Are you risking long-term growth for a short-term gain?
Companies are taking different approaches to bolstering revenue in these tight economic times: some are providing deep discounts and in turn hurting their profits and brands, while others are charging more to help offset a loss in customers.
The question becomes – what is the long-term effect of these strategies?
Some recent examples:
All major airlines – Delta, American, United, and others – are charging for checked luggage on top of fuel surcharges to make up for years of mismanagement, high fuel costs and a deep recession.
Bank of America recently announced plans to charge annual fees for credit card holders who pay off their balances every month, essentially asking their fiscally responsible customers to pay for the losses from those less so.
Unlike past recessions, the Economist has stated this recession will permanently change our consumption habits. What will be the long-term cost to companies like Bank of America or Delta when they start to lose customers because of their short-term greed?
Before you think of adding an extra fee, think about the true return on investment and whether it’s truly worth it.
Too many times great ideas go undiscovered because they are not communicated well.
Think about your web site. Are you so worried about search engine optimization and loading your content with key words that your company’s point of difference is lost in the words?
I spend a lot of time with clients helping them hone their unique point of difference, only to watch it get lost when they try to communicate it through their web site, blogs, brochures and other forms of communications.
So how do you ensure your ideas are communicated in a way that makes them stand out?
- Edit – a good idea should be able to stand on its own, so keep copy simple and direct
- Share – have uninvolved parties who will give you honest feedback read your communications to make sure your point is expressed well
- Hand-Off – if you are not a strong writer, find someone who is and have them write or at least edit your content
In an effort to help clients enhance their communications tools, I have expanded M is for Marketing’s services to include editing and writing services. I call the service Idea Assurance – helping ensure your idea is communicated as you intended.
We are having a new service special in which we will edit 10 pages of web copy for $475.
Clear, concise communication is as important as the idea itself. Take your time when writing; it will help position your company more effectively.
Just a quick update to thank you for your ongoing support as Don’t Stop Marketing. Market Smarter. celebrates its first birthday.
As I have done every Tuesday for the past year, I will continue to provide you with tools and tips to help you market smarter and grow your business.
If you would like me to cover a specific topic, please comment to this post and let me know.
Thanks again for your support and I look forward to helping you in the future.