Marketing in a Downturn:
We’ve all heard about the struggling economy and it may be this way for some time. While the economic tightening first affected Houston’s oil and gas market, the longer term impact has spread further across industries and even professional levels. We could jump on the political bandwagon to sling mud at the culprits but we’ve decided to take a different approach. Here are 5 things businesses can turn up in the downturn.
1. Networking: While some may feel more comfortable staying at the office, you’ve got to put yourself out there so more people can meet you. From industry groups to regional groups and even general business groups like Chambers of Commerce, there are tons of networking opportunities, especially in Houston. If you haven’t networked a lot in the past, select an industry and regional group to start with. The frequency of your participation will depend on your available time and budget but, like most things, what you put into it is what you’ll get out of it. Most networking groups allow newcomers to visit a few times without paying the membership fee. Try those and see which ones offer the most promise for your line of business. If you don’t know anyone in that group, consider it a great opportunity to broaden your contact list.
If you regularly network, find at least one new group to try and look at your current networking groups for new ways to get involved and new groups to meet. Don’t keep attending the same events/activities and expect a new outcome.
2. Overall visibility: This is a natural follow-up to networking but deserves its own category. By visibility, we mean advertising, event sponsorships, volunteering, visiting clients’ and prospects’ offices and social media. (The last one, when done well, costs few dollars but can have remarkable results in positioning you in front of your target audience.) We realize that people are watching their spend during a downturn. Still, many of these opportunities can be done at little to no cost. Sure, volunteering at an event takes you away from the office and work needing to be done. But if during that same time, you meet one target client and have a meaningful conversation with him/her while you’re volunteering, we’d say that’s a good investment. Visiting customers’ offices to check in on their needs can take as little as 5 minutes and helps you stay in front of them. There are even advertising and event sponsorships that are low-cost with high yield. It’s definitely worth looking into.
3. Partnerships: This is not the time to get territorial. We’re blessed to work in the fourth largest city in the United States so professionals in other cities may not have as many opportunities in this category as Houstonians do. Still, we’re convinced that most businesses can strengthen their reach and offerings by collaborating with another organization, even one that has typically been considered a competitor. Consider your strengths and your competitors’. Opportunity lies where there is no overlap and you’ll be surprised how far you can get by expanding collaborative efforts. For example, on large contracts, Tell Your Tale might partner with another marketing agency, divvying up the responsibilities and the revenue. Together, we win more of the larger contracts and everyone wins. How could this work in your industry?
4. Customer Service: Great service does not have to cost you any more and it truly can influence your organization inside and out. From the way your staff answers the phone to the tone expressed in emails and especially how your team handles conflict resolution, customer service is more critical now than ever. This is the last place to cut. Why? When people and businesses are looking for places to cut, don’t give them a reason to think of you. In contrast, give customers, prospects, alliances and vendors (yes, vendors can be great allies, too) every reason to think they really must keep you. Focusing on a positive attitude will help not only those outside your business, but also those internally.
5. Reading: Spend more time reading the news so you stay on top of current events, industry trends, opportunities for mergers and acquisitions, as well as where fellow professionals move. You may not be in hiring mode now but you need to keep contact information up-to-date so your network is current and strong.
Do you subscribe to an industry newsletter, magazine and/or email? Are you actually reading it? If not, think about how you could carve 20 minutes out of your day (maybe not at the office) to actually read the industry news. If you’re really reading a minimum of 20 minutes per day, you may also have time to read parts of a local or national publication. The electronic availability of most major outlets makes this easy and convenient.
Once you’re in a routine of reading business news daily, think of who could benefit from this information, besides you, of course. Consider peers at work (were they just talking about that technology they heard about or wishing they had time to research a certain topic), friends from your networking groups and even your mentor as people to send valuable news to (emphasis on valuable). This positions you as a good resource, a thoughtful person and someone who is top-of-mind with your network.
Don’t fret about the economy. Get busy beefing up your marketing efforts across various channels. When the market picks up (and it will!), you’ll be well positioned and have a good routine established for maximizing your visibility and your success.
