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News
Marketing Solutions: Impact When Times are Tight
"What a world, what a world," cried the Wicked Witch of the West in the Wizard of Oz, as she melted away into relative oblivion. Her reign of cruelty was done. Her goose was cooked.
Many marketers are feeling a bit like that doomed crone. Conference rooms are filled with SWOT teams attempting to stop what feels like a big meltdown in the marketplace.
As a marketing professional in challenging times, I've found that clients are scrambling. "We need to get better at marketing," says the CEO. "We need more salespeople," the sales manager insists. "What the heck happened to my budget?" crows the marketing director.
Better marketing, stronger sales efforts, and an investment in marketing even in tough times is exactly what they do need--but they may also need to see what's under the house. Often it's a client with a problem to solve and an unrecognized value proposition for solving that problem.
When times are tight, service businesses need to offer potential clients a business solution.
Let's illustrate with a look at technology service companies. These companies can provide hardware and software a commodity. They can coach or consult with clients - a process. Or, they can sit down and help their customers design a complex technology system - providing ideas. The problem with commodities, processes and ideas is that a CFO will never be able to measure impact or return on her investment from commodities, processes or ideas. And she's not likely to sign a proposal in this business environment if she can't figure out what she'll get for the money and sell it to her colleagues in the executive offices.
Don't get me wrong. There is a place for commodities. Just ask all those web site architects who've made their riches designing transaction sites. The problem with commodities is that they are undifferentiated in the marketplace.
Processes are great too. But, that's just a service that describes exactly what you do: "We work with Fortune 500 companies to help them strategically plan their IT investments." And then what happens for your client?
And ideas. They're the complement to a fine strategy: "This program will help you master the Primo Performance model for motivating your employees." But if a client gets that, what will change? And how much?
Solutions, on the other hand, are services for which the benefits are obvious to your client: "We design data storage systems that will reduce the cost of saving, accessing and distributing your data by 25%." Or, "We make recruiting employees the least expensive line item in the year's budget." You'll know you're offering a solution when the prospect leans forward and says, "Tell me more about how you do that."
In order to meet these tough times in the marketplace, I'm encouraging my clients to connect whatever they provide to an outcome or result. That means that executive management have to slow down, stop selling and start strategizing about the value. Do you sell lighting design services and light fixtures? Can you calculate how much energy you can save with an energy efficient system? Are you an accounting firm? What can your clients save in full-time employee costs or time (calculated for its value to their business) if they work with you and no one else?
Think strategically, and the Wicked Witch of the West, with all her market power and bullying, won't stop you from going home to competitive strength and success when times are tight.
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