Tips for Recession – Proofing your Marketing.
Updated: Jan 7, 2021
When there is a lot of talk about cutting costs a Marketing should be the last expense that is cut. It is encouraged by business experts and coaches that Advertising Budgets should be maintained or increased during a recession.
“McGraw-Hill Research looked at 600 companies from 1980 to 1985 and showed that those that maintained or increased their advertising spending during the 1981 recession had sales that were 256 percent higher."
The key to Recession proofing your marketing is to focus on higher funnel sales tactics, such as attracting potential customers and re-engaging past clients.
Step 1. Increase Your Leads
Your goal is to get let them know you are open.
Your customers cannot buy from you if they do not know you exist. Advertising in magazines, online, and other print campaigns puts you right in front of your customers. Better yet, your advertisement can solve a potential customer’s problem that they did not even know they had.
Tip: Take a look at your advertising. How many leads are you getting? Do you need to change your offer or message? What other ways do your competitors advertise?
Step 2. Increase your Opportunities
Your goal is to get them interested.
You have clients coming in, calling, or visiting your website, success! Not quite, now you need to make sure that you capture their information: their name, email, phone number or both so that you can stay in front of your potential customers.
Tip : Have a CRM (Client Relation Management) system to track leads and opportunities. Google your industry + CRM to see affordable and effective options. Most CRM can help your operation become more efficient and save you money and time while increasing sales. You will want to use your CRM to track leads and opportunities through the sales cycle.
***It is essential to use this information to stay in front of your leads and opportunities. Just because they did not buy today does not mean they won’t buy from you soon.
Step 3. Close That Sale
Your goal is to increase your close rate.
Every lead has the potential to turn into an opportunity that can then be nurtured into a sale. For some, the more significant purchase can take time to close a deal. You must make sure you are talking to the decision-maker; your product is the right solution for the customer and create a sense of urgency with seasonal discounts.
Tip: Don’t forget to ask for the sale. If the answer is no, make sure to ask why they chose not to buy, you may find out valuable information – they went with a competitor for a better price or added value (you can use this on your next sale), they want to go with you but are going to wait for XYZ (can you solve XYZ today for them? If not, you still have a hot opportunity that you can follow up with).
The key to Recession proofing your marketing is to track each and every lead through the whole sales process.
Each lead has the potential to be a profitable sale. It is crucial to track
Marketing campaign / source and your leads to make sure that your marketing dollars are getting the best bang for their buck
Lead cycle How many leads did you receive, how many did you transfer to opportunities, and how many opportunities did you sell. Having this information will allow you to make adjustments to your approach to improve your close ratio.
Click Below to Download your own Marketing KPI tracker!