Marketing In Turbulent Times
When times get tough, as they are today, many companies begin cutting back. Sometimes they let employees go and stop there. Other times, they eliminate their marketing. Don't do it.
Here's advice from two prominent public relations figures. "[Cutting back is] a bad move," says Stacy Cornay, owner of Communication Concepts Public Relations & Advertising, a communications development and strategy firm in Boulder, Colo. "The public has to be reminded about who you are and what you're selling. Instead of cutting back on marketing, be more aggressive."
John Shors, a former public relations executive in Boulder and author of the critically acclaimed novel "Beneath a Marble Sky" concurs and wrote the following: "When companies cease touting themselves via the media, opportunities are created for their competitors to step into the spotlight."
Staying in front of your customers and prospects is vital—even in a recession.I started my business in 1989, when times were also tough. The reason I went out on my own was because people were getting laid off at all the agencies I approached. I was caught in the Colorado recession and repeatedly heard, "Sorry, we're not hiring ... but if you start a business as a freelancer, we'll retain your services."
So I took this as a "sign from above." It was my opportunity to grab the bull by the horns and start my own business. The Write Direction was born on Jan. 1, 1989.
Despite lean economic times, I was able to break ground ... make an impact ... find clients ... establish a successful business. It happened because of a concerted effort to market myself and keep marketing.
Don't give up the ship. You can do the same without breaking the bank. Pick up the phone, write a trade article [editor's note: feel free to pitch me ideas! —EB], fax the press about an accomplishment, send out an e-mail. The ideas are endless, but your efforts don't need to be. The important aspect is to simply make those consistent, smart efforts to market yourself—and these efforts will be rewarded, sooner or later.
Opportunity, Not Grim Reaper, Knocking on Your Door
During uncertain times, when people are not spending, marketers should consider this phase as an opportunity rather than a curse. Invest further in your marketing instead of waiting for a change in market conditions. This tactic is supported by the following findings revealed by the American Association of Advertising Agencies, reported in a commissioned study, Advertising in a Recession, by Bernard Ryan Jr.
1. The Buchen Advertising study tracked sales after the 1949, '54, '58 and '61 recessions. It found that sales and profits dropped off at companies that cut back on advertising. The findings also revealed that sales lagged after the recession for those companies that cut back during the recession.
2. The 1970 and 1979 studies by ABP/Meldrum & Fewsmith substantiated the Buchen study. It reported that higher sales and net income were achieved by those companies that maintained their advertising than those that cut it altogether.
3. Following the 1981-82 recession, McGraw-Hill Research's Laboratory of Advertising Performance reported that "business-to-business firms that maintained or increased their advertising expenditures during the 1981-82 recession averaged significantly higher sales growth both during the recession and for the following three years than those which eliminated or decreased advertising."
It might even be tempting to "ride it out"—to do absolutely nothing until things turn around. But this passive approach yields passive results. Nothing will happen while you're waiting, and when things do turn around, the business will go to the people who've been doing something all along. "The people who will get the lion's share of the business—both now and in the future—are the ones who work to build relationships," says Michael Beck, head "zookeeper" at ClientMonkey.com, a marketing strategies website dedicated to getting more clients.
I'm not forgetting your fears. I understand that it's frightening to dip into your budget to keep on spending when the economy is slow. But to stay ahead of your competition, it should be a priority for your company. Fortunately, it can be done without spending $2 million for a Super Bowl commercial.
Develop a Savvy Plan of Attack
When you're on a shoestring budget, there are several creative ways to market yourself effectively. Here are four ways to help you get started.
1. Send out an e-mail.
One of e-mail's competitive advantages is its "... ability to help you protect your most valuable asset in a down economy: loyal customers," says John Rizzi, president and CEO of e-Dialog, a provider of e-mail marketing and database technologies for permission-based e-mail marketers.
Today, e-mail has reached almost universal penetration, with 97 percent of consumers and 94 percent of marketers using the channel (according to a study published by Forrester Research, Email Marketing Comes of Age). So contact those people you have relationships with or who have opted in to your e-mail list. It doesn't have to be a sales pitch—and it's probably better if it's not. Simply provide some helpful information that is relevant to them, such as a monthly or quarterly newsletter.
