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STEP 9
Market your business more effectively
Mick Dickinson
Independent marketing expert and consultant mickdickinson.co.uk
Mick Dickinson
“Many businesses immediately cut their marketing spend when times are tough, but there’s a direct relationship between marketing, awareness, leads and sales. Cut the first and the remaining three will all be affected. “Your primary task during tough times is to look after your current customers. They already have a connection to your business; you’re part of their value chain, and they won’t want to change suppliers. Having a funnel of potential or new customers is important, but new leads aren’t suddenly more important. New customers delivering poor margins can be a drag on your business. And attracting new customers is more costly than holding onto those you already have. “Your business should always be seeking the best possible return on investment from its marketing spend, but that’s critical when budgets are squeezed. Knowing what’s working and what isn’t is vital. As regards your marketing, take time to find out what you need to tweak, improve, update or change altogether to better suit current conditions. “If using external marketing agencies, ask them how you could reduce your costs. Everyone’s in the same boat and businesspeople tend to want their partners, suppliers or clients to survive and prosper. With good communication there’s often a way for all parties to tighten their belts, consolidate and make it through.
“You may have to take some marketing activity back in-house. Perhaps there’s someone in your team who would rise to the challenge of taking over email marketing, social media or design work. Don’t just stop marketing altogether; the answer might just be to do it differently. A change of approach and new people solving problems can often be very refreshing and valuable.
“You might be surprised at how many owner-managers cannot accurately describe their market or customers, or tell you how their products or services solve a problem. Yet this knowledge is fundamental to running a successful business. Many dread marketing plans, they view them as boring. But the basic tenets of marketing plans are timeless. “The objective is to serve a market profitably. Use segmentation to describe and target different parts of your market. Use the most effective channels. You need compelling content for everyone in your segmented market and at every step of their buying journey. “Not every business can be number one, of course, but being a trusted brand provides strength and strong brands generally survive when economic conditions are challenging. That’s why building your brand is the most important investment you can make in a business.”