Thursday, April 16, 2009

The latest Recessionary Updates: Marketing and Borrowing

Random useful ideas for a slow news day:

A) I read this gem in a recent article by my friend George Torok, a marketing speaker and consultant. It sums up a complex concept in a simple, doable way.

George identifies the three objectives of marketing:
1. Grab attention
2. Demonstrate value
3. Build relationships

You can read more in his article, "What a Difference a Decade makes to Marketing."

B) The Bank of Canada’s latest surveys of borrowers and bankers suggest the credit crunch may be easing. While credit is still tight, business borrowers interviewed in March indicated that things were loosening up significantly compared to the record-tight conditions of the previous survey. The cost of credit hasn't fallen, but borrowers said the terms and conditions attached to loans have been easing.

C) TeleNet Marketing Solutions has released a report showing how U.S. marketers are adapting their telemarketing strategies to deal with the recession. Marketing Sherpa has read it for you and identified these five insights:

1. Marketers see growing importance for telemarketing. The best marketers now give telemarketing a 9.9 ranking out of 10 this year – up from 8.76 last year. (This will surprise those who thought marketers were depending mainly on low-cost solutions, such as email marketing.)

2. More marketers are using telemarketing for lead nurturing and data hygiene campaigns (i.e., confirming whom to contact, or whether the previous contact is still with the company).

3. Appointment-setting campaigns are increasing as marketers focus on generating revenue.

4. Multichannel integration (i.e., using telemarketing to follow up on events, or following up calls with an email) is essential for satisfactory telemarketing results.

5. Agent training and product/market alignment are critical factors for telemarketing success.

For more info, click here. (This link may work only for a limited time.)


George Torok said...

Hi Rick,

Thanks for quoting me again.

The key lesson for marketers in this brutal market is that the fundamentals stay the same.

But the details change.

Good marketing

George Torok

Promod said...

Interesting post. I read George's insightful article thinking it was current. A decade makes a difference to marketing but so does a year.

The Jan 2008 article does not mention Twitter, which lead me to your post. Change happened quickly and continues to happen quickly.

The tools of marketing are now more affordable. That's progress!