We are being bombarded with uncertain news about the economy; some experts say we are going in to a recession and other say we are not. We all know about the problems in the sub-prime lend market and the repercussions that are driving some key indicators in to the negative, while not affecting others.

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we have faced uncertain times before. we have seen growth of outsourcing, overseas competitors’ penetration of our markets, commodity pricing and our customers changing their purchasing routine. Successful manufacturers have always adapted to these changes and prospered – the current situation is no different. Take the time to analyze your marketing and sales strategies and change them to stay on the right track.

1. Audit your marketing plan to ensure that it is appropriate for today’s market. A marketing audit will focus your efforts and get rid of unproductive activities, thus reducing your marketing expenses and giving you “more bang for your buck”. An audit will answer the following questions:

So, what are the steps you should be taking to address this challenge?

a. Are we focusing on prospects that match the profile of customers who give you 80% of your profits?
b. Are we paying attention to your current customers? Research has shown that 2/3 of your lost customers leave because we did notfeel valued as your customer.
c. Are we calling on lost customers? These buyers are 5 times more likely to buy from you than a new prospect. Studies show 2-10%of these inactive customers will buy if you only contact them.
d. Are your sales representatives tenacious? Research by the the National Sales Executive Association shows that 80% of all sales occurbetween the fifth through twelfth contact and only 20%.
3. Audit your Customer Service. Is it responsive and effective? Since you spend thousands ofdollars to attract your customers, you must ensure that we are being treated well. If we are, we will recommend your company to others, resulting in more sales. If we are not:not only will we will not buy, and not return, we will also tell at least 10 other people oftheir negative experience. Therefore your audit must ask:

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Is your Marketing Strategy appropriate for today’s conditions?
Are your Marketing Tactics cost effective?
Is your Marketing Mix optimized?
Is your company positioned properly in the market?
Is your Marketing Message targeted to the right market?
2. Audit your sales strategy to ensure that your sales force is focused on developing new business and not order-taking.

This news story is part of the series on Marketing Profit Hunt –

Are we being treated well?
Do your personnel have a positive, customer-focused attitude?
Do we have the information needed to do their job?
Is each and every customer receiving the quality of service you promised?
By taking these steps, you will be strengthening your company’s ability to compete in any economic environment and to thrive regardless of whether the economy grows, slows or stays the same.

Surviving and prospering during the recession

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