Last month, I interviewed some business owners, who not only survived the last recession but actually grew their businesses; whilst those around them saw their businesses shrink or go broke.
I wanted to know what their secret was, so I could share it with you!
It became apparent very quickly that there was a single, common thread, which was shared by each of the successful businesspeople from the last recession.
Here’s what they told me
The successful businesspeople continued to invest in the key areas of their business, whilst their competitors stopped investing in those same, key areas!
Marketing lessons from past recessions
During the last recession, many of the businesses that went backwards or went broke, decided to invest as little as possible in anything. They chose to hunker-down and wait for the recession to finish. As a result, they cut back on things like service contracts for their cars, office equipment etc. They also stopped most or all of their marketing.
Even in a good economy, a business with creaking infrastructure and no marketing is really going to struggle. In a recession, that approach is going to make it almost impossible to survive!
During the recession, your prospective clients / customers are looking for the best value for money possible. This requires super-effective marketing, as you will need YOUR message to stand out and then convince people, more powerfully than your competitors, that YOURS is the best value for their money!
Your existing clients / customers will be hurting financially too. They will be looking for better deals and for ways to reduce their outgoings. You need to make sure they don’t go to a competitor or simply drop your service, thinking it will save them money.
This is clearly not the time to forget about your marketing.
I believe 2009 will present some amazing opportunities. The months ahead will be a time of great change and those with the vision and courage to adapt to these changes, will get the rewards.
Use the challenges of the year ahead to position yourself in your marketplace as a provider of answers. During times of flux, people want answers and we are attracted to those who we believe have the answers we need.
Listen to what your marketplace is saying to you. Keep in regular dialogue with your clients / customers and also your prospective clients / customers.
Find ways to match the benefits of your products or services to their changing needs and ensure that you and your business are an essential resource for them!