As a general rule, companies that stick to a plan during slow economic times tend to emerge from a slumping economy with greater strength than companies that stray from their plan. Why is this so? One element is related to marketing.
When everyone is speaking at once, it is easy to get lost in the crowd. Conversely, when there are fewer voices speaking, it is easier to be heard. If you are one of the "fewer" voices still speaking during an economic slowdown, you may gain some additional reach that could have otherwise been difficult to achieve.
One primary goal of marketing is to achieve top-of-the-mind awareness among clients and prospects. This type of awareness is displayed the moment a buyer realizes they have a need. At this time, the problem-solving vendors that first come to the mind of the prospect have a greater likelihood of being chosen to provide a solution for the need -- and to get the business.
In terms of an insurance practice, imagine a prospect who suddenly realizes they need new insurance because of a rate increase or a life change. What potential list of vendors will come to mind first? By staying in touch with prospects through systematic outreach, you can increase your likelihood of being on that list.
Engaging in systematic outreach
What is systematic outreach? "Outreach" means establishing a connection with your prospects to inform them about three essentials: Who you are, what you can do, and how a prospect can contact you should they have a need for your products and services.
Outreach becomes systematic when it occurs on a predetermined and recurring basis. An easy way to engage in systematic outreach is to establish contact cycles -- time periods during which you plan to contact prospects with a predetermined number of marketing messages.
Here are two sample contact cycles:
o "In a three-month period, I plan to send one direct-mail piece to all of my prospects."
o "In a six-month period, I plan to talk to all of my prospects once and to send at least two marketing letters to those same prospects."
Some contact cycles are short-term (i.e., 30 to 90 days). Other contact cycles are long-term (i.e., 120 days to a year). Using this marketing structure depends on developing a list of potential prospects. If you market to a very large list, however, it may be impractical to talk to every prospect on the list, even if you give yourself all year to do so.
To deal with this problem in my own prospecting, I use several different lists. Some are very large and not suited for short-term outreach. As I work through these large lists, though, I tag and keep track of the better qualified prospects I encounter. Later, I separate the better quality prospects into smaller lists. These smaller lists in turn become excellent candidates for short-term contact.
Marketing on a budget
To keep costs down, I am frugal about my marketing -- especially direct mail. When producing direct mail, I emphasize professional over flashy. I use plain, white #10 envelopes for mailings. I use plain white copy paper and black-and-white laser print, because I have found prospects don't need to be overwhelmed with parchment paper and 256 colors.
Most of my mailings include only a one-page message. This message includes:
o A headline or topic of interest
o Some support information for the headline
o A general description of my business
o A detailed reply section
o My complete contact information
By keeping my mailings short and sweet and by using basic but professional-looking materials, I keep my marketing expenses low.
Keep reaching out
During slow economic periods, keep your marketing message in front of your prospects so that your voice can be heard. See slower times as an opportunity to stand out from the crowd. Organize your outreach into predetermined cycles that include detailed plans for frequency and type of contact, and be frugal about what you send. In doing so, you will help yourself survive in and emerge from a slow economy with greater strength.
Ted Stevenot is author of the book "Prospect Factory" and the workbook "The One-Pager Manual." For more information, visit www.prospectfactory.com.
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