Marketing/Business Development: Focus on the Top Three

This was a short article I wrote and published in the American Society of Appraiser's BV E-Letter, Issue 12-45, November 5, 2008. 

In today’s uncertain economic climate, where can marketing dollars and effort make the greatest impact now?   Focus on the top three: 

1. Stay close to your clients and referral sources.  Business is about relationships.  In times of economic uncertainty, communicate personally.  When was the last time you reviewed your client and referral source list?  When was the last time you picked up the phone to call?  If it has been a while, stop what you’re doing and plan to make at least 3 – 5 calls every day (e-mails don’t count).  Prioritize your top referral sources and clients and contact them.  When possible, plan in-person visits.  Seek to develop a deep understanding of your clients and referral sources including what they need, not just what they want.  Plan to spend a minimum of 2 – 3 hours per week on this activity.  This translates into only 100 – 150 hours per year yet will yield immense results in terms of retention, satisfaction, and revenue.
2. Expand your network.  Networking is always important.  Expanding your network is more important now when personal relationships are essential.   Focus on where your key clients/referral sources are and go there.  Remember that effective networking is not about getting.  It is about giving.    Zig Ziglar’s famous quote is true:  “You can get anything in life you want if you help enough people get what they want.”
3. Communicate consistently with useful and actionable information.  People are inundated with information – most of it bad.  How do you cut through the clutter?  Now IS NOT the time to abandon those communication vehicles (print newsletters, e-mail missives) that your market has come to expect.  Now IS the time to make the content simple and focused on useful and actionable information.  Be a problem-solver for your market and they will call you.  Right now, try not to send anything theoretical proving how smart you are.  Instead, provide solutions.  If you use a pre-packaged newsletter, demand content that is on-point and of immediate use to your target market.   Every firm should have an e-mail newsletter (either in addition to or instead of) a print newsletter.

Are there other marketing and business development initiatives on which to focus?  Sure.  However, in my experience, if you spend time on these three, you will weather this storm.