Take advantage NOW of forthcoming economic recovery
We have heard it hundreds if not thousands of times at this stage. There would appear to be general consensus amongst experts that economic recovery is on the horizon and Ireland will finally pull out of recession (at least officially) in 2010. The only point is that there does not appear to be agreement on is when exactly this will happen. However, with regard to taking advantage from a sales perspective, the most critical factor is to be ready for it when it arrives. Laying the groundwork now means that when the time comes, you’re ready for it. While it’s often said that a rising tide lifts all boats, that’s not strictly true. The ones with the holes in them go under. So what can we do to ensure maximum advantage when the tide turns? Some useful tips below.
Make sure your market knows who you are
Sounds simple doesn’t it? But if your prospects and customers don’t know you exist, they can’t contact you. Advertising budgets have been slashed, sales teams reduced so it may not seem as easy as it once was to contact your market. However it is possible at a much lower cost using direct marketing techniques – email, or direct letter advertising and/or cold calls. Plus when done correctly it has a measurable return and much higher hit rate than media advertising.
Don’t forget Customer Service
Make no mistake, your customer list is your most important asset. Treat it as such and you will likely keep the majority. Now is the time to maintain regular contact – call them, talk to them, e-mail them, write to them. If a customer complains or raises an issue, ensure that it is dealt with efficiently and quickly. Customer Service was forgotten in place of more business by many companies during the boom. Many have since been unable to resurrect the art. Set yourself aside from your competition. As we emerge from recession, value is set to over-take price as the critical factor in business decsion making. FACT – you will be valued more highly if you are known to provide better customer service.
Follow up on old customers
It might sound simple, but many just don’t do it. You had a regular customer 12 or 18 months ago, but they’ve disappeared. Contact them! Maybe the went out of business, maybe the went to a competitor. You won’t know until you try to get in touch. Often a telephone campaign targetting older customers can dig up some new business.
Segment your customer/prospect list by industry/region
If your product offering appeals to a wide range of customer profiles you need to segment your target market and deliver a specific message to each industry. For example a packaging manufacturer needs a different campaign for healthcare businesses than for example for the food processing industry. Also location can be important. There might be a specific event in a county or country. The London Olympics 2012 is an example. There is a requirement for everything from construction supplies to sportswear, they’re even predicting a surge in sales of cheap sunglasses (or maybe umbrellas!)
As we prepare to emerge from the recession which has plagued business over the past two years, there are many opportunities to take advantage of the increase in activity. Instead of being dragged into day to day survival strategies, try to make time to explore some of the areas outlined above. Here’s to success in 2010!
CRM, Marketing, Sales | admin | January 5, 2010
direct marketing, economic recorvery marketing, marketing 2010, recovery sales boost
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Thanks for the feedback – of course please feel free to RSS us!
Yes we are looking to bring all media to our blog and our site. Time is the main problem but we will get there!
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