PROSPECTING vs MARKETING DURING RECESSION

For the month of November 2008, the National Federation of Independent Business reported that the number one concern of small business owners is sales or lack of. Twenty-five percent of small business owners polled said poor sales was their main concern. This a 22-year high and is caused not by fear but by results.

Here are some suggestions on how to maintain and increase sales:

Prospect: Increase activities like business networking that get you in direct contact with your prospects. If you make any cuts to marketing dollars do so with marketing that attracts new buyers. Increase time and money for prospecting, though, which gets you face-to-face with people and turns them into business fast.

Increase market share: During a recession, many of your competitors fit into the 25 percent of small business owners who are concerned about sales. Many react by cutting back on prospecting and marketing activities. Knowing this you can capture market share from those willing to reconsider their current supplier.

Look for NOW sales: Flag people who may need your services sometime in the future. But spend your NOW time and money attracting and qualifying near-term buyers. Research how your prospects' needs may have shifted in the down market, and adjust your marketing messages to attract those who need you NOW.