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Recession 2008 - Planning for the Next 12 - 18 Months
Right now, while business remains fairly strong, make a 12 to 18-month plan for your marketing.
Your plan should include:
- Solidifying relationships with clients
Reconnect with every client you've done business with in the past year. Ideally, meet with higher level decision makers who will be more willing to look at staffing issues from a strategic perspective. Have a discussion about the potential impact of the recession and help them plan ahead.
If possible, try to expand your network of contacts within each of your clients, so you give your competitors less opportunity to steal your clients.
- Aggressive prospecting
Use direct marketing to give your sales team an edge. An integrated process of high impact direct mail and sales follow-ups will produce more appointments and sales opportunities than cold calling alone. Mix some educational mailers into your marketing to give your sales team a new way to approach prospects and something new to sell.
- Lead nurturing
Have a process in place to touch every client and prospect at least once per month. E-mail is your lowest cost tool, but sales letters, drop offs, and postcards can all be an effective part of the mix. Lead nurturing should consist of a blend of educational information, promotional materials, and non-sales oriented content designed to nurture relationships.
The average staffing firm spends less than 1% of sales on marketing (excluding recruiting costs). To dominate your local market, set a budget of 2% of sales (or up to 4% if you want to be very aggressive). You may even be able to free up some money by reinvesting some of what you are currently spending on job boards and other recruitment advertising.
Recessions typically last around 11 months. By investing more aggressively in marketing over the next 18 months, you will capture more of the opportunities that remain in your local market--and put yourself on the fastest possible path to recovery.
Read last week's article here.
Remember, Haley Marketing can help! Whether you need assistance with direct marketing to get the door open or nurture marketing to keep it open, call on us. We have two new, and very cost effective solutions that can help your business to stand-out, stay top-of-mind, and increase sales.
Just give us a call if you'd like to know more: 1-888-696-2900.