I’m not an economist by training, but I do know a thing or two about marketing and trends. Here are three ‘Mind Capture’ economic predictions that I hope you find of value for the New Year in relation to your product, service, organization, or cause.
#1. The best marketers will win. Cutting back on marketing is being done by most organizations. This is a fact. However, I still continue to see far too many organizations cutting marketing back to catastrophically low levels that may speed up their extinction and seriously take years for them to rebound as the economy picks up steam during a recovery.
With this in mind, I urge you to resist excuses and the temptation to slow down prospecting efforts and seeking out new and creative ways to generate activity, leads and business. You’ll need to reach deeper into the marketing world and seek out multiple low cost, and targeted programs that have the most bang for the buck based on tracking all leads carefully and the ROI directly attributed to specific activites.
#2. Adding value is the new way of doing business. The temptation in most firms is to cut back staff to dangerous levels and become overly cautious and cheap with customers. Not a smart strategy. This trend will likely continue in 2013 as balance sheets are squeezed by tighter margins. Here’s the biggest danger most people often never see with this approach.
If customers are pickier and demanding better service, how in the world can a business pull this off consistently with a skeleton crew or ‘discount mentality’? Breakdowns are certain to occur at some point costing the business repeat business, goodwill, and referrals.
The smart companies are going above and beyond by piling on perks and special features which is the exact opposite of what most businesses are doing or even thinking about in a recessionary environment. They get positive word-of-mouth from their customers because they over deliver and turn their customers into a raving sales force on their behalf.
#3. You control your economy. It’s up to you each day to determine and decide what opportunities you’ll act on and what new one’s you’ll create based on needs in your specific markets. No one is coming to bail you out and it’s time for you to think not only about innovation, but also what you can do that’s unconventional and has your competition stumped and playing catch up with you.
Bunker mentality is dangerous. Get on the attack, put extra hours in, and get in front of more people with compelling and attractive offers that get attention and increased sales.