Marketing is NOT an option. It is a MUST if you want to thrive in the marketplace today. Bold statement? Yes. True statement? Absolutely. Here is why.
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Statistic #1: By cutting your marketing activities, not only will you sell less than if you had kept your marketing steady but you'll surrender your core customers to your competition. That means you'll have to spend more time, money and energy in the future to win them back - if you ever do at all. ~B2B Magazine October 2008 |
Let's talk about this statement for a moment. Really think about it. If you don't keep in touch with your current or past clients, you are basically handing them over on a silver platter to your competitors. Don't fool yourself - your competitors are still marketing and are out to scoop up all of the ‘orphans' that are left behind due to lack of contact by their original professional.
| Statistic #2: Companies that cut back their marketing during the 1974-75 recessions barely increased their sales by 50% two years later. Companies that continued to market during the downturn saw an increase of over 200% in sales 2 years later. ~ American Business Press October 2008 |
Imagine for a moment what a 200% increase in your sales would look like. Now that you have stopped smiling, think about the prospect of this happening. Don't you want to do something that will help you reach those levels? It's simple. Keep marketing. Just because people aren't buying today doesn't mean people won't buy tomorrow.
| Statistic #3: Top sales professionals invest in themselves. Critical to building their business is investing 10 to 20% back into their business.~ The Niche Report October 2008 |
So, are you investing 10 to 20% of your profit back into your business? This means by way of marketing first and foremost. There are two reasons why professionals consistently market.
- To remind someone you exist so you stay "top of mind" and they use you when the need arises.
- To remind someone the need has arisen - so pick me!
Don't make the potentially fatal career mistake of thinking that people remember you. Statistics show that 75% of clients forget you just six months after working with you. You must always remind them of your services, commitment to their success and your genuine care in a relationship with them. Invest in yourself and rise to the top of your profession!
What it really boils down to is this. If you choose NOT to market, or to simply slow your marketing efforts, you are only hurting your business potential. Think about how you (as a consumer) decide to buy the products you buy or when to use a certain company for a specific service.
- It may be by means of a referral from a friend or family member. Why do you think they referred them? First, they likely did a great job and second, they make a constant effort to stay top of mind with their clients that are likely to send them referrals. Bingo - you need to use this very same concept to build YOUR business.
- You may choose a product or company based solely on their reputation in your community. They are established, well known, visible and appear trustworthy. How is that any different than what you are working towards with your business?
Take these same principles and apply them to your business. We aren't saying that it doesn't take a little hard work to thrive in this marketplace, but we are saying that continuing your marketing efforts (during any economy) will always benefit your bottom line.
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