your way through your initial greeting or when providing information that needs to be written down, you’ll only frustrate your callers and force them to ask you to repeat yourself.

Rule 5: Be friendly, but use courteous, respectful language. You never know how the caller may be judging you and, by extension, your company. Replace the words “yep” and “yeah” with “yes ma’am” and “yes sir.” And the words “please” and “thank you” are just as important on the phone as they are in any face-to-face social situation.

These rules may seem basic, but how many companies are living by them? If your competitors aren’t placing enough importance on the caller experience, your mastery of telephone skills and etiquette will further distinguish your company.

And remember, successful companies are often built on the basics, like a customer-centric attitude and an understanding that every phone call is an opportunity to build customer share and create brand evangelists.

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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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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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RECESSION OR NOT, DON’T STOP MARKETING!

Wednesday, January 23rd, 2008

Seems we can’t get through the day lately without hearing all about how the American economy is goin’ to hell in a hand basket. I’m certainly no economist so I can’t address whether it is or not, but in light of the current headlines I thought it important to reiterate a simple truth: when business slows down, it’s not a good idea to cut activity that drives sales - like marketing.

As support, I offer this excerpt from Jay Lipe’s “10 Commandments of Marketing.”

Thou Shalt Not Cut Marketing Spending During Slow Times

From 1980 to 1985, McGraw-Hill Research analyzed 600 companies and their marketing spending. After 1985, McGraw-Hill concluded that those firms which had maintained or increased their advertising during the recession in 1981-82 boasted an average sales growth of 275% over the next five years. But those companies who cut their advertising saw paltry sales growth over the next five years of just 19%. When is the right time to market your business? All the time.”

And here’s a piece from Advertising Age on how Kraft and Kellog’s are responding to lower 4th quarter earnings.

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