Marketing Roundtable Recap

“Consulting: Keeping Up in a Down Economy”

Key Points - Plan for the long haul. Apply the following principles:

1. Change your marketing strategy.

• Aggressively plan on marketing that emphasizes price over convenience.
• Experience and sound management are also good points to lead your advertising.
• Clients don’t stop buying, but they look for value rather than potentially risky ventures.
• Focus on a niche rather than a great idea.
• Clarify your selling position and your USP (unique selling position).
• Eighty percent of sales to businesses are made on the fifth sales call, but only ten percent of salespeople call beyond three times. Make that sales call, leading with your USP.

2. Adjust your business model.

• Only one in ten solo consultants lasts for ten years.
• Save costs by sharing core expenses, especially human resources and marketing.
• Consultants tend to market when they’re not busy.
• Take advantage of your downtime to lay the foundations for a long-term marketing approach: an updated brochure, regular press releases, and follow-ups with clients.

3. Diversify your products and services.

• Offer add-ons of new products and consider developing new products.
• Repackage for smaller clients.
• Explore international opportunities and markets.

4. Improve your business practices.

• Bill promptly, increase customer service, outsource office services, and cut unnecessary expenses.

5. Upgrade your technology.

• Put your business online.
• Use customer relations and project management software.
• Expand your marketing opportunities using the Internet to lower costs and expand client base.

6. Focus on long-term goals.

• Develop a “be there later” attitude instead of “be here now.” Build for the future.
• Increase your analysis, customer focus, and options for adding value to client projects.
• Set customer relations goals.

Summary: Adopt market-specific strategies that emphasize value, develop relationship-oriented business models, diversity products for tighter markets, streamline business practices, strengthen technical muscle, and guard against panic.

For more information, contact Josephine M. Giaimo, Vice President of Marketing, Mercer NJAWBO chapter, at New Cognitive Systems, Inc., 123 Johnson Street, Highland Park, NJ 08904, (732) 448-0021, jgiaimo@compuserve.com.