One of the key ways I had seen companies come out of a recession well is by viewing the period as an opportunity. Clearly, your first priority should be survival, but I like to follow the advice of Warren Buffet: “Be fearful when people are greedy, be greedy when people are fearful”. Here are ten areas of opportunity you should be considering in the next year:Using a strategic thinking and business coach approach, here is my recommended strategic action plan for recession resistant marketing.
1. NEVER STOP MARKETING! Marketing is a continuous, not an intermittent or sometimes endeavor.
2. Contact and reactivate past clients. Call them or send them a letter, but make sure you contact them.
3. Deliver consistent superior service to your clients. Create a WOW factor with your service.
4. Develop your 100 most desired clients list and plan an aggressive business marketing campaign to retain existing clients and attain new clients.
5. Develop and implement an effective Integrated Marketing Communications (IMC) Plan.
6. Develop and implement a contact strategy so you will gain “Top Of Mind Awareness” by being in regular contact with your clients and prospects.
7. Employ cross selling and up selling tactics to increase revenue from new and existing clients.
8. NETWORK! NETWORK! NETWORK!
9. Develop and follow a yearlong marketing activity plan.
10. Continuously test and evaluate your marketing tactics and strategies.
The above strategic action plan provides solid advice to follow in good or bad economic situations. But a commitment to each action in the plan is imperative.
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Anonymous
May 2, 2009 at 11:13 AM
Good stuff!
Anonymous
July 27, 2009 at 8:30 PM
hello... hapi blogging... have a nice day! just visiting here....
Anonymous
September 5, 2009 at 4:39 PM
Nice post. It is always good to see people doing new and innovative things. I would like to suggest you a similarly innovative magazine - PEOPLE MATTERS started by an Indian School of Business (ISB)Hyderabad Alumni, which was suggested to me by a friend.
It deals with various important aspects of management, especially those related to Leadership & People Management, which the mainstream business publications often ignore.
It's also relatively cheap. I guess its annual subscription is about Rs. 400 which is even less than the cost of a standard Pizza.
Their last issue had a really educative article by Robert Kaplan (the father of Balanced Scorecard method) where he talks about how organisations can create opportunities out of current economic downturn.
I got its subscription online through their website: http://www.peoplematters.in
If you like the magazine, kindly refer it to others like I am doing.
Thanks