Successful Marketing in a Recession
Marketing in a recession really isn’t that different. Maybe I should say SUCCESSFUL marketing in a recession isn’t that different.
As a business coach who’s worked with lots of struggling businesses to help them not just survive this recession, but to thrive because of it, most business owners have started into this recession with the wrong belief about it. That has dominated how they react, which has actually caused them to fail faster.
Just imagine… the recession didn’t cause your problem… you… and every other consumer and business owner CAUSED this recession. Therefore, as long as you keep doing what you’ve always done you’ll keep getting the same results, more recession, and loss of business.
Lose Market Share or Gain Market Share During a Recession… That’s a CHOICE
During a recession most businesses actually lose market share. As your competition loses market share shouldn’t you be gaining more of that market?
Or do you keep playing the game just like the competition while losing market share?
See my point?
Let’s play with some numbers to see what I mean.
Design Your Marketing Outcome With the Marketing Formula
You can actually DESIGN the number of clients you get weekly, or monthly, if you use the marketing formula. Or you can just let it happen as most business owners do. I call what they do, “Hope and Pray Marketing.” They only hope and pray they’ll get clients. Using the marketing formula we can design how many we get every week.
Let’s start with “the marketing formula”. The “marketing formula” says that the number of leads, calls, sales we get equals the number of people who see our marketing message times the conversion rate of that marketing message.
Number Leads = (number who see marketing message) X (conversion rate of marketing message)
Example:
Let’s say that you’ve been showing your marketing message to 100 people a week, and that your marketing message usually convinces 10% of those you touch with it to call you. That would be 10 calls
Before the recession
10 leads = 100 x 10%
Always assume that the response rate, 10% in this case, is directly related to how good your marketing message connects with your target market. So, small businesses frequently get only 1 out of 1,000 responding, or 0.1%. But back to my original point using the formula above.
So, what typically happens during a recession?
Your buyer frequently tightens his belt, slows down on his spending. That’s somewhat normal for a recession. To be expected.
Many business owners see their business suddenly cut in half. Sometimes, half the customers isn’t enough to pay the overhead. So, in pain, they start looking for places to cut back… and that’s frequently marketing.
Cutting back is usually the WRONG thing to do in a recession. If your marketing generates $10 for every $1 spent on marketing, then cutting back that $1 will ultimately cut your total revenue by $10, when you should be generating even more income.
Let’s follow through with our original thoughts about the marketing formula.
We said that, during a recession, it’s normal to see your business cut in half. It looks like this with the marketing formula. We started with a 10% response rate, and now have a 5% response rate (1/2 of where we started. Our market has been reluctant to spend money as freely, but there are still people buying.)
During the recession… 1/2 response rate
5 leads = 100 x 5%
By now you may actually see the solution.
However, if you are caught in this in real life, we have a built-in FEAR MODE which tends to make us “cut back on marketing” to save the cost of marketing.
WRONG thing to do. But that’s how most business owners respond… and die.
The solution is quite simple. To get 10 leads just like we did before, we have two choices, the first is “turn the marketing up”.not down.
During the Recession… After fixing it
10 leads = 200 x 5%
By marketing to twice as many, even with the reduced marketing response, we maintained the same number of clients as before.
There is ONLY one time when this won’t work. If your marketing message is not working; if the cost of your marketing isn’t generating more dollars in sales than it costs.
If that IS your problem, then fix the marketing message. There is no other option. In fact, if you are getting a very low response to your marketing, you have the opportunity to increase your marketing results by possibly 10 to 100 times by improving your marketing message.
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