Archive for the ‘4) Recession proof marketing’ Category

Despite the doom and gloom economic reports a recession presents as many opportunities as it does challenges. Before you prepare an intervention for me consider the following marketing and business advice:

1. Do what works. Think about what you did during your first year to get your business or organization off the ground. Now isn’t the time to experiment with interesting but untested marketing ideas.

2. Market your business or organization. I made this a separate item even though almost all these concepts involve promotion and attraction. It is that important. Don’t fall into the trap of thinking that you can afford to cut or eliminate marketing your business.

3. Communicate your uniqueness. Positioning how you are different should always be prominent in all your communications.

4. Be flexible. Consider the economy and your customer and his or her needs. Is there something you could easily tweak about how you do business that would be helpful and would set you apart?

5. Be the problem solver. The restaurant industry took a look at tight family budgets and came up with many more set menu meals and “kids eat free” deals than previously. Do what you can to solve your customer’s problems and they will stick with you and you will pick up some new customers along the way!

Excerpted from the Chesapeake Business Ledger. For full text go to: New Year, New Opportunities

I know many businesses and organizations are running scared right now, leading some of them to severely reduce or eliminate their marketing efforts. Shutting down communication with your target market is a slippery slope and often makes your customers turn to your competitors who are still talking to them. This isn’t just theory there is a precedent and facts to support it.

According to a McGraw-Hill Research study conducted during the 1980s recession, “Business-to-business firms that maintained or increased their advertising expenditures during the 1981-1982 recession averaged significantly higher sales growth, both during the recession and for the following three years, than those that eliminated or decreased advertising. By 1985, sales of companies that were aggressive recession advertisers had risen 256 percent over those that didn’t keep up their advertising.
Check out this link for research data:  Recession Data