Sections Supplements

Contrarian Marketing

How to Take Advantage of Economic Uncertainty

As an investor, you wouldn’t buy high and sell low, would you? At least you wouldn’t do it deliberately.

However, we all know that a common knee-jerk reaction to a down stock market is to sell at precisely the wrong time. Savvy management of your company’s marketing outreach is analogous to smart investing. That is to say, following the crowd is not the best way to make money.

Take a time like now. The economy is a little wobbly in some segments, fine in others. Some companies are pulling into their shells, waiting for reassuring news before they spend money on outreach.

But Not You

When your competitors halt or substantially slow their communications efforts, the marketing clutter in your industry is reduced, making room for you to appear more prominent, and to create the impression — accurate or not — of industry leadership. Of course, this doesn’t obviate the need to invest shrewdly. You’ll want to take a fresh look at what, to whom, and through what methods and media you are communicating, so that your efforts reap the best possible results.

Here are some things to keep in mind.

• Purposeful, consistent messaging: decide precisely what to say, and to whom.

Think about national politicians, if you can bear to do so for a moment.

The best of them reiterate their message points until you could repeat them in your sleep. Your company, in its own way, should do the same. It should do so at any time, but especially when budgets may be tight, and you should begin by determining what your message points are and who needs to hear them. It sounds basic, but it requires discipline.

Equally important to consider: with whom do you wish to speak.

Consider your current customer base. Customers know you, they work with you — should they do more with you? Buy different products or services? Do less with competitive firms? If so, consider marketing new products, services, and opportunities to them.

Do you know who visits your Web site and what they do there? Should the site provide more information, gather more data, or close the sale? At the same time, is there a broader audience you are not reaching at all that you should talk with now?

Methods and Media

Next comes the fun part. You have more options for communication than ever before, and many of them are effectively geared toward the targeted marketing you want to do now. Here are some guidelines:

• Integrate your message. Your Web site, your public relations, your advertising, and your sales team should be communicating consistent messages, tailored to their respective audiences.

• Make the communication two-way. Ask your customers and prospects what they want and need. If your sales or distribution team is large or geographically dispersed, you may want to ask them, too. You may have shied away from research in the past because of the expense, but now you can develop cost-effective online surveys that let you track results in real time (see vsamarketing.com/demo for survey examples). Doing this serves two purposes: you gather information you need, and you make clear that you value the input of customers and influentials in your market.

• Keep at it. An ad in the trade show daily at this year’s biggest event may be a good idea, but a one-time placement is not a sufficient marketing program. Find a way to keep your voice out there all year long. Be consistent and frequent. Remember that advertising is not the only way to communicate. Public relations, a Web site that genuinely tells customers what they need to know to make a purchase, an educational Podcast or audio CD for customers and prospects, a speaking engagement or two, an E-newsletter, a corporate blog … these are just a few examples of ways you can keep communications strong.

• Leverage new opportunities. Trade publications, for example, know that it is hard to sell regular ad space during any period of economic uncertainly, so they come up with new ways to work with clients. From digital editions of their publications to content-rich Web sites, you may find cost-effective new opportunities — especially if you are conducting a print advertising campaign with the same publication.

• Track results wherever you can, but don’t obsess. Ask your marketing firm for advice. Improved Web analytics can show you specifically how your Web site is serving you. Inquiring with new customers as to how they selected you is — as ever — a great idea. Study return on investment where you can feasibly do so, whether it’s how much press your public-relations campaign yields, or how many people respond to promotional offers.

But here’s the cold, hard truth. There will be types of outreach in which it is tough (perhaps impossible) to quantify results, but don’t throw them aside just because of that. The goodwill event you hold for customers or the speech your CEO makes to an industry panel may well be the smartest move you make all year, even if you can never prove it.