Be Ready to Pounce!
You don't want to be the last to act as the market recovers. here's what to do now!
There are the first indications that the economy is on the verge of recovery. So, what happens next? What are you going to do now, Bubba?
Many companies weathered the economic storm by hunkering down, tightening spending to a trickle and keeping the corporate head down. Others scaled back marketing but maintained a consistent “value conversation” with their consumers, customers and clients. Now there are the first indications that the economy is bouncing back! What are you going to do when your markets recover in 2010 and 2011?
Timing is everything
The goal is to develop a recovery strategy and be ready to act while the competition is trying to react. Now, follow me closely, there are two considerations you must determine first.
- When will your consumers or customers be ready?
- When will you be ready?
Developing a Market Recovery Strategy
You can SWAT at it or SWOT at it but if that’s all you do you’ll miss it. Researching the competition may be the least important consideration.
- The state of their business
- Their current pricing
- Their customer base
Potential customers are moving targets
There is a great deal of “navel contemplation” in market research. So much energy is devoted to probing potential customers to uncover unmet needs and breakthrough marketing opportunities. As we’ve said before there are very few unmet needs anymore.
- Who are the potential customers/consumers
- Their financial status
- The potential changes for 2010 & 2011
- What needs become priorities as the market/economy recovers?
Now sit down and take a deep breath – this isn’t your biggest opportunity.
Do research in the context of recovery
The problem with a lot of research is that it isn’t in the context of your market's economic recovery. The danger is spending too much time and effort asking the wrong people the wrong questions. The main consideration isn’t new business it’s your existing consumers and customers. Don’t assume that you know their feelings and plans for 2010.
Ask critical question no one asks
Just follow simple logic. If you can only ask a single question, ask the first one. It tells you more of what you need to know.
- Why did/do they do business with you?
- How much of their available business are you capable and qualified to provide?
- What percentage do you get?
- How do they view your pricing – are you over priced, under priced or on target?
- How are their needs or expectations changing?
- What is their Recovery Strategy for 2010 and 2011 and how can you become a larger part of it?
Six steps to recovery
No, this isn’t AA it’s strategic planning. Once you have a clear picture of your markets and customers – get it done.
Step 1: Do It Right – Gather intelligence, think it through and plan for at least three scenarios. Include timing in the plan so the question is both “What if?” and “What will we do when?”
Step 2: Status Quo Is Status NO - Those marketing strategies and campaigns that worked last year may not generate the desired results in 2010 and 2011. It’s better to take a fresh look than desperately hold on to “Well, it worked before.”
Step 3: Let It Go, Brother – This is the time to “tough up” and toss out product, development and marketing mistakes. You can’t explain or excuse away things that simply don’t work. It’s better to just admit it, toss it and get back to making better decisions. By the way, everyone knows it’s a mistake, so acknowledge it. You’ll earn respect.
Step 4: Reconnect With Their Customer Buying Process – Don’t assume customers always buy the same way because they don’t. If you have a choice between offering a new product or making your existing product easier to buy, go with Door #2.
Step 5: Look For Better Ways, Not New Fads – Newest isn’t always the best. Be open to both new ideas and better ideas. Innovation is exciting but improvement is both more efficient and less expensive. Remember about 98% of everything you see and read in the media is marketing. Someone is trying to sell their products and services, just like you. Filter everything through your desired results. The reason why some techniques are “tried and true” is because they are – “tried and true.”
Step 6: Decide When To Press GO – The whole idea is to prepare a well-conceived strategy and then act. You want to be first to respond and connect with consumers and customer, when they are ready. Be deliberative, decisive and then ACT.
Remember the goal is to develop a recovery strategy and be ready to act while the competition is trying to react. Don’t wait until the end of 1st Quarter 2011 to start thinking about this. By the time you read about the recovery in USA Today … it’s too late. So get ready, get set and be ready to Go. Or as those frontier marketers used to say, prepare to be:
“The first-est with the most-est!”
If you liked this article then check out:
Has Advertising Killed Facebook? The Truth Behind Selling Privacy
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Andy Johnston is an multi-faceted communication professional with deep experience from strategic planning, to messaging, to marketing, to media, to events, to training, to creative direction … and there are several other ”to’s.” Andy is known for his energy, creativity and his unique ability to discover the key results that must be generated – and then to develop ingenious ways to engage and motivate audiences. Positive business results are the objective. He believes that one of the most important results is an enjoyable experience for everyone involved. Andy is a principal partner at Think! Consulting Group and The Idea Group.
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