Here are three tips to remember when marketing in a struggling economy.
First, focus on strengthening relationships with your best customers.Â Who are the twenty percent generating eighty percent of your revenue?Â Use your tracking system to identify them if you donâ€™t already know.Â If you donâ€™t have an effective tracking system and customer database, nowâ€™s a great time to start developing them!
When was the last time you had a personal conversation with these key customers?Â What are their concerns?Â Do you need to modify payment terms?Â Do you need to reward them with special services that may only cost a small amount but generate additional loyalty?Â Do they provide referrals?
Second, examine your current marketing activities.Â Focus on those producing the greatest return on your investment of time and money.Â If you canâ€™t quantify your return, nowâ€™s the time to develop a practical method.
Third, now is not the time to cut corners on customer service.Â If you lose profitable customers due to a decline in service, you may not regain them after the economy improves.