We may not technically be in a recession but many businesses are finding life tough at the moment. The Pandemic, swiftly followed by the war in Ukraine and the cost of living crisis have caused many customers to cut back on expenditure. It’s tempting, in the circumstances, to cut back on marketing, including networking.
I believe this is a big mistake.
Research shows that companies that continue to invest in marketing enjoy accelerated growth as the economy starts to recover. One survey puts the growth after the 1981-82 recession at 256% for companies that continued to advertise.
If we stop being visible we are likely to lose business to our competitors who are still marketing. Rather than stopping marketing take time to review what you are doing and ensure that you make the most of your budget and time.
How are your customers buying?
Have you noticed changes in the way your customers are buying? Many moved to making more purchases online during the Pandemic and haven’t gone back to bricks and mortar shopping, or at least not fully. Have you adapted? Have you changed your own habits?
Many buyer’s journeys are longer or more involved than they were pre-pandemic. They are careful with how they are spending money and maybe need to justify their expenditure with more people.
One piece of research found that once potential buyers have identified a need…
- 29% turn to reviews as their next step
- 18% turn to Google
- 14% reach out to their network
What implications does this have for you and your business?
Can your network help?
If your potential customers start with reviews are yours up to date and helpful? Are you encouraging people to leave you a review or testimonial in appropriate places? Is this something people in your network could help with?
Is your website up to date and speaking the language your potential clients are using? Is your tone right for the times we live in? You may need to acknowledge that a buying decision might be more considered, and adopt a more reassuring tone. Here talking to the people in your network about their priorities and what is influencing their spending might help you to work out what your potential clients are thinking. When you understand what they are thinking you can adjust your messaging to meet their current needs.
Will your name be put forward when potential buyers reach out to their network? If you’re not still networking on a regular basis it may not be.
Perhaps a competitor is attending more events and therefore filling your space in people’s minds. Or maybe people in your network think you have stopped trading because they haven’t seen you for ages. It doesn’t matter how much they know, like and trust you, if they’re not sure you are still in business they won’t put you forward.
So keep on networking even in trying times. These days there are plenty of online networking activities which you can join for free. You may even find some in person events where you can attend for the price of a coffee.
More benefits of networking
Sales and referrals are not the only return on investment you can expect from networking. When times are hard the support and encouragement you get from your network can help you to keep going.
Many networking communities also offer opportunities to learn with specialist workshops or from talks or business development slots in meetings. Delivering a talk is a great way to help people to recognise your expertise and could be a source of positive reviews. If you aren’t currently delivering talks your networking community should be a safe place to start. I encourage you to step outside your comfort zone to deliver a talk or lead a learning session in your community.
Your talk can be repurposed into a blog or vlog for your website, articles for LinkedIn or a series of shorter posts to keep you visible on social media. Or maybe your articles and posts could be the basis of your talk. All of this helping you to be visible whilst using your time to maximum effect.
Your network is also a great place to research and test out ideas. Listen intently. What are attendees talking about? What problems are they, or their contacts, facing that you might be able to help with? What ideas can you pick up for new services for your clients?
Visit Fabulous Networking
If you have got out of the habit of networking then we invite you back. We can offer you in person meetings in Ealing, Farnham, Fleet, Otterbourne and Sunningdale and in the coming months Hook and Shrivenham. We also have three traditional online networking meetings each month and every Monday (except Bank Holidays) we have out 45 minute BizChat networking and learning event. Other monthly support includes a Working Lunch learning and implementation session, two Get it Done Days, a Book Club and an authors’ group. Visitors are welcome to attend three events before making a decision about joining. Membership is £25 per month and includes all our online events. In person events are £10 including refreshments.
Have I persuaded you that cutting back on marketing, and networking in particular, is a big mistake?
Glenda Shawley has run her own businesses for over 30 years and has experienced several recessions. She is an experienced marketing and qualified teacher of adults. She has been MD of Fabulous Networking since January 1st 1991.
