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A G L O B A L S P E C W H I T E P A P E R F O R
E N G I N E E R I N G , T E C H N I C A L A N D » I N D U S T R I A L M A R K E T E R S
Pragmatic Business Strategy:
9 Ways to Make Marketing Work Better
in Challenging Times g l o b a l s p e c w h i t e p a p e r »
Pragmatic Business Strategy: 9 Ways to Make Marketing Work in Challenging TimesHistory is rich with examples of companies that gain advantage by maintaining or increasing marketing during difficult times. What at first may seem like a bold or risky strategy - funding a variable cost such as marketing during a time of financial pressure - is in reality a well-documented and proven course of action to increase revenue. A company that stays committed to marketing during challenging times: . Prevents a downward spiral of falling behind. Gains market share from competitors who cut back. Positions itself for a surge when conditions improve But history aside, the reality is you must find new ways to make marketing work more effectively, to get more out of marketing investments, and to measure and account for marketing decisions. In short, you must make changes. Because doing the same things in a challenging environment and expecting the same results is a strategy headed for disappointment.Given these conditions, you may be asking: how can your company be one of those success stories that market and grow their business during challeng-ing times? Here are nine things you can do to make marketing work in challenging times:1. Focus on what you can controlYou can't control the economy or most other external market factors. You can't control the pace of market demand. But what you can control - and therefore what you should focus energy and action on - is how you invest the marketing budget you have. While you can't control demand, you can recognize where de-mand is and go after it, perhaps in places and ways that are new to your company. As part of taking control, you must ask pointed questions: how can every dollar of marketing investment work harder for your company? Where should you focus marketing efforts? What media choices provide the best opportunity to gain new customers? What should you avoid spending on? This is the time when your company must re-allocate its marketing budget to better performing programs, to meet and match customer demand.By paying attention to what you can control and act upon, and at the same time ignoring the noise of what you can do nothing about, you can apply your experi-ence and strengths to forge a strong, effective marketing strategy that will carry your company through challenging times, and beyond.2. Re-state your goalsWhat marketing goals are achievable during these times? Your company may be committed to launching a new product line, following up more with existing customers, seeking new market niches for products, or considering international market demand.
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Are all of your company's marketing goals achievable? Each must be evaluated and prioritized. Which ones are must-haves and which are nice-to-have? By prioritizing goals, marketing also can be prioritized. You may have difficult choices to make, but it's easier to implement effective marketing programs against a prioritized list of goals than it is to try to "do everything" with a finite budget.For example, let's say your company has an important product launch coming up this year. You'll certainly allocate a portion of your marketing budget to promote this launch. The goal of a successful product launch will not change. You must get the product to market, move new inventory. Therefore, marketing resources should be devoted to achieving this important goal. In the past, if you promoted a product launch through trade shows and direct mail, for example, it's time to enhance these efforts with a comprehensive plan to reach more customers and prospects and get a greater return out of the product launch. Engineers and others in the technical community perform a lot of work online; devise strategies to reach them through e-mail, targeted e-newsletters and banner advertisements, Web announcements and other online tactics.3. Get more targetedA fundamental but sometimes overlooked marketing tenet is to "fish where the fish are." In other words, place your marketi... [download for more]
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