Advice for Capitalizing on the Current Marketplace
When the economy is moving forward and the forces are stable, marketing can try all kinds of new channel strategies. However, when there is a structural shift, as Wagoner suggests, I will always argue that less is more and this may not be the time to experiment with too many new technologies. Get back to the basics but do it with aggressive caution.
The marketplace is telling all of us that change is here. Just look at your own lifestyles. If you have not made at least one conscious change in your business or personal lifestyle, you are making too much money or have too much free time on your hands.
This is YOUR OPPORTUNITY to capitalize on the marketplace.
Tighten down your marketing procedures. It's not about cutting marketing expenditures. It's about doing it right and eliminating waste and duplication.
Find a new approach to separate your business from your competitors.
Find a new approach to get closer to your customers; they may not want a "relationship", but they want to be recognized and some may grow quickly if they are underperforming.
Invest in your customers; thank the best ones, influence a positive change with middle level customers and do not put a lot of resources against the poorest customers. Remember, they are usually poor customers for a reason.
Invest in your infrastructure to put the right technologies to work for you and your customers.
Be prudent with aggressive caution and pay very close attention to what's happening because changes are dynamic and the impact is immediate. Yes, IMMEDIATE. Understand how elasticity of demand impacts your marketing.
By Bart Foreman, CEO Group 3 Marketing www.group3marketing.com