Recently there have been a number of reports about how tough it is for Valley businesses in these, to say the least, challenging economic times. There does not seem to be much relief in sight for some time to come.
Surveys based on previous recessionary periods have shown that the businesses that weathered the storm better than others all had one thing in common: they focused on improving their marketing efforts rather than cutting back.
This does not mean that you have to spend more money. What it does mean is that you have to spend a little more time ensuring your marketing strategy is working to meet these challenges and then seize the opportunities that challenging times inevitably bring.
What are these challenges? They are not any different today than they were during the last crisis and are not likely to change for decades to come because they highlight the basic principles of marketing that are at the core of your business.
They are: Identifying and really knowing who are your target customers; Positioning yourself as the best choice for your product or service as it relates to your customers; and Choosing the right communications mix that your target group is most likely to use.
As you can see these challenges are really no different than what you would normally do to promote your business. Perhaps the biggest challenge is to be able to look at your strategies with a critical eye and be prepared to look for specific opportunities and options that will generate the best results.
If you are prepared to spend the time, here’s a few tips that will help make the process easier.
To know your customer is to know them really well. You have to be able to understand what motivates them to buy into your product or service. Think in terms of customer service, wants versus needs, building relationships, shared values.
Remember people do not always buy based on price. They base decisions on satisfying a need that suits their lifestyle. Buying your product or service is based on achieving that goal.
This leads to positioning in the marketplace. By taking a critical look at who you are in relation to your competition, you can develop a strategy that will set you apart. Will make you the ‘go to’ person or business.
Take a realistic approach to your analysis. You are not going to appeal to everyone, even if you have a product or service that everyone uses. If that were the case then there would only be one car dealer, one grocery store, one coffee shop. Ask yourself why is that?
Do you really know why people buy from you? In today’s competitive environment one of the reasons why people buy is not just good service but in their minds exceptional service that leads to customer satisfaction.
Accenture, a marketing consulting firm, has been conducting global consumer satisfaction surveys for a number of years. The survey involved more than 10,000 respondents in 27 countries, including Canada, and was conducted between September and October, 2011. They found, for example, that only one in four customers feels loyal to their providers across different industries. In addition two-thirds of customers switched providers in at least one industry in the past year due to poor customer service.
Bottom line: make sure you are developing a strong relationship with your customers and most importantly are able to keep them satisfied.
The final challenge businesses face is to be able to pick the right channels of communication in order to reach their targeted customers. Consider this one of the greatest opportunities of the ‘age of communication.' With the right medium you can deal with your best customers and potential customers almost on a one-to-one basis.
One last point for this column. While the opportunities are there to be able to deal directly with your customer, you need to be aware of what you are saying in each message you are sending. Remember each message, while tailored to speak to specific customers, must also be consistent with who you are, what you do and how you will satisfy a need.
While times may be tough, they do afford every business an opportunity to rethink, refocus, embrace change and seek out opportunities that can open the doors to greater business success.
Joe Smith is a communications consultant and an accomplished fine artist. He can be reached via email at joesmith@shaw.ca