We’re all very bored of those two words: “credit crunch”. Out of every recession there are inevitably the losers – those whose businesses were not streamlined enough to survive. But there are a small percentage of businesses who really benefit from recession – they are the ones who can react fast and run a tight ship – and who, crucially, don’t stop marketing!
When I say marketing I’m talking about a whole concept. My definition of marketing is:
“Every communication you have with your customer or target market.”
This encompasses how you answer the phone, your marketing materials, your website, where you promote yourself, how you follow up with new leads, the accuracy of your invoices – in fact, everything which leaves a lasting impression with your customer.
I’m not advocating blindly putting adverts in the paper or spending a fortune on your new business card design – I always advise clients to look at the return they are getting from their marketing spend. Something as simple as asking leads where they heard about you can be an effective way of tracking where your leads come from.For each £1 you spend you should be getting more business back – so looking at a piece of direct mail:
- £0.27 postage + £0.50 printing A6 postcard + £0.20 mailing list = £0.97 per lead
- Sent to 500 contacts = £485
- Need £485 in business from those 500 contacts to make it worthwhile
- (Top tip: For direct mail savings visit: http://www.cfhdocmail.com/)
This sort of return on investment calculation can be applied to lots of marketing activities – including websites. Our good friends at Contact Multimedia have put together a little calculator to figure out how you can increase your returns:
http://www.cmmc.co.uk/services/roi-calculator.aspx