The economy is still rocky. We’re headed into an election and just as Wall Street reacts to uncertainty, so does small business.
When confidence about the future wavers, a lot goes on hold – new purchasing plans, plans to hire new personnel as well as marketing execution. Those are the two levers that business owners can control when much is beyond their control.
The problem with putting marketing on hold is that you are creating a future dip in revenues. Think about it this way, if your conversion from raw lead to closed business is 9 months, foregoing marketing in January means less opportunity in October.
But it’s even more than a simple math problem. For future customers to Know Like and Trust you, you need to be communicating with them in a meaningful, valuable and regular way – or the relations simply won’t develop. Sporadic communication does not get the benefit of momentum or the cumulative favorable mindshare that ongoing marketing creates.
Ongoing marketing builds a narrative, provides bite size pieces of value and understanding, and keeps the relationship between you and the ideal customer on track. Sporadic marketing rarely builds any recognition let alone the relationship needed to move into a more serious consideration of your products and services.
That’s why marketing requires commitment. What you do today is bolstered by what you did last month and what you will do next month. Every lapse in marketing diminishes the thread of connection between you and your future customer.
Here are 5 steps you can take to decrease your marketing expenses but continue to execute in a meaningful way albeit on a smaller scale:
- Revisit the profile of your ideal customer
- Review your prospecting list and identify which prospect truly fit the profile
- Reduce your list to a number that you can continue to market on a regular basis
- Redouble your online inbound marketing efforts (blog articles, social media)
- Increase your intelligence on your list (set up Google alerts, research their website, look to follow these companies and individuals on social media)
By doing this, you can increase the value of communication, operate within an adjusted budget, but still continue to develop relationships with prospects.