Hitting the Brick Wall

What to do when you hit the brick wall, when the market gets tight….

Your business has been through a growth spurt, as principles of that business you have enjoyed the heady days of success. But now, all of a sudden, the business slows down, no business is coming in, it's almost like hitting a brick wall running.

You start to panic. You put a freeze on all spending including the marketing budget.

But no! NOW is when you should be increasing your marketing spend. Part of the problem is that in times of plenty, we forget about feeding the sales tunnel, feeding in new prospects to be converted to the customers of the future.

Now is the time to become marketing minded!

Step 1: Differentiate

You must be clear on what it is about your business that is different from your competitors. What is your USP. Differentiating on price by the way is a dead end!

Then ask, what can I do to make my business more distinctive and secure current customers as long-term and profitable customers? What can I say about the business, to attract new prospective customers?

Step 2: Define your target market and SELL to them!

Develop a profile of your most profitable customers and determine where to seek out similar people or companies, as your future customers.

Then sell like crazy to that target market.

Keep developing that profile and building the database.

Ask yourself, "What are the changing consumer trends, what are my competitors doing, what are the economic trends or technology developments that might have an impact on my business and customer base?"

Step 3: Build Your Brand 'From the Outside In'

Building a brand is not just about advertising or 'marketing communications'. Nor is it just about your 'product' or 'service'. Your brand is really what your customers think of you, and how much trust they have in the service your business delivers. To build a strong brand you have to have a clear idea of how you want to be thought of, and then consider everything that you say and do in line with that positioning.

In everything that you say and do, ask yourself:

Will this get me closer to where I want to be in the mind of my customers?

Step 4: Network like mad, even if you hate it!

Often the best way to market your business is to get out and network. But so often we avoid this like the plague, it's uncomfortable, you don't know what say. The key is to plan your networking schedule and stick to it. Develop a "positioning statement" that communicates exactly what you do in one sentence. When you are at an event and question time comes around, stick your hand up and ask a question. Stand up, say who you are and speak your prepared sentence about what your company does. People will remember you and any interested parties come up to you in the break.

Step 5: Plan for Success

Consider the phrase: "If you don't know where you want to go, any road will get you there".

You have to have clear, measurable objectives - you have to know where you want to get to! You also have to have the resources to follow up leads you generate through your marketing efforts, work with your people and create capacity for growth.

Ask yourself:

Do I have a marketing plan with clear, measurable objectives? Do I have the right people to make this happen.

Step 6: Become a 'Learning Business'

Continuously improving your marketing effectiveness is essential to long-term success. The best way to achieve this is to ensure that you take a little time to become a 'Learning Business' by building learning into your processes.

For every marketing initiative put into action, you must develop a process for measuring it's effectiveness. Learn what works and what doesn't and adjust the tactical plan, when and where appropriate.

What ever you do, do not stop marketing, else the brick wall will be the end of the road.