3 minute read
More Thought, Effort & Persistence
Dylan Harper Explains How to Utilize Marketing During an Uncertain Economy
With rising interest rates, whispers of recession and increased labor and material costs, it’s safe to say we are navigating an uncertain economy.
A common reflex for businesses is to cut attention and resources from marketing during economic volatility, but as unconventional as it sounds, marketing must become a greater priority for green industry businesses that want to continue growing during such times.
With insights from landscape business coach and consultant Jeffrey Scott, let’s explore a few practical actions green industry businesses should take while marketing in today’s economy.
Focus on High-Level Marketing Metrics
Given its rapidly evolving complexity coupled with the pressures of economic turbulence, marketing can be difficult to leverage for teams with little marketing experience or do-it-yourselfers.
Jeffrey Scott cautions green industry business owners against focusing only on the marketing flavor of the week and recommends they take a step back to look at the big picture.
Focusing on these high-level marketing metrics will give business owners the clarity and big-picture view needed to make more effective marketing decisions:
• Return on Investment (ROI)
Revenue earned per dollar spent. *Can’t calculate for some campaigns.
• Customer Acquisition Cost (CAC)
What is spent to earn a new customer
• Customer Lifetime Value (CLV)
Total revenue a customer creates over time
Prioritize Key Services and Customer Types
Businesses often find that the metrics described in the previous section vary among the services they offer and the types of customers they serve.
For example, some services may contribute to a higher CLV than others, while customers with certain needs or preferences might require a lower CAC than others.
During economic volatility, businesses should put their marketing resources behind promoting services and targeting customers that best serve their strategic needs (e.g. improving cash flow, increasing profitability, building route density, etc.).
Cross-Sell to Existing Customers
Businesses can capture low-hanging fruit by growing existing accounts. It’s easier and CHEAPER to sell services to existing customers because a relationship is already established.
“Ironically,” Jeffrey Scott reveals, “many customers aren’t aware of the additional services a business offers and are often buying from the competition.” This is why he encourages his clients to advertise to existing customers as much as they do to potential customers.
Businesses can use cheaper, more direct advertising techniques like email marketing, text message marketing and direct calls to promote services to customers since the contact information is already in their CRM. Jeffrey Scott shares how one of his top landscaping clients experiences massive returns from frequently advertising to existing customers using email marketing.
Do More Not Less
If there’s one thing you can take away from reading this, it should be that marketing in an uncertain economy requires more thought, effort and persistence than marketing in a stable one.
Get in Touch
Dylan Harper, Owner of Forge Marketing Group LLC
Phone: (678) 904–5474
Email: info@forgemarketinggroup.com
www.forgemarketinggroup.com
