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This one’s directed a bit more to my friends and colleagues in the settlement services industry, although I’m sure it can apply in many places.  And not my clients, of course (since my clients are, by the nature of the relationship, continuing on with their marketing communications efforts!)  I suppose it will be a bit self-serving.  After all, I’m a marketing/PR guy.

With that said, one thing I’ve observed in my short decade in this august industry is that we are an owner-centric lot.  Nothing wrong with that, but it seems to me that, especially when it comes to title insurance and settlement services-related entities, things start and end with the owner (or “partner,” or “president,” or “CEO”).

It’s a logical extension of that theory, therefore, that in a tougher market cycle; when order counts get lower and when receivables get extended beyond the breaking point; it’s the owner who is first to hop on a plane or hit the road.  It’s the owner who is last to come home.

That’s admirable.  This is not an industry where the CEO fiddles while his/her business burns.  This is a hard-working lot which pours its collective heart and soul into its work.

Except…

Many of those same firms tend to cut their marketing efforts (and by “marketing,” I mean public relations, conference attendance, sponsorships, advertising, direct e-mail marketing, content marketing, Web site updating and maintenance and even social media strategy) during those hard times.

Now don’t get me wrong.  Some firms don’t have the money to bring in agencies, marketing directors or marketing staff to handle that.  I can’t fault them for those cuts.  Advertising and conference attendance or sponsorship cost real dollars.  In fact, to do them well costs real BIG dollars.   Given the choice between shutting down part of my production operation or cutting the marketing budget, I’d cut the marketing group, too.

But budget is not a reason to cut all marketing efforts.  Just costs.  There are many ways to continue to go to market without spending an arm and a leg (public relations, content marketing and simple e-mail marketing can be done on a budget of hundreds, yes HUNDREDS, in the right circumstances.).

So here is my latest list.  Five reasons to maintain your marketing communications efforts—whether it’s you, an affable marketing consultant, or another trusted, in-house officer—WHILE the owner is hopping from airport to airport…

1. There’s never been a better time to get media coverage.         The big boys aren’t talking to the publications, either.  They’re too busy.  They’re too worried.  They don’t want to say anything that will upset a regulator/shareholder or other boogeyman.  This does not mean that the editor of Really Big Mortgage and Title Publication is eagerly awaiting your sales pitch.  It does mean that your relevant story idea has a better chance of being heard these days.  See this earlier posting for a few ideas there.
2. If selling is really a numbers game, why are you shrinking the size of your funnel?  If we want to reduce this to basic math, how many people can your owner reach in a year?  Shouldn’t he or she continue to do that concurrently with marketing efforts that will bring people he/she may have missed into your funnel as well?
3. A market like this makes the relationship game a bit trickier.  I’ve said it repeatedly and stand by it:  this is a relationship-based industry.  However, over the past 2-3 years, contraction and cost-cutting have created quite a bit of movement.  EVPs with 30 years experience have gone from your customer to a vendor; vendor to customer; customer to partner.  Even a basic CRM or social media presence may alert you to those changes and provide new opportunities through faces you’ve recognized for years.  But if you’re visiting folks one at a time, one call at a time, one e-mail at a time, without the help of any marketing communications, you are actually slowing your development timeline.
4. It’s physically impossible to maintain a wide top-of-mind presence when you’ve reduced your marketing to only direct sales.     You can’t be in front of all of your prospects all the time using only direct sales.  Let’s face it, your prospects are stressed and distracted.  Even your friends are not sitting around thinking about you.  They’re trying to keep the lights on.  But they will remember you if you can help them…and if they think of you at that time.  Unless you have a visit planned in the next week or two when that critical moment happens, you may be inadvertently passed over.  Marketing communications can keep you in front of a wider group even when you’re not thinking about each and every member of that group.
5. Good marketing communications/PR can project viability in a down market.  This is grossly underestimated.  Talk around the watering holes tends to focus on who’s about to be acquired, who’s cutting back and who’s struggling.  Sometimes, a simple announcement of a new hire, an interview in a trade publication or even an e-mail newsletter can let folks know you’re still open for business (and their orders).  That counts for a lot in this roiling marketplace.  Of course, you’re not very likely to be in the trade publications, the local paper or at the podium at a key conference if you’re not making any effort to be there.  After all, they’re short-staffed too.

Is this a plea for you to run out and hire a good marketing consultant?  Well, yeah…maybe.  But if that’s not in the budget, it’s time to delegate.  If you are the owner, you probably don’t have time for this.  But you surely have someone who can.  Even if you need to hire an inexperienced staffer and supervise him/her, I would submit to you that you’re only hurting your chances by cutting your marketing communications efforts at a time like this.