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Accelerate Your Marketing Efforts During the Recession to Multiply Your Results

While the rest of your industry is falling victim to bankruptcies, layoffs and cut-backs, you can step in to fill the market gap. If your company is financially solid and you have the fortitude to weather the economic storm, now is the perfect time to take advantage of paralyzed competitors. By accelerating your marketing efforts in a recession, you’ll be able to capture more market share—thereby increasing profitability—and spend less doing it.

In better economic times you’d have to spend a lot more money to break through the clutter of a crowded market to raise awareness, drive demand and generate leads. With fewer and weaker competitors, you can take advantage of their silence to reach more potential buyers—faster, easier and cheaper. This is an ideal time to accomplish more for less.

Another factor to consider is the strong correlation between sustained marketing during a recession and profit gain during recovery. Studies show that cutting back on marketing efforts during a recession has a negative impact on the long-term value of a brand. Like building a retirement fund, the greatest return on your marketing investment comes from making continuous, systematic “deposits” into building brand awareness and equity.

Demonstrate your financial stability. Even if you’re a privately held company, now is the time to share good news about the strength of your organization. Potential customers are scrutinizing vendors closer than ever. They don’t want to incur risk by selecting an unstable partner. Prove that you are a solid organization with the resilience to weather the recession. Announce your new hires, promotions, industry certifications, quarterly growth, expansion plans, new partnerships, new assets, etc. Learn more about our public relations services.

Appeal to recession-scared buyers. During a recession, buyers have different requirements of their vendors than they do during a stronger economy. Now is a good time to take a hard look at the way you position your company to better appeal to skittish prospects. There are some basic do’s and don’ts you may want to consider. For example, don’t undermine your business’ long-term value by positioning it as the lowest-cost provider. Instead, focus on addressing your prospects’ immediate pain, becoming an integral part of their value chain and building deeper strategic relationships. Ways to do this include offering complimentary consultations or needs assessments, demonstrating your organization’s unique qualifications, documenting your customer service methodology, describing your partnership approach and articulating your willingness to be flexible, nimble and affordable. Learn more about our brand strategy solutions.

Establish a referral network. Your partners, vendors, resellers and employees are untapped resources that can help you reach a wider sphere of influence. Let them know you are actively looking for new customers and that you are willing to reward anyone who generates leads resulting in closed deals. In addition to an incentive program, develop a tool kit that equips your network with the talking points and materials they need to effectively represent your company. Learn more about our lead generation services.

Actively promote your company to prospects as well as current customers. Sales people are diligent about working “active leads,” but who’s staying in touch with past prospects and current customers? Let your sales people “hunt” hot deals, but use marketing to stay in touch with your database of historic prospects and to educate your current customers about your full array of products and services. This is a great way to upsell, cross sell and to capitalize on demand. Learn more about our strategic marketing services.

Increase your visibility on the Internet. More and more buyers are using the Web to research suppliers, find strategic partners and make vendor selections. If your competitors are going dormant or out of business, now is an ideal time to take advantage of all of the Internet searches for your products and services. Update your Web site, invest in search engine optimization and initiate search engine pay-per-click advertising campaigns to capture all of the online demand. Learn more about our custom web development and design services.

You may be surprised, but the market is actually easier to penetrate now, during a recession, than in better economic periods. Your competitors are struggling, going under and hunkering down. Take advantage of their silence by actively promoting your company to fulfill unmet demand. By marketing in a recession, you can make a bigger impact for less money because you don’t have to outspend your top competitors to reach qualified buyers. Pulling back only gives your aggressive competitors that much more of an edge. By accelerating your company’s marketing efforts, you can emerge on the other side of the recession with a stronger market position and poised to take full advantage of the economic recovery.

About the Author:
Amy Zucker is president and founder of Synergy Marketing Group. A marketing, branding and public relations veteran with 15 years of industry expertise, she started the company in 2002 to exclusively serve the business-to-business community. Today Synergy is one of the top 20 Indianapolis marketing agencies with an impressive roster of both B2B and B2C clients. The firm offers its clients expertise in building memorable brands, generating awareness in the global marketplace, establishing credibility, creating demand and quantifying marketing investments. In 2007 Synergy became a certified Woman-owned Business Enterprise (WBE) to bring added value to clients and vendor partners who want to meet corporate supplier diversity program goals and qualify for new business opportunities in government and regulated industries. Amy can be reached at 317.205.9690 ext. 223 or at [email protected] To learn more about Synergy Marketing Group, please visit www.synergy-mg.com.