At Wednesday’s Ad2 event, “Surviving a Recession: A Marketing Panel,” experts Jack Gordon of Turfway Park, Mark Schenthal of the Northern Kentucky Chamber and Jim Simon of Jeff Wyler Automotive hashed out what it takes for you or your company to survive in this struggling economy.
1. Defrost
Yes, the economy is in bad shape, but being deer in the headlights won’t help matters. Instead of putting a freeze on important decisions until things get better, take time and care to find the most appropriate solution for the future.
2. Build alliances
Yes, it’s very Survivor, but this is the best thing you can do to get a job, keep a job or benefit your company. Show your boss your willingness to take on extra responsibilities. Make yourself indispensable, an integral part of the system.
In keeping clients, Gordon mentioned the “hot dog” model: The person that sold you your last car knows you won’t buy again for a while, but calls to offer you to come down and have a hot dog for one of the dealership’s events. You may not go the event, but the fact that they offered makes you more likely to make sure your next car comes from them. Developing that bond is key to success in the long run.
And don’t forget that other businesses can be your friends, too. Partner with them to sponsor events and the karma will come back your way.
3. Track competitors
Always have your eye to the enemy lines. Chances are they have some ideas you don’t, some of which work, and others that you can mercilessly laugh about.
Simon talked about how competitors tag their websites as being Jeff Wyler Automotive so that competitor’s sites appear when you search for Wyler. The remedy? Trademark your company’s name so this thieving becomes illegal.
4. Use that social media
Social media is one of the best ways to build a personal relationship with your customers, and it’s free. What’s better than that? Once you get that idea of it and what it can do for you, it’s rather simple. Many begin by throwing out a feeble, oft-overlooked page to “see what happens,” but with a little patience, water and sunlight, social media can begin to blossom for you.
With the Chamber, Schenthal delegated 3 savvy employees to Facebook, Twitter and LinkedIn and was able to offer customers e-coupons and suggestions almost immediately. Not in the know? Ask that person who couldn’t live without their Smartphone and tweets under their desk all day long.
5. Specialize
It’s easy: have something that no one else does. Just don’t go too niche or your market will be minimal.
For your marketing, if one of your techniques has always worked but stands at a plateau, look at it! You can make improvements on that to drive better results. How can you better reach your customer? What are they wanting now? Have their needs changed?
Do you have any other ideas on how to stay safe these days? Leave a comment and let your voice be heard.