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October 21, 2008
Marketing In Recessionary Times (First In A Series)
"There is nothing to fear but feat itself." - FDR
In an economic downturn, it turns out that FDR was at least partially right. Fear is the great enemy as creditt seizes up and companies hunker down. Which is why is can be really hard to imagine maintaining a marketing frame of mind during "recessionary times." However, a chorus of small business experts continues to advise just that.
These times can be especially challenging for small-to-midsize distribution partners for larger enterprises...businesses that find selling harder than ever while also feeling the pinch of reduced support from cash-conserving corporate partners. Here is the first installment in a series containing tips for promoting your business during the economic downturn. (Note...the ideas apply to any size business, but are especially focused on SMB companies!)
- Know Your Customers. Evaluate each customer account and look at ways that you might be able to help your customers weather the storm through some product or service that you can offer. Times are tough for everyone...how can you help?
- Expand Your Marketing Horizons. All those new-fangled web techniques and social media provide ways for you to connect and communicate without some of the traditional expenses associated with marketing. This is a great time to incorporate some Web 2.0 into your marketing.
- Consistency Pays Off. The old tortoise and hare thing still rules. Steady, consistent communication with an emphasis on delivering value trumps flashy campaigns when times are tight. The marketing environment is a little less crowded now, so even conservative marketing stands out.
- Automate. Automate. Automate. Now is the time to evaluate that internal process change or automation project designed to help you control your costs. A small investment during slow times can pay off big if the recession drags on or when the economy picks back up.
In economic downturns, everyone has to learn to "think small." Real entrepreneurs know how take special advantage of that to gain compeittive advantage now, and when the economy improves.
Posted by jcioban at October 21, 2008 10:47 AM
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