Avoid trying to time the market(ing). Buy low, sell high. Ever hear that advice before? We all would like to be able to do it, but we know that it’s not possible to do. Even the seasoned investor is unable to do this. We know one of the best strategies is dollar cost averaging, though few of us do it.
Good marketing advice would be to avoid trying to time the market. Many people and organizations market around events, product launches, seasons, and many other single occurrences. But my advice to you is to do a little marketing each day. And if you do that, your single events and your marketing will be a much greater success.
Marketing needs to emphasize client relationships based on trust and knowledge. This approach is not necessarily unique, but it’s never been more vital than today. So here’s a few simple steps that I would advise you to try:
Think long term: Clients receiving a constant barrage of information that is seldom useful and generally of little value. In fact, it causes you to become so tuned it out that you seldom even notice most marketing information that you’re presented with. So stay away from the flashiest ads or the biggest displays and instead go for consistency on a regular basis
Review your marketing plan: In theory, we all work from a plan, don’t we? However, in reality, emotions still play a big role in marketing. During times like this, it is even more important to stay away from the marketing idea of the week. Unless something has changed significantly. I would question whether you should be making wholesale changes in your marketing. That’s not to say that your marketing does not need to improve, but avoid going after new customer segments unless it is strategically planned.
Use the present volatility to your advantage: Recession, downturns naturally make us all nervous, but if you have been complaining the past few years about competition, now is the time for you to shine. In a recession people will take less risk and take longer to make a decision. They may make better overall decisions as a result. Consider this, you may be better off and find more market share, even though sales are down. When sales bounce back, you’ll be perfectly positioned to take full advantage of that.
Stay focused on your goals: Never forget what your organizationally vision is and stay focused. Having a clear idea of your goals is important because they help determine your time horizon. In a downturn, this may have to be lengthened a little bit but your strategies basically stay the same.
Talk with your customers: Your customer base is the single most important item you must address. You must emphasize these relationships through out your organization daily. Unless your company was under-performing already the answers are probably not out-of-the-box. You must become fully involved in making your clients successful. You need to take the timing to listen to understand their needs and to clarify how your company can help. Constant feedback is imperative for you to provide the exceptional service that you need to demonstrate.
Seek professional advice: You may need other tools that you personally don’t have in your bag. Avoid making direct hires and adding staff at all costs. The opportunity is there to seek out very experienced individuals to help you reach your objectives. It’s during these times that you need to know that there’s someone decides you can rely onand who can help you through these times.
Marketing is your livelihood. There’s never been a time like the present to put a solid marketing plan in place. Taking advantage in a downturn will reap tremendous benefits in the future.
P.S. Remember, the tortoise won.
Joe Dager is the founder of Business901 and a Duct Tape Marketing Coach located in Fort Wayne, IN. Find more information online at www.business901.com
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Joe Dager | November 6th, 2008 - 04:52 AM 
Fiona F | November 6th, 2008 at 7:50 am
Great advice. The tortoise loves a sustainable business life as well.
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steve gumm | November 6th, 2008 at 8:14 am
Great post. We just had a meeting on Monday about our frustrations with setting all these “schedules”. “when and how often and at what intervals etc. etc.” In the end, you have to be the tortoise and just keep marketing and having fun. I think all the planning and scheduling etc. just sets us back. We spend so much time worrying about the damn schedule when that time would be better served interacting with customers.
Anyway - I’ve rambled enough! Great post.
Steve Gumm
whatsyourstory.typepad.com
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Douglas Wolf | November 6th, 2008 at 9:49 am
When the economy is going gangbusters, you can get away with slipshod marketing efforts. Not now. Failure to plan is planning to fail.
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Wayne Philippe | November 7th, 2008 at 10:11 am
Sage advice tested by time! Thanks for reminding me.
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Troy Braithwaite | November 7th, 2008 at 4:24 pm
Great post. It is definitely important to stay focused on our goals - we can’t make rash decisions solely based on the events in today’s economy, but at the same time, we all need to really look long and hard at our businesses and figure out how we can ADJUST without changing our visions and goals. This economy is forcing us to all run tighter and better businesses - which once it all turns around - we will be much better off!
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Sandra Lee | November 23rd, 2008 at 7:43 pm
Excellent post Joe! I agree on all points!!!
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