How to market in uncertain times.

So, what’s your guess? Will the economy fully recover in 2003, or not recover at all? Will the country unite or divide as the troops return? Will SARS cause big economic trouble or be contained and defeated? Nobody knows, of course, but uncertain times make for wary consumers. What can you do to keep the sales coming in?

• Stop hunkering and start marketing. No matter how troubled the times, some sales are being made, and they’re usually being made by brands people know and trust. Now is no time to disappear from your customers’ radar.
• Concentrate on target marketing. If you don’t know who your best prospects are, shame on you – you haven’t been keeping up with your marketing homework. Now more than ever, you should be talking to the customers you want, with a message they want to hear.
• Follow the money. To find companies who aren’t in “hunker-down” mode, track down lists of “fastest-growing” companies in magazines or online. Check out which companies are still advertising and generating business news.
• Reassure your customer base. Remember, it’s usually more profitable to build incremental business from your existing customers than to acquire new ones. Spend some time, money and energy in rewarding past loyalty with special discounts or other frequent-buyer perks. Cross-sell. Call customers to inquire about their needs and concerns. Maintain a reassuringly high profile with your bread-and-butter customers to make sales now and position yourself to make solid gains when better times return.
• Stay the course. In the post-9/11 world, consumers are confused: should we “sacrifice” in the national interest, or “buy” because it’s our patriotic duty? The truth is, marketing isn’t about following the headlines, it’s about owning your position in the marketplace. Be consistent, be authentic, and you’ll be all right.

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