 Target on a Daily Basis
Hunt for underserved growing segments that have an immediate need to purchase from your category. Find a specific type of preferred customer that is willing, eager and able to buy from you. They should be easy to reach through media that is directed at them and through existing channel partners. |
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Influence How Your Product is Used
Competitors fear participating in a new category if it will cannibalize existing products. Large competitors may consider a new category too small to positively affect their business. Create new categories for your products that feature new and distinct uses. Make your brand synonymous with each category. Examples include GM's OnStar, CliffBar's nutritional bar for women, Q-Tips for auto detailing, Bayer Aspirin for heart health, and Granola cereal bars as a new breakfast delivery method.
Stay close to early adopters. They envision applications that may have bypassed your product managers. |
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Work Best in a Tough Economy
Referred sales are less costly to close and referred customers typically spend 30% more than repeat customers. Maybe they have been delaying a major purchase until they can find a trusted provider. They are willing to pay 10% to 12% higher than price shoppers, and 75% of referred sales become repeat customers. |
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Exceed Expectations
Create lifetime customers and partnerships through exceptional service and innovation. Hold employees accountable for customer satisfaction. Base compensation and promotion on the number of customers that rate their buying experience as "completely satisfied". They are the only ones that will return the next time they need to rent a car and are most likely to refer you to others. Keys to success:
- Stand out from the crowd through uniqueness and convenience
- Empower professionals to make decision and take risks
- Attack underserved niches and be open to new ideas
- Optimized 24x7 use of resources
- Complementary alliances
- Consistent pricing for guaranteed unparalleled product
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Greetings!
November 2008; There are things you should be doing in this challenging economy if you are committed to your business and firmly believe that your economy will rebound. |
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 Commitment
The best time to be "marketing proactive" is when things are going well. Otherwise, storm clouds on the horizon will cause future pain - especially if your tendency is to return to your comfort zone when wisdom suggests otherwise. By continually raising the bar, your odds for successfully navigating a difficult economy are high.
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Timing Facts
It's easier to make significant changes in tough times because stakeholders are more understanding of the need for survival. Close the biggest gaps including people who need to be repositioned and processes in need of repair.
Leverage competitors who are doing the wrong things during what they consider "slow periods".
Launch "in the moment" campaigns that are tuned-in to the online and off-line world of your industry and community.
On Monday people are contemplating the week ahead and on Friday they're anticipating the weekend, so your messages should arrive on Tuesday, Wednesday or Thursday.
Since 75% of CEM professionals have never been through a severely down economy, now is the time for specialized training. It's an opportunity to significantly improve your business. Like any great battle, you will become stronger and better prepared for the next upturn.
Over half of the current Dow industrial companies were started during a recession. They focused on becoming the low cost alternative, marketing wisely, innovating or becoming an outsource provider for large companies. |
 Sell Yourself out of a Tough Economy Differentiate yourself through a confident swagger for providing valuable contributions in a panicked marketplace where reactive people become short sighted. "We can help you or we have a partner who can help you." Think long term and avoid transparent high pressure tactics. Innovate your approach by applying strengths in new and different ways. Use Web 2.0 technology to accelerate your sales process. Network, learn, and visualize.
Expand within existing customers who have shown a predisposition to your company. Lower risk is more valuable to them than lower price in a challenging economy. Your guarantees and commitment to their survival will earn their trusted confidence in you.
Focus on the best opportunities and let your drip marketing and auto-response systems stay in touch with the rest. Selectively pick off prospects whose loyalties have weakened due to distracted competitors. |
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Relationships Span a Tough Economy
 Identify, differentiate and interact with relationship oriented customers. Make them feel unique and special, ask good questions, listen actively, and customize solutions for them. Allow them to comfortably compare your solution to others and be confident that your approach will win out over the better price across town where they will not have a similar buying experience. You will not win every time because some buyers are purely price shoppers who will put up with any sort of discomfort in order to save 10%.
Relationship oriented customers will return and pay more because you went above and beyond what was expected. This will earn referrals and greatly increase their loyalty. Look for clues to their preferences and update your CRM contact record after each interaction.
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Thanks for reading The Imprint. Click here to update your profile or opt-out if you do not find value in having this newsletter delivered to your in-box. Sincerely,
John J. Bernardi
203-668-1172
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