Marketing In A Down Economy
As the economy deescalates, we are rapidly moving to an extreme "buyers" market. In this climate, buyers have a much greater tendency to think twice about where, when and with whom they spend their money.
In a down economy, we need to aggressively prove to clients and customers that they will receive maximum value for every dollar spent with us. And we must also prove that by choosing us, they are choosing the best possible company to help them achieve their goals.
One way to deal stand out in a buyer's market, and to earn that extra modicum of trust, is to cultivate yourself as an industry expert and authority. This means embracing strategies that communicate confidence, trust and ability about you and your business among clients, customers and prospects.
Visibility
This is where it starts. Because it's virtually impossible to anticipate the precise moment that clients need your product or service, you need strategies that keep your name front and center.
" Become so well-known in the right circles that when someone needs what you have to offer, your name will either immediately come to mind or will be the first one mentioned whenever they turn to others to find what they need," say Paul and Sarah Edwards, authors of Getting Business To Come To You.
And there's an opportunity that comes in a down economy. As your competitors pull back, you have the field all to yourself. In these times, any visibility strategies you pursue potentially have more impact than when everyone is marketing aggressively and it's harder to get noticed.
Be Distinct
In these tough economic times, you can't be a 'dime a dozen.' You can't be just another "graphic designer" a mere "management consultant" or a humble "business coach." You need to be distinct, or risk blending into the growing mass of struggling businesses vying for a piece of a constantly shrinking pie. You don’t want to be part of a street fight of look-a-likes that occurs when there is not enough business to go around.
Take a critical look at how your business is perceived by others. Have you cultivated a reputation that serves your goals? Have you carefully crafted the way others see your business…or has your business reputation emerged arbitrarily without your guiding hand?
Take a lesson from the Big Boys--the large firms with million dollar advertising budgets. These companies do not leave their market identities to whim or accident but deliberately shape their perception in the eyes of their buying public.
You CAN determine how you are seen in the marketplace. And there are several effective ways to do it.
Brand You
All kinds of products and services -- from accounting firms to sneaker makers to restaurants -- are figuring out how to transcend the narrow boundaries of their categories and become a brand surrounded by a Tommy Hilfiger-like buzz.
In "The Brand Called You," a somewhat legendary article written by management guru Tom Peters for Fast Company in 1997, Peters describes the rise of brand image as a determining buying factor--a reality that affects everything from tires to toothpaste, and everyone from multinational corporations to solo professionals.
Why are brands so powerful? Because they are a promise of value--a reassuring aura that helps buyers feel they will get their money's worth time and again.
And nothing is more important in uncertain economic times as your assurance to clients and customers that they are not wasting their money.
In this new world of branding, you need your own micro-equivalent of the Nike swoosh. That begins with a promise of value and your ability to inspire belief and trust in your business.
Credibility Marketing
Credibility marketing is, first and foremost, attraction marketing. It's a strategy to create a branded aura of trust and credibility around your business that boosts trust and attracts prospects to you.
Logically, the more credible you are, the more people you'll attract.
The last thing you want to be seen as by your target market Is a salesperson. How do you provide products without selling them? You don't sell them. You sell yourself. More specifically, you build the perception of your true credibility by showing off a bit in your marketplace by sharing your expertise.
Become A Resource
Credibility marketing begins by sharing your knowledge. A credibility marketing campaign can include writing and publishing articles, giving talks, and offering special reports and inside information.
Begin by spreading valuable information among your clients, customers and universe of contacts. Tie it to their current problems and concerns. Don't ask for anything in return. Rather, use these gestures as a valuable opportunity to showcase your goodwill and expertise.
Not only is credibility marketing inexpensive, it has more impact than other pricey strategies like advertising, and yields dramatically different results. The idea is to help others solve common problems, letting them take you for a test drive, if you will, while positioning yourself as the first choice should they need further help.
How To Become A Recognized Expert:
Publish Articles. This simple but powerful strategy will reward you many times over. Not only can you generate a lot of leads from published articles, you can use them as sales aids to make selling yourself easier.
Get Quoted. What's the best way to get quoted in the media? Befriend a journalist. Find one who writes about your industry and send them an email. Tell them a bit about your expertise and offer your assistance if they happen to be working on an article about your subject area.
Write For The Web. Publishing articles on relevant web sites is an easy way to get started. Not only will people read your articles and increase your exposure, but publishing articles on the web also boosts your search engine rankings.
Express Yourself In An Op-Ed. You can break into newspapers in their OP/ED sections (opposite the editor page). Op/ed articles are opinion articles. Both the trade and consumer press are on the lookout for thoughtful visionary, trend and opinion pieces.
Don't Forget The Trade Press. There are thousands of trade magazines and newsletters that accept articles from industry experts. They are fairly easy to break into. And the credibility and exposure that comes with publishing articles that carry your name is immeasurable.
Copyright 2001, Steven Van Yoder. All rights reserved. Articles from the Get Slightly Famous! may be distributed or reproduced as long as the entire article, including copyright and web site address, is included.