Marketing During Uncertain Times

Ken Hilderhoff, president of Premier Marketing Resources, parent company of The Newsletter Factory, shares his expertise in this Q&A on maintaining and gaining business momentum during a troubled economy.

CC: Many companies consider marketing as a “nonessential” during uncertain economic times. Why is this a mistake?
KH: Marketing is more essential in a poor economy than during the good times if you plan to maintain or increase sales. It is an opportune time to take market share from the competition that is not advertising or marketing their products and services.

CC: What are the most cost-effective ways to market today?
KH: Focus, focus, and focus. It is imperative that you re-evaluate your core competency to determine how to achieve the greatest return on investment. Strategically narrow your market focus and determine where you have enjoyed the greatest success and examine the market to determine what market segments are still growing in the downturn, i.e. health care. It is important to measure your efforts and results to manage the process with the greatest success.

CC: What are some tips to help ensure continued sales in a down economy?
KH: First, pay attention to your existing customers. Customer retention is paramount. Second, develop a systematic selling process that is designed to bring in clients based on your reassessment of the marketplace and your strengths. Make calls to qualified prospects — potential clients that are most likely to pay for your services based upon their profile and need. Be persistent with follow-up and present the best “value proposition” that is centered on achieving their objectives.

CC: What are some ways to keep your current clients happy?
KH: Maintain service and quality! Equally important is staying in contact with them. Let them know that they are important.

CC: How can you expand business with your current clients in this type of economy?
KH: If you don’t have all of their business, go after the other guy’s share. Determine what other products and services that they need that you can provide. First ask for it — then get creative. Consider offering a package for all of their business.

By making marketing efforts one of your business’s top priorities during this volatile time, you’ll not only solidify your current position in the marketplace, you’ll also lay the foundation for expansive growth once the economy improves.