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Ask most people what marketing does and the likely response is, "that's the group that does ads and trade shows and pretties up collateral". If that is a fair summation of your company's marketing team, now is the time to take action and that does not mean to "downsize".
Justifying marketing expense is a struggle in the lean times but it is a time when the best and brightest shine. Do not let budget cuts reduce your impact, instead re-allocate. Analyze the consequence of not exhibiting at a trade show even if you have paid for the space. Chances are you will spend more in travel and resources to attend and often with questionable benefit. Instead, negotiate a small conference room at the show for customer meetings. Reduce the number of ad placements and pull the ones that have not yielded the return. You are measuring the return, aren't you?
Challenge your team to be creative on a shoestring. The real value of marketing is to generate qualified leads and build awareness, which generate new orders. Devise your overall plan with these objectives.
How do you reach new and existing customers cost effectively? Work with the sales channel to develop an accurate target list of contacts with email, phone and address information. Collect as much data as possible to open all communication options. Remember to include all decision makers and influencers who can impact the purchase decision.
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Determine what stage each customer is in the funnel and then develop a one-to-one communication plan. Explore all possibilities for the type of communication and media format that will yield the highest return. Success is securing the next meeting and/or the customer requesting more information.
Has the initial sales call taken place? Is the sales channel equipped with the right presentation and datasheet for that engagement? Have you demonstrated the working product or simulated its fit for the customer? Have you developed an economic model for the customer business case? Do you follow up after each sale and thank the customer? All of the above are relatively inexpensive communication opportunities and valuable tools for the sales channel. Marketing should focus their resources on these important deliverables that do not require significant funds.
Write a newsletter each month that informs your customer of the latest developments, pricing programs, new partners, etc. Keep it brief and email it to your contact list. Consider hosting an on-line seminar and invite your customers. For customers that have a high concentration of staff in one location, investigate a personalized road show on their premises. Invite your partners to participate to maximize impact and share in the cost.
Now is the time to get your creativity in gear and to pursue cost effective methods to achieve your objectives.
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