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Precision Marketing in a Soft Ecomony
(Marketing Memo, April, 2001)
are good, many companies engage in shotgun marketing - "If we fire
enough bullets, some of them will land on target." In a soft economy,
this philosophy is indefensible. After cutting travel and other types
of overhead, companies look for other ways to economize. For many companies
a soft economy means cutting back on marketing budgets. Before making
radical cuts, take stock, reconsider objectives, and then tailor your
marketing programs. Think twice before eliminating programs altogether.
it is false economy to eliminate or cut back on advertising and other
programs when times are tough. To do so means to lose momentum and to
give your competitors an unnecessary advantage. Here are some tips to
help you make the most of your marketing budget during a slow-down:
corporate objectives and how marketing programs contribute to these
objectives. What are your goals? Do they continue to make sense? A
sluggish economy may necessitate modifying expectations regarding
who will buy what and how much they will buy. Are overall corporate
objectives in sync with marketing objectives?
your target market(s). Are these the best segments to pursue? Have
you had success with these segments before? Has anything changed that
would alter your chances of succeeding in this niche, for example
new competitors with new products or a shifting set of priorities?
- Check your
marketing messages and presentation. Are you presenting the same tired
message year after year without checking if it resonates with your
target market? Is your format effective?
systems for tracking whether you are reaching your target market.
Are you using the right outlets? Do your target markets respond best
to print media? Electronic media? What are the best choices? Is this
a market that is best reached at conferences? Which ones? Sending
someone to the wrong conference could easily cost $2,000-$3,000 or
more and not bring you the desired exposure. Ask customers how they
heard about you.
- Talk to
your customers. Ask them what messages work and how they like to receive
these messages. And, don't forget to ask them how well your products
and services are meeting their expectations. In short, make sure that
you are achieving your corporate objectives and that your marketing
programs accomplish precisely what you want them to accomplish.
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