The world economy...not just the United States economy...is in horrible shape. That is not exactly breaking news. And, the economic problems we are now experiencing are not, according to economists, leaving us anytime soon.
That means that business owners need new strategies...especially new marketing strategies...to deal with the current economic ills. If you do not have a relatively new and comprehensive marketing plan designed to take you through the current "bad times", you need to get started on one. The sooner the better.
The best way to start is by asking and answering a few basis questions. The first is, who are your customers? The second is, how are they likely to be impacted by the economic downturn? The third is, how will that impact their need or desire for your product or service? From there, you can find a clear path forward.
You may find that you can benefit from increasing your marketing efforts, even while others scramble to reduce their marketing expenditures. But, whether you expand or reign in your advertising and marketing, a change in your primary message(s) may be a good idea.
If you are selling home-based business opportunities, for instance, you may experience greater demand when economic anxieties are high. Thus, you will probably want to increase your outreach efforts to people concerned about downsizings and business closings. And, your marketing messages to these people might be different than in the past. While not entirely abandoning messages about the high income opportunities and freedom of working at home, you will almost certainly be well served by spending considerable time talking about the security of owning one's own business and being immune to worries of layoffs and complete loss of income.
Business people selling big ticket items will need to consider a far different set of issues and strategies. Are their customers so wealthy that nothing will really change for them? Or, might they want to promote lower ticket options? People used to trading in and buying new $70,000 cars every year may not be willing to consider doing so now, but perhaps they can be steered into buying $55,000 cars.
Lowering prices is always tempting when sales are down, but it is not always a good solution, especially if lower pricing will produce only a marginal gain in volume. Always think of all of the implications before reducing your prices.
Monitor your competitors activities closely when times are difficult. A bit of competitive research will tell you what kinds of marketing mixes and messages are working well in your industry, and which are less successful. If competitive research is new to you, a simple internet search will show you how many low cost tools and programs are available to you. And, none require exceptional technical or analytical ability.
Ask yourself the right questions, get the help or do the research necessary to get answers in which you have confidence, and your marketing plan will almost build itself.
Remember that a bad economy does not turn a good product or service into a bad one. If you provide something people needed or wanted last year, it is almost certain that they still need or want it. All you have to do is find the best way, under current economic conditions, to market it. Discover that, and your business can only be stronger, both now and in better economic times. - 15478
That means that business owners need new strategies...especially new marketing strategies...to deal with the current economic ills. If you do not have a relatively new and comprehensive marketing plan designed to take you through the current "bad times", you need to get started on one. The sooner the better.
The best way to start is by asking and answering a few basis questions. The first is, who are your customers? The second is, how are they likely to be impacted by the economic downturn? The third is, how will that impact their need or desire for your product or service? From there, you can find a clear path forward.
You may find that you can benefit from increasing your marketing efforts, even while others scramble to reduce their marketing expenditures. But, whether you expand or reign in your advertising and marketing, a change in your primary message(s) may be a good idea.
If you are selling home-based business opportunities, for instance, you may experience greater demand when economic anxieties are high. Thus, you will probably want to increase your outreach efforts to people concerned about downsizings and business closings. And, your marketing messages to these people might be different than in the past. While not entirely abandoning messages about the high income opportunities and freedom of working at home, you will almost certainly be well served by spending considerable time talking about the security of owning one's own business and being immune to worries of layoffs and complete loss of income.
Business people selling big ticket items will need to consider a far different set of issues and strategies. Are their customers so wealthy that nothing will really change for them? Or, might they want to promote lower ticket options? People used to trading in and buying new $70,000 cars every year may not be willing to consider doing so now, but perhaps they can be steered into buying $55,000 cars.
Lowering prices is always tempting when sales are down, but it is not always a good solution, especially if lower pricing will produce only a marginal gain in volume. Always think of all of the implications before reducing your prices.
Monitor your competitors activities closely when times are difficult. A bit of competitive research will tell you what kinds of marketing mixes and messages are working well in your industry, and which are less successful. If competitive research is new to you, a simple internet search will show you how many low cost tools and programs are available to you. And, none require exceptional technical or analytical ability.
Ask yourself the right questions, get the help or do the research necessary to get answers in which you have confidence, and your marketing plan will almost build itself.
Remember that a bad economy does not turn a good product or service into a bad one. If you provide something people needed or wanted last year, it is almost certain that they still need or want it. All you have to do is find the best way, under current economic conditions, to market it. Discover that, and your business can only be stronger, both now and in better economic times. - 15478
About the Author:
Daniel Z. Kane is a college administrator who has published dozens of brief articles on marketing, online business, online college degree programs, online education for working adults, and related subjects.
