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Ten proven steps to increase your marketing effectiveness

(reprinted with permission from Your Virtual Insurance by SellingWithTechnology.com Jan 24 2002 issue)

1. Be dominant
   Many studies show that companies which slow marketing spending lose out now, as well as well after a recovery. As importantly, you want your customers to know that they've picked a winner, and your prospects to know you'll survive - and thrive - in tough times as well as good. Tune your marketing to communicate a position of confidence, stability and strength, and get the message out.

2. Audit your brand
   Does your company or product brand accurately reflect who you are? and who you want to be? Is what you say you stand for believable - and important to - your target audience? Make sure the brand you go forward with is the right one, and put systems in place to maintain its value.
   Consistent logo usage, a single "voice" and the way you communicate your brand in other ways is critical. If you are like most companies, your brand is the most valuable intangible asset your company owns. Protect it.

3. Reevaluate your product and service offerings
   In a down economy, it seems like everyone's concerned only with price. In all likelihood, their real concern is likely value.
   Look for ways you can repackage existing products or services in ways that can provide more value. Or, develop a product or service line that can accommodate smaller clients or customers with reduced budgets.

4. Embrace your database
   Your current database probably houses former customers and prospects, as well as current customers and suppliers. Now's the time to go after them. Reactivate dormant accounts and leads with new products, promotions and services.
   Also, contact current customers for referrals. Give them ideas they can use to help their business in the current economy, and they'll be happy to pass you on to others who could benefit from your knowledge.

5. Measure your MROI (Marketing Return on Investment)
   The problem with many marketing efforts is the inability of management to ascertain what really works, and why. That's why smart marketers always measure outcomes so they know exactly where to invest for the greatest return. The more you test and measure, the more relevant data you'll get. And the more data you get - and analyze - the smarter your marketing will get.

6. Cost Controls
   Controlling cost does not mean cutting cost. It means being smarter with the budget you do have, and wringing greater value from every dollar you invest in your marketing program. Closely related to MROI (Point 5), controlling costs allows you to invest your money where it drives the greatest revenue.
   For example, if your current customer acquisition cost is $148 through tradeshows, try to cut it to $100 - or better - through aggressive telemarketing. Now is not the time to do something "because you always have."

7. Launch a targeted, integrated new-business campaign
   Now is a great time to launch a customer acquisition campaign. Strategically, set specific goals, tight cost controls and strive to sell product and build brand. Target your best customer profile, and speak directly top them with your messaging.
   Tactically, developed an integrated campaign across different media, with a focus on results-driven on- and offline direct-marketing techniques, as well as low or no cost PR strategies such as speeches, articles in trade publications, and the like.

8. Reevaluate your marketing service relationships
   Are you totally satisfied with your current interactive, direct and PR agencies? What about strategic marketing counsel? There are lots of smart practitioners out there, and many may be able to give you greater insight, higher levels of service, and greater value for your investment.
   Choosing the right partner is an investment that is critically important to your organization. Not only is the expertise itself expensive, but the cost of investing your limited resources in the wrong areas can be catastrophic.

9. Enhance customer service
   Do you provide "bullet proof" customer service? The cost of getting new customers is much higher than getting more business from existing customers.
   To really grasp what your customers are worth, figure our their "lifetime value". Each customer you lose is taking that money out of your pocket over time. It's never a good time to lose a current customer. In a downturn, the cost is even greater.

10. Increase customer insight
    The more you know about your customers, the more accurately you can target marketing messages for your products and services to address their specific needs.
    To do this, marketing executives need to get down in the trenches. Engage in direct contact with customers through phone surveys, or ride along on sales calls. Conduct web-based surveys, and promotions aimed at gathering opinions.