Thriving Through the Downturn: Marketing

This blog post is part of a series titled Thriving Though the Downturn: Eleven Strategies that will make your Company Boom.

Now is a great time to focus on strategic marketing. Focus on markets where there are “needs”, not “wants”. Some industries will remain stable (e.g., we’re still going to be buying electricity from utilities). All companies will be looking to save costs and improve productivity. Can you or do you already offer solutions that reduce costs or improve business processes to increase employee productivity?

Keep marketing – it’s critical to generating leads. With a corporate focus on maintaining and increasing revenue, you need those leads to achieve your revenue goals. Find creative ways to network, both online and face to face. If your prospects in your markets are young and online, look at new social media such as blogs, Linkedin, or Facebook to create community and communication.

Review your corporate and product positioning. Even if you have not made any changes, your competitors may have and you need your marketing to reflect the new reality. This is a good time to get back to basics and truly understand your customers, competitors, and how your products are positioned in your markets.

Find new and less expensive mediums to use as marketing vehicles. Write a paper with information customers and prospects would find valuable. Find venues where you can present your paper. Host regular informational webinars and be creative about driving people to your webinars. Try newer forms of lead generation, such as search engine optimization or Google AdWords (both have the potential to reduce cost per lead by a factor of ten). Examine all your current marketing efforts. Are you getting enough return on investment for what you are spending? How are you measuring the effectiveness of your lead generation?