Economic Downturn

With the collapse of the sub-prime property market in the US sending shock-waves across the Atlantic, the Financial Times and the New York Times are speculating that there could be an economic downturn at some point in 2008. This could spread globally. So is it a time to cut back your sales and marketing efforts, or focus on gaining market share?

Companies typically look to how they can cut costs during a recession. As a smart thinking marketer and brand you can turn such a potential economic threat into an opportunity. Now is the time to think ahead to the fourth quarter of the year. Foresight and insight can make your marketing more efficient and effective, particularly if it is aligned closely with your sales objectives.

It’s tough out there at the best of times, but even more so if you don’t win new sales during a recession. Companies that have the right sales and marketing strategies in place can come out of an economic downturn with increased market share once the market recovers.

Marketing can often become a casualty, but smart thinking marketers will be able to show their mettle. They will not just survive, they will thrive.

You can win a competitive advantage by investing more cleverly. After all, B2B customers and consumers still need to buy things, while others will still need to sell products and services to them. During an uncertain economic climate, you need to make more cautious and considered decisions.

So what does this mean? To become more attractive, more competitive and more visible companies need to have a ‘bullet-proof’ value proposition.

By making smart investments in the very best salespeople and marketing professionals, you can focus your attention on gaining market share whilst your competitors reduce their marketing spend. Investment guru Warren Buffett advocates such strategies, and advised in 2001 that you need people who have intelligence, energy and integrity.

There’s no time for sitting in silos. Sales teams must be supported by effective marketing programmes. They need to work collaboratively to understand the market and meet its needs. You might need to look at the vertical issues too, such as whether you should target the mid-tier or focus on the enterprise-level customers.

Buffett once said “Focus, focus, focus!” Concentrate on netting bigger and higher value orders, and ensure you capitalise on vertical markets. For optimum, long term results use Account-Based Marketing (ABM) to gain valuable insight into your clients needs and build strong relationships; target your contacts with genuinely personalised, one-to-one, iterative sales and marketing campaigns.

Your customers will be also looking for a competitive advantage; you can help them to survive or thrive. By supporting them using the same techniques, you will increase your own sales and gain market share – even during an economic downturn. Your competitors will be left behind, wondering what you did to steal a march on them.

To talk more about how you can thrive during an economic downturn, please call Think Smart Marketing on 01525 288828 or email owen.ashby@thinksmartmarketing.co.uk