Now is the time to stop chasing clients/customers who are not in a position to place contracts or orders with us. Times are tough and could get even tougher as the global economic downturn continues. Consumers have their wallets tightly shut. What we should be doing is more marketing. Yes you heard that right. Its not a time to cut marketing budgets or downsize marketing departments. Now is the time to invest in more marketing in terms of segmentation and research. Not for now, but in the future when things start to pick up, as they inevitably will. What will our market space look like then? Who will have gone under and who will be the survivors? Will we be in a position to offer what the market will be demanding by then in terms of services or product or both? Will we have the appropriate people with the right training and technology to deliver what clients will be looking for?
And what about now? Some of our clients are still placing orders. They should be the focus of our efforts. Let us make sure we know as much about them as possible. Can we sell more of our services/products to them? We need intensive relationship building, all the corporate hospitality we can muster. A charm offensive the like we have never seen before! After-all, these people and organisations are our best 'marketers'. They will go around talking about us to their "friends" and will help promote us without a cent of our hard-earned profits being spent on so-called traditional advertising.
Now is the right time to bring our business organisations together. People are in fear for their jobs and livelihoods. Now is the time to unite and pull together in one big marketing effort focused on more than just survival, but on building the brand strategy for the future. And this means focusing on our most important clients/customers, not chasing after those elusive big spending clients that don't exist right now.
Profile
Professor Dr Chris Preece is based at the International Campus, Universiti Teknologi Malaysia (UTM), Kuala Lumpur. He was for 14 years at the University of Leeds, UK. His specialist research field is in the area of business and project management in the construction and engineering sectors. He is a recognized authority in international business development and marketing.
4 comments:
I believe you are correct in your assessment of the current market. I spend a majority of my day with co-workers and clients discussing projects and transactions that have a very low probability of success. The hope that 2005-2006 will return is still very high. The markets and economy have changed. Many companies are struggling to adjust to it.
You are absolutely right. Companies have to refocus, we are entering into the unknown. The strategies of the past no longer exist, "laissez-faire" is no longer a vital market strategy. History gives us hope that there will eventually be a recovery, and we should start planning now for that recovery. "Idleness is the root of mischief."
Basically I agree. What I am missing in your discour is the word "Sustainable".
Quoting Guiseppe di Lampedusa " If we want things to stay as they are, things will have to change".
I also would like to quote James Leape, WWF International director general, who said: Those whose practices are sustainable must be rewarded in the marketplace if we're going to make a lasting difference.
We have to give "ambulance Priority" to rebel improvements. In my field, sustainable concrete is cheaper and mostly more durable then most present non sustainable concrete. So why do we have such a hard time to use it? I guess courage and, yes, marketing.
Being in an ambitious country to be alternative Hub of High End SME segment I wish your latter blogs will touch upon SME specific studies.Your positive observations are encouraging for many organisations who might find present situation extremely hard to cope with. However your deft touch upon an would be post 'R' preparedness was very positive. But a projection on past behavioural changes from deferent markets would be a real positive help. In Asia specifically where SME segment is a great social welth creator any study on past revival and quantitive change that had influenced the revival will be a great help fo rthis segment. At present juncture it may be so that institutions are changing, composite ownership and wealth parametres are changing on top line of society. But wither the social changes I trust SME segment has to be strengthened. In this role asian communities will have a much higher social equity participation in SME reshaping and redefining their organisational structure. As most of these changes will have micro level adjustment, from financing to marketibility, I hope socially aware institutes will start taking stock of a revival strategy. Many of these revivals might need to have new orientation for management, production philosophy and role model creation.
Looking ahead to your next part of , "Not wasting our time" on SME and redifing social equity.
best regards,
Sutanu Banerjee.
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