November 11, 2020 | Larry Buchweitz
Earlier this year I wrote a piece about Education Marketing in a Pandemic. By analyzing our history during the Great Recession, I theorized on what the future may hold. Unfortunately, there are still many questions up in the air. Yet, after a few more months of insight from industry friends and customers, there are a few things I know for certain:
Marketing Data is Essential
Often when companies are faced with cuts to costs and operations, they look at marketing and sales first. However, when that happens, it causes even bigger challenges down the road. For example, in the last recession, companies that didn’t create and implement retention strategies for specific segments of their customer base discovered that the attrition of current customer revenue impacted growth. Using enhanced marketing data to profile your customers now provides the intelligence you need to create a solid retention strategy that will no doubt promote growth later.
Prospecting Remains Important
In addition to creating retention strategies, companies who reduced or eliminate prospecting also experienced an impact on their growth. Businesses that consistently invest in growing their customer base have continued to see progress even in the current environment.
Stay patient and persistent with leads that have potential. Integrate the insight generated by profiling your customer segments into your prospecting strategies. The companies that maintained prospecting during past economic downturns experienced accelerated growth quicker during the upswing than companies that didn’t.
Added Value Leads to Added Business
Education businesses providing extra value have built relationships that will last long after budgets have recovered. Whether that value is through special pricing, free trials, online solutions and downloads, or some other offer, if it keeps schools with limited resources operating, you’ll see long-term benefits.
What I Would Do Now
After almost an entire year of uncertainty, there is one thing I know for sure; people persevere. Challenging times often lead to meaningful innovation and growth.
Now that schools are functioning with interim plans, decision makers are also thinking toward the future. They have students to educate and spending plans to put in place. Let's all strive to be part of the solution by looking at how we can adapt and evolve to meet the needs of our greatest asset – our kids.
I can’t wait until next summer where I’ll be at Wrigley Field in the left-field bleachers and going to hear live music again. I missed seeing Dead & Co, Zac Brown, Tedeschi Trucks Band, Los Lobos, and Emmylou Harris.
What do you miss? I’m here if you want to chat about your business, music recommendations, and always, the Cubs.
Larry Buchweitz, VP Business Development
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