Marketing During the Economic Recovery
We hear that the economy is recovering, but many people are reporting that the recovery is slow or not hitting their firms just yet. We all know that running a successful business requires more than hard work. Among the many considerations in keeping a business healthy, it is very important to maintain marketing activities. Here are some tips for effective marketing in our slow-to-recover legal industry economy.
• Be Opportunistic. Make yourself visible to viable markets. Analyze where clients are coming from and focus investments in those areas. At the same time, keep a critical eye on areas that aren’t profitable and consider whether or not these targets will be viable when the economy turns around. If you find they will not bounce back in a meaningful way, discontinue servicing those areas and focus on the future.
• Keep Market Share. Use a public relations campaign to create venues for informing clients about changes in the market or other important issues facing clients. Positive presence is essential to positioning your business.
• Word of Mouth. Build and sustain meaningful relationships at all times. Ultimately, when all other factors are similar, people buy products and services from people they like and trust. Maintain relationships and develop new points of contact through sustained networking. Staying top of mind to a potential client is the key to positive word of mouth.
• Understand your Clients and their Businesses. Be aware of how your clients are doing and if their business needs have changed. Help your clients weather the economy and they will remain loyal. This is a solid business practice regardless of how the economy is faring.
Marketing always takes a consistent effort over a prolonged period of time regardless of the economic outlook. Keeping visible, understanding target audiences and building loyal relationships with customers are just a few of the essential components of a successful marketing plan. Aligning your business goals with your marketing plans will pay off in the long run, regardless of the economic climate.