Here are seven tips for weathering and prospering during stormy financial times.
1. Best Customers: Identify the top 10% your most profitable customers to call and mail to reassure them and retain their business. In general, focus more on marketing and cross-selling existing customers rather than new prospects.
2. Onboarding New Customers: Have a strong and structured program in place to welcome and cross-sell new customers; in order to improve retention and profitability.
3. News Releases: If your numbers are good, contact local business reporters to feature your company as a positive news story.
4. Use Cheaper Media: Explore using less expensive mailing packages and cost-effective email marketing. But be cautious about cheapening critical communications too much.
5. Target Smarter: Focus all marketing efforts to better target on the most potentially profitable prospects. Use modeling, business rules, or better demographic selections to narrow marketing targets to the best possible prospects.
6. Measure Success: Perform sales tracking ROI calculations on all marketing programs. Reduce those that are not performing well; and focus limited marketing dollars on those that are profitable.
7. Stay in the Market: The bottom will eventually come; and those institutions who have maintained brand awareness and customer communications will be the first to rebound.
