Headlines in the papers last week warned that after two quarters of negative growth Britain could spend a decade in recession. Scare mongering or not, marketing budgets are usually one of the first to be hit.
So to help your agency stay on top, we’ve come up with these 5 top tips on how to keep and win clients in times of economic trouble.
1. Don’t cut back on pitching
According to research conducted by UTalkMarketing, the pitch is still the most important part of the agency employment process.
Keep on pitching. Don’t be scared to speculate to accumulate especially in the wake of a downturn. Tightening budgets mean greater competition for agencies and therefore a greater need for them to set themselves apart from the crowd.
So if you want to dye your office carpets purple like PHD did for their Cadbury pitch, it could pay dividends.
2. Use cheap ways of marketing to keep your agency top of mind
Stand up to your CFO and argue that you need to be brave and not make drastic reductions in marketing spend. Now is the chance for you to gain true competitive advantage.
If reductions are made, there are ways to save money in your marketing so don’t panic.
Traditional advertising is the hardest to monitor and can be the most costly. According to a survey run by UTalkMarketing, the Internet is the first place marketers go to source their next agency, so make sure you are there.
Maximise your online presence through blogging, SEO, SEM, PPC and trade press websites that help promote the great work you do.
3. Keep your existing clients happy
Although you may speak on the phone regularly, do not underestimate the power of face-to-face communication
Improving your relationship with your existing clients can be a key step towards keeping them happy, therefore keeping them as a client. Come up with good excuses to take them out and keep your relationship ongoing.
They may not be spending a lot of money with you now but if you keep your relationship active, your agency will remain top of mind.
4. Keep your marketing focused
Less budget means you have to concentrate your spending where it can have the greatest impact.
We’ve already suggested increasing online presence but this is not the time to consider new new channels if that means losing focus on your core constituents.
Stick to what you know works and only try new things if you’re sure they’ll work.
5. Forward Planning
Consider is how ‘recession-proof’ your business is.
You need to consider how the wider economic changes are likely to impact the demand of your agencies services.
It is also worth analysing your current customer base. Are you over-reliant on a small number of clients? If yes, consider how best to diversify your customer base.
If your product portfolio is too narrow, seek ways to increase internal innovation so you can diversify your income streams in the short term.
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