Build and Sustain Business Optimism
In a global economic crisis, we can all be easily overwhelmed by bad news and all-round negativity. To many humans discussing bad news seems to be more interesting than making an effort to improve the situation. However to succeed in such difficult circumstances it is important to have a positive frame of mind.
We should simply ignore all that information that does not help in our business and assimilate those inputs that help us create business strategies that will help us to succeed despite recessionary problems. If you look around you will still find numerous success-stories that you can replicate with little effort.
‘Tough times don’t last for long, but tough people do’ should be your battle cry!
Tips to succeed in recessionary days
1. Focus on your most important business metrics
Money is scarce in a recession and you need to prioritise your business expense. It is always advisable to decide on certain key business metrics that are critical to ongoing success of your marketing efforts. It pays to narrow your choices down to those few metrics that are your immediate priority and then use these successes to proceed to subsequent marketing initiatives. This way revenue generated by initial successes can actually pay off your later efforts and also save your marketing budget from being ‘stretched-too-thin’. For example you could initially focus on low cost e-mail marketing, targeted pay per click advertising or Google optimisation. When you have achieved reasonable success (brand build up) you could proceed to more expensive marketing efforts like online sponsorships or banner advertising for specific marketing goals. This phased approach is known to cost effectively build better quality business leads and increase the conversion rates of all your marketing campaigns.
2. Search Engine Optimization can help marketers work smarter
According to the latest MarketingSherpa Research report, search engines remain the best bet in delivering better returns on your marketing spends. Consistent search engine optimisation makes your business communications (on the website and e-mailers/newsletters) reach more prospects cost effectively. Consistent SEO efforts pay off in the long run as they make you marketing communications more customer focused (by aligning the content with prevailing popular search terms that reflect the current customer needs). Creating sales focused landing pages that are effectively optimized to evolving business and customer needs are known to boost lead generation efforts even in recession times (you could use such ‘business-baits’ like staggered payment plan etc). Focusing on smoothening ‘wrinkles’ in the purchase-transition points like registration/payment forms and ordering/payment options will ensure that you continuously reduce customer exists and boost your lead generation efforts.
3. Build relationships that nurture leads effectively
Analysing visitor traffic behaviour often gives marketers unique insights for building relationships with identified prospects. For example you could respond to comments on your official blog and start a dialogue with people who frequent your website. By sending them frequent information updates you tell your prospects that you care for their business needs. This does result in higher conversion rates consistently. Building and nurturing relationships with your pre-identified prospects can also act as an effective entry barrier to your competition. Offering limited-usage free product/service demo downloads is another way to boost traffic /lead generation and start building relationships with prospects who may still be undecided on your offerings (but could convert on real-life experience post the download).
4. Explore sales & marketing synergies
Always offer incentives for referral marketing to both prospects as well as existing customers in order to maximise your leads-reach. And always engage in innovative cross-selling/up-selling opportunities with your business partners to increase conversion rates across your offerings and varied business interests.