If you hoped the impending onset of the economic recession would just go away by ignoring it, you'd better think again. It seems that the tone has already been set amongst consumers and corporations alike, according to an article posted today on NYtimes.com. Consumers everywhere are saving their well-earned paychecks and spending less, which means a call for some smarter marketing overall.
Of course it won't be long before the decreased expenditure creeps up the corporate ladder. Some corporations are already advertising with a money-saving focus (such as Wal-Mart's 'Save Money. Live Better' campaign and an increased dollar-menu selection at McDonald's) and are proving successful across the board at retaining customers and generating revenue over competitors. But these corporations are not alone--more are now following suit: Starbucks is testing a one-dollar coffee promotion with free refills in Seattle and Sovereign Bank is trying to entice new customers with a $100 gas card incentive.
With the country's well-noted name-brand corporations now answering the call to action, or so to speak, will your company join in? Perhaps it already has...
Whether your sales and marketing teams are part of a large-scale Fortune 1000 company or a small-to-medium-sized business (SMB), what will you do to help meet your quotas during trying times? What measures will you take to ensure that the incentivizing discounts don't sap revenue dollars from your totals?
Stacy,
What a timely and thought-provoking post. Thanks for sparking a reminder to keep my own head out of the sand. My small company has been doing exactly what you said and while i'm in a good position right now, with clients, one can never be prepared enough for a slow-down. Thanks for the kick in the pants!
Posted by: q4sales | January 29, 2008 at 11:24 PM