No matter what event I attend, client I talk to, or friend I share wine with – the conversation inevitably turns to ‘How are you doing right now considering the economy?’ and ‘What are companies doing differently – or not at all – because of the slowdown/downturn/depression/recession?’ (all labels are on the table!)
The folks at NewWest had a crystal ball when they designed their 3rd Annual Real Estate & Development in the New West conference for Oct 23-24 in Missoula. Early this summer they reached out to several professional communicators (including this blog author) to participate in a round-table on ‘Marketing Through the Slowdown’. Months later and on the eve of the conference, it is more crucial than ever to know how to market yourself, your business, your product and your clients in this new business climate.
Joining me on the panel are:
Bridget Cavanaugh, O’Berry Cavanaugh
Stacy Kendrick, Partners Creative
Ross Rademacher, Maverick Group
Jeff Welch, Mercury Advertising
Moderator: Jonathan Weber, NewWest.Net
It is a long – but breathtaking – drive from Boise to Missoula, and I’m looking forward to hearing from my peers on the panel and those in attendance on how their markets are reacting to the slowdown – and what they are doing to get through.
Among the thoughts I’ll be sharing on strategic communications…
It’s economic darwinism time – The strong, the smart, the hungry and adaptable will survive. If you are at the top of your game, or willing to put in the hard work to rise to the top, you will make it through. The companies that have been resting on their laurels, or just getting by with sub-par work because of the flush economic times will get weeded out. If you love competition – now is the time to shine. Be aggressive, not tentative. Now is not the time to crawl into your shell.
Now more than ever – know yourself and your customer – As my partner Steph Worrell said recently, ‘Everyone needs to be checking in with their core.’ The core of your business – what you excel at and sets you apart. And your core audience - do you know what makes them tick? People could afford to be a bit random over the past decade+ by putting themselves out there and catching the low-hanging fruit. But that fruit is gone. Course correct if you’ve gotten away from your core business focus – get back to what you do better than anyone else instead of trying to do many things mediocrely. Steve Rubel calls it soaring with your strengths “What product or service do you provide really well that others can’t match? What as an individual or company do you do really well that adds value? What niche do you serve? Identify it then build on it.“ As for your customers…
Listen and engage – For too long marketers have been selfish in their communication strategy answering ‘what do we have to sell and how will we sell it?’ instead of ‘what do our customers want, need, and say they are looking for?’
It’s perfect storm time - people are more inundated than ever with marketing messages, are increasingly cynical of advertisers and corporate-speak, and are struggling with finances at home and at work. Listening – through traditional research, polling, informal feedback channels, or social media engagement – is more important than ever.
By knowing what your customers are talking about – you can start engaging in a conversation with them in a genuine way. At the same time, you are building trust by listening and showing value by contributing your expertise in order to provide a benefit, not necessarily a sale.
Remember it is a mix, not a one-trick pony - Which leads to social media. I’ve become a believer in the power of social media tools – for monitoring conversations, keeping up with trends in the industry, connecting with peers and potential clients, vetting ideas, testing messages via virtual focus groups. But if someone tells you that you need a 100% social media plan – question it. Just like you should question a 100% print advertising or 100% direct mail campaign. A marketing mix is paramount. If you want to engage in social media remember – be genuine, be relevant, and don’t throw cheese (thanks to Jen Harris & Mike Boss for that one!)
It is all about the follow through – The best strategic communication plans – no matter the elements utilized – are pointless if you can’t deliver on your promise. Now more than ever, focus on the long-term relationship with your customers and satisfying their needs beyond the initial sale. Because of how viral our communication has become – they can be your best marketers or your worst nightmare. If they are thrilled-beyond-belief-customers they will be champions for your brand. Remember to empower your evangelists!
And finally…
“Go ahead. Cut your marketing budget when things get tough. I get it. That’s like saying ‘I’ll throw some logs on that fire when it warms up in here.’ ” – Chris Lockhead
Keep your fire going.
-Jess
