In this economy, every person and every expenditure has to pay for itself.
In most companies there are fewer people and therefore more responsibilities to go around.
What is the goal of Marketing? In Traditional marketing the goal is to return an acceptable response percentage. Sometimes, however, the goal is to build Brand.
These are both good goals. The problem is the short term return on spend from Traditional marketing is dropping. It is dropping because there are fewer customers and the Buying Cycle has gotten much longer. The cost of continuously reaching out to prospects until they are ready to buy has become prohibitive.
The short coming is that for the expenditure, Traditional marketing does not usually create a connection so that the next communication can build on a foundation.
The value of Relationship Marketing is that it starts by providing information and only Prospects who know they are going to need it at some point opt in. From there on, each communication is building on the information provided in the last communication.
Because to a great extent, all the communications have been programmed in advance, and are automatic, the cost is minimal. CRM software can greatly accelerate the efficiency of the program or it can be monitored manually.
So whether looking to sell Services or build a Brand, the goal should include long term communications, allow for interaction, be permission based, and share unselfishly.
Why, you still might ask? The customers are there, they just have less trust and more options than before. They are wary of a push before a full explanation. They don’t want to feel stupid for making quick decisions. They don’t want to feel they were taken because they did not investigate thoroughly
A wider segment of the population, not just the youngest part, are all about fully interactive Social Media and fully engaged in the culture of Sharing, Transparency, and Permission.
Build your Brand, your Efficiency, and then your Revenues by giving the market what it wants in the way that it wants it. 98% of major retailers are already committed to increasing their social interactivity.
Build a following first and build revenues as a result. When the economy heats up, maybe marketing goals can again be short term.