2. Join professional organizations.
However, don't just pay your membership dues and walk away. Many people join organizations, then sit back and wait for business to come their way. Clients don't automatically knock on your door just because you've become a member of the local Chamber of Commerce.
I found when I volunteered to serve on a committee (i.e., public relations, entertainment, programming, event planning, etc.), or sat on the board of directors, that fellow colleagues discovered more about who I was, what my business was about and what my capabilities were. Then, many times, they referred me to others just based on their knowledge of me, not necessarily because they had worked with me on a writing project. Joining and actively participating in such organizations is a great opportunity to increase your network of contacts while being given the chance to share your expertise.
3. Offer to speak in public.
"The best way to market yourself is to give yourself to the market. Expose yourself to your prospects," writes marketing professional Jeffrey Gitomer, author of The New York Times best-sellers "The Sales Bible" and "The Little Black Book of Connections."
Call your local Chamber of Commerce, Rotary Club, business associations, etc. Many of these groups hold monthly membership meetings where professionals come in and speaks on a specific topic of interest. When I lived in Boulder, I presented at what the Chamber of Commerce called "Brown Bags," speaking on such topics as "AIDA: A Formula for Successful Copywriting" and "Surefire Steps for Writing Effective Print Promotions." Earlier this year, I presented a workshop about "Marketing in Turbulent Times" to the Kauai North Shore Business Council and later, presented tips from this topic to the Rotary Club of Kauai.
Sharing what you know increases your credibility regarding your area of expertise. Even better, appearing at meetings like these puts you among a circle of businesspeople who may eventually need your services.
4. Invite clients, colleagues and prospects to your speaking engagement.
Here's a great opportunity to build client relationships and encourage enhanced relationships with prospects without using a hard-sell approach. By hearing you speak, they get the chance to learn more about you without feeling the pressure of a sales pitch. While you're sharing your professional knowledge in a relaxed, nonthreatening environment—without the fear of losing a sale—they're observing your expertise, confidence and poise.
5. Write articles for business or trade publications.
This helps increase your exposure, as getting published sends your name out to a broader audience while conveying your knowledge about a specific subject. It also enhances your professional reputation. Many publications will include your photo and phone number so readers may contact you. Then, after your article has been published, send copies to your clients, colleagues and prospects!
Maintain a Presence
The list of cost-effective ways to market yourself goes on and on. From sending out press releases to local and trade publications to teaching a class or workshop about your area of expertise. As you try out all these ideas, you will come up with many on your own. Don't be afraid to test your own, as long as they don't work against your other attempts or risk annoying potential contacts and clients.
Most important of all? Don't let people forget who you are ... where you are ... how you can be reached. Do what you can to maintain a presence. Stay in touch with your customers, be it via phone, "snail" or e-mail. Ask them what they want and need during this time. Remember, if potential customers are out there looking for your product or service and your name is visible, while your competition's is not, your marketing efforts will invite them to call you. IDM
Past president of the Rocky Mountain Direct Marketing Association, Debra Jason is a seasoned copywriter with more than 20 years of experience in the field of direct marketing. She started her business, The Write Direction, in Boulder, Colo., in 1989. Now based out of Kauai, Hawaii, she continues to specialize in writing web and direct marketing communications. She may be reached by phone at (888) 449-0815, e-mail: debra@writedirection.com.
Reprint permission granted by Debra Jason.
"It's really important to be able to use the tools of your profession efficiently. Everyone has to work harder to be successful today," stated Blake Leino. Proficiency with the newest MLS tools can result in competitive advantages that others just don't have.
Leslie Rusher: Hi, thanks for having me.
BrokerIPTV: So, there has been another release with PrimeAccess. We have been talking to people from Metrolist for a while now and a new release comes out, we would like to find out what's going on, this time it's about Public Records, is that right?
Leslie Rusher: Of course, yes.
BrokerIPTV: So, tell me how that works?
Leslie Rusher: Okay. Well, Public Records encompasses deed and tax information from 18 counties.
BrokerIPTV: Okay.
