Businesses which invest in Intelligent Marketing in a downturn generally do exceptionally well in an upturn. This will position you well ahead when the tides turn as most companies do not do this.
Let us evaluate some of your options
1. Understand the value drivers of your company profitability
Know what drives the profitability and equity from your brand. Spend time doing the required homework. Ensure that everything the Brand does makes a difference to the customer.
2. Focus on your existing customers: Retain them and grow revenue from them
How happy are your clients with existing products and services? What do they need?It is more cost effective to market to your existing clients than to attract new ones. It is not enough just to satisfy clients you must delight them.
3. Do not simply cut costs to retain turnover
In most industries there is a price-conscious segment and while they are most likely to respond to lower prices they are also likely to move the moment another business offer them even lower prices. Assist loyal customers who are in trouble during these times as that will build even greater loyalty in the long term. By nurturing and valuing your customers you will keep their business and loyalty when the tides turn.
4. Ensure that your business is well positioned in it's market. amongst the right clients
When you wake your customers up at midnight, what will they say about your business?Clarity of positioning is important for a Brand during a downturn. It enables marketing to be targeted and effective and also makes limited resources go further. Poorly positioned Brands suffer when the chips are down. Brands that are strongly positioned retain their vitality.
5. Focus your marketing to deliver results
Brands that spend effectively on marketing in a downturn generally attain higher than average growth in a upturn. Use an external consultant "freelance marketer" to give the brand strategic direction and ensure you are spending with intent. This will you get more 'bang' for your bucks.
Conclusion
Understand your business and it's critical success factors, understand your key customers, understand the drivers of brand revenue, nurture and value your customers, make your marketing intelligent, efficient and focused. Great thinking will outsmart large budgets.
T: 0027 11 883 3036 C: 0027 73 607 0437 E: nlang@vodamail.co.za
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About Me
- Nadia Lang
- Johannesburg, Gauteng, South Africa
- Believing strongly in Intelligent, cost effective Marketing and Brand strategies, Nadia Lang +27 (0)73 607 0437] is a prolific strategist, marketer and brand developer. Nadia has two passions: strategy and brand building. She has a BSc honors degree and a management degree cum lade marketing and strategy; at 21 she satisfied the first by strategically planning and managing her own small business. After university, she became a full time marketer with a vision to create a one stop, cost- effective solution for all your marketing needs. Today, as part of her day job, Nadia focuses on corporate and creative marketing and branding, with an emphasis on strategic marketing and planning to meet objectives, gaining market share, building and sustaining long term brand equity, corporate profiling, websites, marketing campaigns, newsletters, ads, brochures, sales letters, multimedia proposals and presentations and communication channel creation.
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