Surviving and Prospering in this Economic Downturn
Things are tough out there. Less spending in business and consumer markets mean more competition for the money that is being spent. Now is not the time to panic. Instead, it’s a great opportunity to make the necessary improvements in order to make a positive impact on your business. First, become more visible to your market so you can weather the storm and second, position yourself for the recovery. The time and energy you spend now will not only help you survive but will give you the opportunity to thrive when things are back on track.
Step 1 – Assess your situation
During times of abundance, we sometimes overlook our deficiencies and take our strengths for granted. For long-term prosperity, focus on your core strengths that produce the greatest return. Reducing an overly broad range of products and services will allow you to focus on your most profitable offerings and will also lead to more effective positioning and differentiation from your competitors.
Step 2 – Understand your audience
Today’s consumer is unique. They have less time, focus and money yet continue to have high expectations. It’s crucial that you understand your target audience so you can identify how to spend your marketing dollars more efficiently and effectively. Have their purchasing habits and preferences recently changed? Are they still focused on quality or have they become value-seeking customers? When you uncover the answers to these types of questions, you can begin to formulate new, more relevant ways to present your overall value to them.
Step 3 – Evaluate your marketing efforts and refine your message
Now that you’ve assessed your internal situation and have a better understanding of your audience, it’s time to reach out to them in order to make a connection–this means marketing. Focus on the part of your marketing mix that has been the most effective. Whether this is digital media or print media, the most important goal is to make an authentic connection with your audience. Also, it’s important to be customer-centric. Use your knowledge about your customer to present your value in relevant ways. Without pandering to the economic uncertainty, communicate that you care, understand and are there to help them.
Now is not the time to wait for customers to find you, rather it’s time to be proactive and reach out to them. You may not have the budget for expansive marketing initiatives, but there are many other options that are cost-effective. That’s where we can help. From online web site enhancements, marketing programs, direct mail initiatives and print advertising, we have the knowledge and experience to develop marketing solutions to get you back on track. Contact us to see how we can help.
Aug 15, 2009
What is an example of a simple website enhancement that would be cost effective, yet get the attention of our visitors? This is a concept I believe is worth exploring.
Aug 15, 2009
For a specific recommendation, we would want to look more closely at your customer and marketing mix. Generally, I would say that the best play would be to offer some kind of value to visitors to show your potential as a possible business partner.
This can take many forms but a blog may be the best way to get started. We would love to talk to you more about this.
Aug 17, 2009
As a small business owner, I am tempted to move to more free social networking sites like Facebook and Twitter in order to save money. If a prime concern is positioning myself well for when the economy improves, how does website / email marketing help me versus the other “free” options out there now?
Aug 17, 2009
No doubt that Facebook, Twitter and other social networking applications are an important part of your marketing mix and serve as brand awareness tools which can, over time, lead to conversion. However, the demographics and reach of these channels are severely limited when compared to the rest of the online community. Also, their use as viable business tools is new and they have some growing up to do in this regard.
More direct marketing tools are needed in your mix that will produce actionable, harder metrics that you can work with. The tools you mentioned play their part in an overall strategy that we would be happy to discuss with you further.
Feb 16, 2010
Hello. Great job. I did not expect this on a Wednesday. This is a great story. Thanks!
Feb 17, 2010
I savoured reading it. I need to read more on this subject…I am admiring the time and effort you put in your blog, because it is apparently one great place where I can find lot of usable info..
Feb 18, 2010
Great blog. I will be returning.
Feb 19, 2010
You’ve got a great site here guys, good content, good design. Keep up the good work. I’ll stay updated through your feed…Aloha
Feb 19, 2010
Thanks for a good read. I will be returning.