5 Tips on Marketing in a Recession
Josh Gordon, president of Selling 2.0, recently released survey findings that indicate how to best approach marketing during a recession. If you’ve encountered less business as a result of the economic downturn, the following 5 tips may help find more success promoting your services.
1. Target a different market or demographic.
Many businesses are finding greater success in marketing to new categories of customers and clients. While you should never abandon your current clients, you may find that new and improved marketing materials are best directed at a different target market. In fact, because they are proven to better rebound from a recession, consider smaller businesses, or even individuals. Regardless, remember to contact past clients as well, as they are generally more comfortable returning to a tax preparer that is familiar with their situation.
2. Work more closely with your marketing department.
You probably don’t have a marketing department, but this concept of having the business manager (or accountant) work more closely with the marketing director, is key in seeing true business success. In fact, it’s a concept on which Allen Bostrom focuses in his book In the Black: Nine Principles to Make Your Business Profitable. When you examine which marketing efforts are bringing in the most clients you’re able to better define a marketing strategy that works for your practice.
3. Enhance customer contact and improve customer service.
This is an age-old principle in securing and retaining clients. In order for them to feel truly valued, you must contact them regularly and ensure they each receive stellar customer service. And now is the time of year when you must inform past clients that tax season is upon them. The correspondence will remind them that your service is the most convenient and appealing option they have when it comes to filing a fair and accurate return that limits their liability as much as is legally possible.
4. Recognize that current and prospective clients may take longer to commit.
The recession has made many fearful, especially when it comes to spending money. Don’t be offended when you see current and prospective clients tentative when it comes to retaining your services. This is where you will need to tactfully remind them that your fee more than pays for itself in what you save them in taxes. When you are able to demonstrate how your services align with their financial objectives, you will enjoy more success.
5. Build your social networks.
This is not the time to stop networking. Building your social networks will enable you to make more connections, finding potential clients where you might least expect them. And as you associate with colleagues, you’ll better understand the current economic climate of your region as well as more effective marketing strategies and target markets.
One way to ensure your practice’s longevity is to continue marketing your services regardless of the recession. As Roosevelt said in his inaugural address to a depressed nation, “…let me assert my firm belief that the only thing we have to fear is fear itself-nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.”
The last thing your practice should do now is retreat. Attending to your marketing efforts is the best way to advance your business during a recession. Take some time to further study how you can apply effective marketing strategies. UAC’s Universal Practice Builder Program is one resource that could help you accomplish that. Visit our website to listen to what our graduates are saying about how this marketing program has changed their businesses for the better.
Resources
Gordon, Josh. “What is Your Recession Strategy?” 12 December 2008 thecustomercollective.com
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