Randy Pollock of Walter P Moore wrote a great article in the April edition of SMPS Marketer on “Making the Most of an Economic Downturn.” Specifically, Randy identifies five strategies that you can take now to respond to the changing market conditions. Here is a summary of those strategy recommendations:
- Client Care – A strategy that positions your clients – and the depth and quality of your relationship with them.
- Focus/Targeting – A strategy that positions your firm – with its singular focus on targeted clients, markets, and projects.
- Fundamentals – A strategy that positions your marketing operations, procedures, and processes and revisits your fundamentals.
- Internal Marketing – A strategy for growing a firm from the inside out, internal marketing focuses on the people inside a firm.
- Diversification – A strategy that intentionally broadens your services, markets, and/or geographical locations.
Randy also provides quotes on survival approaches from top marketers on how they are responding to the changing market conditions. Here are some of my favorites:
“In my experience the only cure is to get out of the office and meet someone, every day if possible. It starts with our existing customers.” – Harlan Hallquist – J.E. Dunn Construction
“Now is a good time to meet with your best clients, one on one. Discuss their problems and how they intend to weather the storm. Discuss working together to solve problems. Provide seminars with subjects and speakers that address the client’s problems as well as serve our business for insight into future opportunities.” – Dianne Schachner – LEO A. DALY
“Internal marketing is a strategy for growing a firm from the inside out, focusing on the people inside a firm. A continuous, participative process, it fosters communication, training, and motivation of employees – principally those with client contact, but support employees as well. It requires leadership, direction, planning, and constant focus. Its sole focus is inside a firm, targeted to the people who perform the work – mobilizing their energies and motivation their pursuit of shared goals – and shared rewards.” – Randy Pollock, Walter P Moore
“Become even closer to them (your clients) in lean times. See if you can create a project that provides intensive value-added return to the client organization.” Dennis Schrag – The Longview Group