Leslie Rusher: And we have simplified it a little bit from MYmls; with one single search engine, our customers are able to search and find whatever they need and as with all other PrimeAccess searches, there is only required field. So, our customers are able to find what they are looking for with maybe even limited information.
BrokerIPTV: Because in the past, in MYmls, you would click PDC and it would take you to an entirely different screen and then you would have to try to get back to MYmls, is that right?
Leslie Rusher: Yes.
BrokerIPTV: This does not happen now in PrimeAccess?
Leslie Rusher: Well, it's a separate tab, but it's all part of PrimeAccess, yes.
BrokerIPTV: Okay. So, we just click the tab, put in the information, and it stays right there.
Leslie Rusher: Absolutely.
BrokerIPTV: All right. Benefits?
Leslie Rusher: Benefits, well, you know it's one single source to come to instead of having to research multiple county or public websites. We take the time to format all the counties to look the same, so it's easier to find the information that you are looking for and you know easier to understand what you are looking at.
BrokerIPTV: Right.
Leslie Rusher: And with the deed information, it's updated once a week. So, it really is the most current ownership information.
BrokerIPTV: Yeah, well, you don't have to sell me because I am a big fan of PrimeAccess.
Leslie Rusher: Well, good.
BrokerIPTV: I use it exclusively and that helps me out a lot because in the past I used to have to go back to MYmls and look up deed information and county information and I really don't like going through the county websites; I would just as soon have it all in one place.
Leslie Rusher: Absolutely.
BrokerIPTV: Let's talk about some other advantages of PrimeAccess while we are here.
Leslie Rusher: Yes, definitely. Well, as with other PrimeAccess searches, you have PDF and HTML format reports that are really easy to print or e-mail right out of this system and you know you can run statistics on your results with... as with other PrimeAccess searches.
BrokerIPTV: And I am a big fan of the mapping feature right now.
Leslie Rusher: Yes, yes, we have definitely incorporated our map and so you can define your geographic region on your map and go from there.
BrokerIPTV: Well, here is what I like about the mapping feature is that before I used to have to know the subdivision name and now I don't have to. Now, I can just type in the address of the property and say show me everything within two miles of this.
Leslie Rusher: Absolutely, absolutely, that's one of the biggest benefits of our new map is that it's not relied on listing data.
BrokerIPTV: Right.
Leslie Rusher: So, it doesn't matter what the subdivision is actually called or how the listing agent spelled it, is it one word, is it two.
BrokerIPTV: Right, I can just say show me everything within half a mile, a mile, two miles, five miles, and so forth.
Leslie Rusher: Up to five miles.
BrokerIPTV: Are there a lot of people who are using the mapping feature, they like it now?
Leslie Rusher: Yes, that's one of the... probably one of the biggest draws to PrimeAccess is their new map, people seem to love it.
BrokerIPTV: All right. How about data? I mean how about what different types of data can we get in listing presentations and things of that nature?
Leslie Rusher: Well, you can definitely use our Public Records information to prepare yourself with property information for a listing presentation. That's one of the biggest reasons people use it and then once you get the listing agreement, then you have all the information already that you need to input it into the MLS because our listing input auto populates as you know off of the PIN number that you get from Public Records.
BrokerIPTV: Like that.
Leslie Rusher: So, it makes data entry fast, easy, and way more accurate.
BrokerIPTV: I like auto populate.
Leslie Rusher: Absolutely.
Leslie Rusher: Because if I don't have to retype it or look it up that's good for me.
Leslie Rusher: Absolutely.
BrokerIPTV: All right. Well, I am excited about it. Thanks so much for being with us, I like the new changes.
Leslie Rusher: Well, excellent, thanks for having me.
BrokerIPTV: Keep up the good work.
Leslie Rusher: We will.
On August 3, Metrolist® will relocate to new offices in the PacifiCare Building, near I-25 & Arapahoe.
6455 South Yosemite Street, Suite 500
Greenwood Village, CO 80111
After more than 20 years at our current location, it is exciting to relocate to a building that can better support Colorado's MLS of Choice. This new location provides larger state-of-the-art training facilities to meet the demands of today's real estate professional.
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