Are there specific things you can do to market your business and grow market share in a down economy? Of course there are. The proper approach is to put on a show… to be in charge, to lead.
When you go to Las Vegas, Penn and Teller don’t ask you what sort of lights you want, what tricks you want to see and how long the show should be. They put on their show. If you don’t like it, that’s fine. Plenty of other people do. As a result, they win. They get to do their work, their way. And they profit from their confidence. So:
1. Have an actual marketing plan. That is, a plan to carry out specific marketing activities. Most professionals have no plan at all. Nothing! We wait for referrals and perhaps call up past clients to see if the have any work. A plan is a definite strategy developed for the purpose of connecting with new prospects and
converting them into clients. What’s your plan?
2. Accelerate and multiply your marketing. Most businesses cut back on marketing when the economy slows. If you accelerate your marketing, you will be more visible than ever. You don’t have to do expensive activities, you just need to be out there more. Networking, speaking, events and teleclasses are all relatively inexpensive. Get out there, don’t hide!
3. Deliver programs, not services. The best way to market and sell an intangible service is to make it tangible. Don’t just sell “management consulting services.” That’s too vague. Create programs that have very defined parameters and promised outcomes. Sell this program at a fixed price with clear deliverables and guarantees. Increase your perception of value.
4. Be willing to negotiate. It’s always better to sell “something for less than nothing for more.” Your clients are going to be looking for deals as well as great value. For instance, let them know that you’ve re-structured your services so that they will need to invest less if they are willing to do more of the implementation.
5. Go to the bottom line. All professional services need to be seen as an investment, not an expense. But that needs to be more than a cliché. How exactly will your services pay for themselves? If you can document increases in revenue or decreases in costs, you’ll get the attention of prospects. But you need to prove it. Do
some case studies of past clients showing the bottom-line value of your work.
6. Work on your mindset. This might be the most important of all. Negative external circumstances tend to trigger “Constrictive Marketing Mindsets.” That is, you start buying into the bad news and you start to panic, avoid taking action, and retreat to a place of worry and paralysis. Question those negative mindsets and find your place of power and innovation.
About Wendi McGowan