Salvaging Clients/Prospects In A Stagnant Economy

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SALVAGING CLIENTS/PROSPECTS IN A STAGNANT ECONOMY

by John R. Graham



It's taken a couple of years to figure out just what's happening in the economy, but the picture now is becoming much clearer. What lies ahead is a business terrain shrouded in fog. Just when you think the sun is about to break through, the fog descends - again.

Some sectors of the economy are regaining strength, and some regions of the United States are faring better than others. Any overall appraisal, however, is mixed at best.

How can producers prosper during such erratic conditions? No matter how bleak the situation, it's still possible to attract new customers, keep current ones, and increase sales.

Here are several practical ideas for building business in an unpredictable economic climate.

1. Keep giving customers a surprise. Getting attention is the key today. Amidst all the clutter, it's not easy, but may be the only way to cut through the cynicism. Cute won't cut it and shocking sours. Be dramatic. For example, one agency offered to buy small contractors 'the biggest steak dinner in town' if they couldn't save them money on their Business insurance. This challenge made the phone ring.

2. Get to the right person. The big job in marketing and sales is reaching the decision-maker. Addressing mail to 'Facilities Manager' is weak. Hitting the target is the name of today's game, and the bulls-eye is reaching the right person.

3. Focus on what your customers care about. This may seem obvious. Customers are not impressed by self-serving hype about services. Figuring out precisely what the customer wants, needs, and expects is what works. When this is your message, your services will be in demand.

4. Let people know what they should think of your company. Conclusions are drawn by making comparisons. If you don't let your customers know why it's in their best interest to do business with you (or buy your product) they won't. Ratings make a big difference to insurance consumers. When Life rates plummeted, customers began to ask about company strength. Wise companies spent time and effort consciously influencing the way they are perceived by customers and prospects.

5. Make your offer a good one. Always remember that customers are cautious. They don't like being put on the spot because no one wants to make a mistake. This is why offers are so important. The goal always is to pull the customer to you. All this is another way to extend your hand, put people at ease, and create confidence in your company and your product.

6. Be in the right place at the right time. 'I wish I had thought of you last week, when we . . .' Some salespeople shrug off such comments. Wrong! The job today is to be in front of the customer when the need arises. To avoid the 'last one through the door gets the business' syndrome, develop a consistent program of staying in front of customers. Use a mix of periodic seminars, regular newsletters, special fact sheets, direct mail, special events, and newspaper articles to be there at the right moment.

7. Name your product or service. One way to stand out from the crowd is to give your product or service a distinctive name. 'We provide 24-hour ComfortCare service.' Not just any old service, but 'ComfortCare' service. The idea is to imbue the ordinary with new meaning and to separate your company from others in the business. Make sure, however, the name appeals to customers.

8. Be relentless. In marketing and sales, persistence is power. Too many firms stop and start what they're doing. They never stay with anything long enough to produce results. They never develop a consistent marketing momentum. It all adds up to wasted money, time, and effort. It takes time for customers to understand what you're doing and for prospects to get acquainted with your business.

9. Stop the self-serving nonsense. Most company publications, ads, letters, and other sales materials are filled with words, pictures, and ideas that try to toot a company's horn. No one cares about the fact that you think you're the biggest, the best, or the oldest.

10. Tell 'em everything you know. Today, customers want information, knowledge, and ideas. These should be the heart, the driving force of your business, and your marketing and sales. The goal should be to share everything you know. It's the only way to become truly valued by your customers. When people buy your ideas, they will buy what you're selling.

11. Be generous. No one wants to do business with firms that only want everything to flow their way. Show the customer that you care.

12. Identify new prospects. The single most important daily activity in any business is prospect identification. By making this a continuous process, companies have a steady flow of new sales leads. Keep asking, 'Whom do we want to do business with if we had the chance?' Make sure prospects are added to a database so they can be cultivated over a period of time.

13. Check your corporate identity. Is your logo up-to-date? Does it portray the right image? Is the president of the company the only one who understands it? What about the colors? Are they reminiscent of the 1950s? Do your letterhead, mailing labels, and business cards convey a strong, positive message? Or are they dull and ordinary? If you think all this is unimportant, your competitors will be thrilled! Remember, corporate identity is the face you put on your company.

14. Produce customer-centered correspondence. Most people fail at writing business letters. 'As per our conversation . . .' 'Pursuant to our agreement . . .' When was the last time you heard someone (other than a lawyer) speak this way? Put behind a pen, people become stilted, cold, and ineffective. Letters should be warm, friendly, interesting, and customer-centered. Write as if you would be reading the final product. How long should a letter be? As long as necessary. The best letters involve the reader by telling stories. Longer letters - two, three, four pages - are fine as long as they interest the reader.

15. Develop the art of faceting. A diamond has a number of faces, or facets, that give the stone a different look from different angles. Business is the same. Find new ways to tell your story and look for new and different angles as you examine the various facets of your products and services.

16. Focus on the 'Why should anyone want to do business with us?' question. What makes us different from our competitors? Why do we deserve to be in business? Once companies begin asking these questions, they uncover the real reasons why customers should want to do business with them.

17. Develop a sense of excitement. Without urgency, there is no action. Dull destroys, because it pushes people away. Keeping them guessing about your next move is the attitude that draws customers. Of course, it takes work to keep things moving along, but it sustains customer interest.

18. Only tell part of the story at one time. Don't try to jam everything you know in one brochure or ad. Pull it all apart, break ideas into component parts, and develop an ongoing campaign. Communicate your message over time so it sinks in slowly.

19. Make your marketing match your business. Look at your marketing materials carefully. If you want to be viewed as a first-class organization, is this the message you're conveying? How can you do a better job of creating and projecting an accurate image? The answers to these questions will point you in the right direction.

20. Personalize everything. The day of 'Dear Friend' or 'Dear Valued Customer' is gone. Don't bother mailing a letter that isn't personalized with an individual's name. There's tremendous power in personalization. Use it. It will make your customers and prospects feel you actually know who they are and that you're talking directly to them.

21. Take advantage of testimonials. Your credibility increases if you let a satisfied customer blow your horn for you. Why are people sometimes reluctant to provide a testimonial? They're not sure they're saying the right thing, or worry that you'll be disappointed in their comments. A better way is to interview them, hear what they're saying, then prepare comments for their approval. This way you reassure them and get testimonials that work best for you.

22. Give your customers the opportunity to respond. Getting your message out into the marketplace is important. Getting people to respond to it is the real test. Give them an opportunity to ask for additional information.

23. Make marketing your mission. Marketing is something too many companies turn to only when sales need to be increased. This 'shotgun' approach simply doesn't work. Communicating your message is an ongoing process, and the task is to develop new and interesting ways to get that message across. Getting customers and prospects to believe in your product or service is the best way to attract and keep them.

These are tried-and-true methods to keep your sales up in uncertain economic times. It isn't good enough to produce the best product or service. Quality is important, but the real goal is to make the customer want what you sell.

John R. Graham is president of Graham Communications, a marketing services and sales consulting firm. He is the author of The New Magnet Marketing and 203 Ways to Be Supremely Successful in the New World of Selling. Mr. Graham writes for a variety of publications and speaks on business, marketing, and sales topics. He can be contacted at 40 Oval Road, Quincy, MA 02170 (617) 328-0069; fax (617) 471-1504; e-mail [email protected], or Web site www.grahamcomm.com.
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