Don't let economy turn you into a "binge marketer".

"Binge marketing". It's a term that is bantered around in marketing circles. Simply put, binge marketing occurs when a company is in panic mode and suddenly realizes that it quickly needs to fill its pipeline with prospects. Sure, binge marketing might provide a sudden burst of energy now, but in the long run it will be more costly both financially and brand wise.

Conventional Marketing Practices
Before we understand how binge marketing works, we need to look at traditional marketing. Every successful business has a solid business plan that should contain a sound marketing plan within. That marketing plan is a road map for tactics such as branding, marketing strategy, advertising, public relations, and event marketing planned throughout the year. It should be realistic and manageable within the boundaries of the businesses financial and personnel resources. By following and executing its marketing plan, a company consistently keeps its brand and products in front of its customers and prospects, maintaining the pipeline and leading to successful up-sell and cross-sell opportunities.

And in that marketing plan should be a SWOT analysis that provides guidance should the company encounter a threat. But in most marketing plans, little attention has been given to the global economy. Just look at the banking and automotive industries and you see evidence how the economy snuck up on the giants and took them by surprise.

Binge Marketing Like Eating Disorders
Some marketing experts like to compare binge marketing to binge dieting. I prefer the comparison to binge eating. The need to binge diet means that you're all fat and happy and need to pull back on the food consumption. In my analysis, companies that don't have solid, consistent marketing plans are more apt to gorge themselves when suddenly starved for new business. It's no different than how we, as humans, react if we go a period of time without food. Our brain tells us we need nourishment and because we aren't sure when we'll get another chance to eat, we inhale our food without enjoying it. Our bodies don't get the proper nutrients and eventually we have health issues that are more costly and take more effort to correct than if we had only followed a sensible nutritional and exercise plan.

Marketing is no different. Marketing plans look good on paper and impress the hell out of bankers, investors and prospective employees. But when companies are healthy, it's easy to tell ourselves it's okay to pull back on the spending or to give the sales team a breather and let them manage the leads in their pipeline. Then one day that company looks in the mirror and says, "Wow, I look horrible!" The leads have dried up, our clients have moved on and nobody thinks about our products or services when they're ready to buy.

This triggers the marketing binge that usually begins with an emergency marketing and sales meeting. Panic sets in and the chain reaction starts. Marketing gets a plan together, Writers write. Designers design. Printers print. Media buyers buy. Mail houses mail. Web marketers do whatever it is they do. And as suddenly as it came...it went. Everyone's exhausted. People are loosing their belts and unsnapping the top button of their pants like my Uncle Roy and Aunt Doris used to do after a Thanksgiving dinner. Everyone's happy. Everything's good. But nobody got to enjoy the meal.

Economical Impact on Binge Marketing
As a marketing consultant, I am seeing more businesses and organizations shifting into binge marketing mode. I'm hearing things like, "Now is usually our down period anyway, so why market right now?" or "What worked for us in the past isn't generating business right now." Both of those are excuses. The fact is, nothing makes sense right now. Buying habits have changed. People are being more cautious and selective about the products and services they buy. More importantly, they want to buy from someone who they believe will still be in business six months or five, ten or twenty years from now then they need service or need to replace the product they have now. The rules of the game have changed. The winner is going to be the company or companies in your market space that are consistent and provide value and stability through this tough economic period, not those that sell out or appear desperate.

Pace Your Marketing for Healthier Results
When we binge market in our business, we really don't get to enjoy the experience and we create more problems. We over-indulge and can't process the business we generate. In the short term, we may generate a large number of leads that we aren't able to physically process in a timely manner. They dry up and evaporate. What we usually end end up with a few short-term clients who are in "buy" mode right now. Unfortunately, we miss the sales cycle for the other people who might buy next week, next month or next year.

Rather than binging when faced with a lull in the action, why not pace yourself.? Budget your marketing; that means both time and money. You'll better target your ideal market and maintain top of mind awareness for when your customers are ready to buy. You'll run a leaner and healthier business in the long run.

Admitting What We Don't Know About Marketing

Face it. We're stumped. Marketing our businesses in today's economy is a challenge and a mystery. And it's time that we all admit that we really don't know what works - even those of us in marketing & advertising.

Every day I talk with business owners, sales professionals, financial planners, and friends. And every day I hear one more story about a business that is in T-R-O-U-B-L-E. I have a good friend who has always done very well in real estate. He's got about 30 days before his money runs out. I have another friend who owns a manufacturing facility in northern Ohio. His only goal right now is to do everything he can to keep his workers employed. And when my financial planner calls, I feel the need to console him and keep him from jumping out of his first floor window.

CAN YOU SAY, "DENIAL"?
I've also talked with a lot of people who are in denial. They are the ones that when you ask, "So, how's business?" They respond, "Awe, it's great. We're busy as hell. In fact, we're turning work away." But, when I dig a little deeper, they reveal that it's not that they are any busier...it's that they've cut corners either in quality, personnel or, GULP!, marketing. And sooner or later it's all going to come back around and snap them right in the ass.

BEYOND THE COMFORT ZONE
But the ones that are going to make it through are those who are now inviting me in to take a look at their marketing strategies and processes. They openly admit, "We have a marketing problem...what used to be effective isn't working. We need to try something new but we don't know where to start."

To be fair and honest, I have to admit that I'm not really sure right now either. The economy has rattled and baffled me. So much so that I've actually got two books sitting right here in front of me that I haven't read in years - "Marketing for Dummies" and "The Complete Idiot's Guide to Marketing Basics". I'm just looking for something...anything that will help me give assurance to my clients. For me and my clients, it's back to the basics.

TEN MARKETING TIPS YOU CAN TRY RIGHT NOW
So, now that we all admit what we don't know about marketing...what DO we know? Here are some things you need to be doing right now to make sure you win the battle for top-of-mind awareness with clients and prospects:

1. DO NOT eliminate your marketing budget; be selective in the cuts you make
2. Make sure your website is functioning and information is current
3. Engage your current and past customers and reward them with discounts for repeat business
4. Start a referral program and give cash/gift cards to clients, friends, and family that make referrals. Make sure to tell everyone about the program via your website, voicemail, flyers, business cards, direct mail, etc...
5. Start a public relations/press release campaign
6. Join a networking group. Visit several and choose the one that's right for you
7. Get involved in online social networking sites like LinkedIn, Facebook, Plaxo and more.
8. Listen to your customers. Ask them why they do business with you and ask for their input on improvements you could make
9. Start a blog and write about topics related to your business - it's very therapeutic
10. Find time to get away from your business to spend time with family & friends

For more information on how BTK & Associates can help you reset your marketing strategy, visit http://www.btkmarketing.com/ or call 317.696.6734.