Should a contractor or entrepreneur market more or less in a tight economy when there are fewer fish in the pond?

Should they invest in education training and coaching while things are slow to get ready for the inevitable return of the economy?

The common thought among many business owners is to cut back on marketing and education in tight times. We have heard many contractors say things like "we will spend more on marketing when the phone starts ringing and we sell some jobs." Also we hear "we will invest in education, training and coaching once the money starts rolling in". These decisions usually mean the beginning of the end.

If you haven't noticed, the things we did a couple of years ago to produce leads and and win projects from customers don't work very well in this new economy. The dynamics and buying habits of the new consumer have changed. You also probably have observed a higher level of consumer sophistication that renders old antiquated processes useless.

On marketing; if you don't market yourself the consumer will think you are out of business. When things come back you will not be in a position to earn business, because your competition who is marketing now, will take your market share and will clean your clock. Now is the time to increase your marketing. A well placed marketing campaign will take a few months. So what are you waiting for?

On education; it amazes us how contractors think training on how to build things is sufficent for education. Contractors are generally pretty good at building things (that's why they started a remodeling or trade business). What is needed now is education, training and coaching on how to run a tip top business using systems and best practices. The new consumer is looking for an expert who provides value and a high level of professionalism. The next level contractor is up to date on new trends and technologies and is coached on how to communicate them to the consumer. The contractor is professionally sales trained and uses a consultative solution based sales system to meet the needs and wants of today's consumer. This approach differentiates the professional contracting company from the untrained contractor.

I know I just used a challenging phrase (sales training) that scares the crap out of most contractors and entrepreneurs. However, whether we like it or not, no business can survive in today's economy unless you or someone else in your business is professionally sales trained and knows how to sell your solutions. The day of the order taker is gone forever.  

Invest in you

A prominent speaker, Earl Nightingale, said in his landmark album "The World's Strangest Secret": A man stood in front of the stove expecting heat without putting the wood in.

Earl said "if you expect to get heat from the stove you first have to put the wood in". We must invest and sow the seeds, nurture them and be ready for the harvest a few months down the road. Doing nothing will produce nothing!  

With that said, if you want to have leads to sell, jobs to produce and revenue to run your business you need to start by investing money to properly market your business.

Then if you market your business, produce the leads and want to sell to the next level consumer, you need to have the training, education and coaching to line up with the expectation of the consumer.

A recession has a way of cleansing the market and removing the deadwood. We see some companies marketing themselves more than ever and they have work. Those who are waiting for the phone to ring are running out of money and time. Winter will be here very soon.

Solve your marketing and education dilemma, invest in your business and yourself today! Aren't you worth it?

mark the coach