As a glance at the news will confirm, these are very uncertain economic times. This means people are thinking a lot harder now, before they decide who they spend their money with. Money is a resource and when resources are low or we believe they are under threat, we use them very carefully.
Thankfully, when it comes to marketing and developing your business, we know what to do in times like these. Back in 2007, we saw 2 strategies widely used by small and medium sized business owners:
- Some did nothing, hunkered down and hoped things would pick up, before they went broke. Hope is not a business strategy, and as we know, many sadly went out of business.
- Others used the uncertainty as an opportunity to gain a disproportionate market share. They did this by developing a strategy that attracted those clients, who would have previously gone to the providers who were hunkering down and hoping.
Although you can’t change the economy, you have complete control over the path you take with your business through these turbulent times. Just like the sail of a ship being adjusted to benefit from the changing winds, you can adjust your marketing to benefit from the current uncertain climate. The good news, is that if you do the right things correctly, there is a huge opportunity out there.
Doing the right things, correctly
I was inspired to write this post after speaking with 2 clients yesterday, who coincidently both joined my marketing program during the last recession. They are proof that a downturn in the economy can lead to an upturn in your fortunes, when you do the right things, correctly.
The first client has a small B2C business in Wisconsin and she has enjoyed a rise in turnover of over 250% since she joined my marketing program, with an even greater increase in her profits. All this despite her industry being in a serious slump. Ask her competitors why their businesses floundered and many blame the economy, which is not so. The same economic turmoil faced my client, but she was doing the right things, correctly. The second client owns a B2B company in the South West of England and he’s seen even greater results; again during a period where his competitors are in turmoil.
I’m not saying you are wrong to worry about all the uncertainty your prospective clients feel right now. I’m saying that if you decide to do the right things correctly, rather than hunker down and hope it will end before your finances run out, you can do as my clients do and work it to your advantage.
It all starts with the commitment to do the right things, correctly.
- Not to dabble.
- Not to hit and hope.
- Not to jump from one bad marketing effort to the next.
Those are ineffective strategies in even a good economy, let alone the worst commercial climate in living memory.
Jim Connolly can help you grow your business and achieve the breakthrough marketing results your hard work deserves. To find out more, simply click here!
Photo: tenaciousme
This is sound advice Jim.
As a business advisor, I meet with struggling business owners all the time who genuinely JUST HOPE things will get better. These are otherwise intelligent people but they can’t seem to grasp that in this business climate they have to get serious about making the changes required.
Most I see are too ignorant to invest in professional help as they don’t know the difference between a cost and an investment. They see money out as bad, even if its for the expert help their business desperately needs.
Such businesses were always doomed to failure with that kind of stewardship. The economy simply speeds the process up.
I truly don’t get why they refuse to get the help they need. Maybe it’s the law of the jungle and these are those who just have not got what it takes?
You make some good points there, Rob and I feel your frustration.
It would be good to see what others think about your law of the jungle suggestion.
I think there’s something to it, as people who make that kind of fundamental error are likely to make other equally bad decisions.
Jim
I heard last night that we can expect at least two more years in this current recession. We can’t change the economy, but we can be innovative and look for ways not to just succeed but to really make a difference.
You are right it takes ideas and ultimately the implementation of those ideas.
Insightful post today!
Brent
Hi Brent. It’s certainly going to be a bumpy ride, especially for those who elect to do sit on their hands and carry on doing what isn’t working, because it’s comfortable. Thanks for the kind words.
Really good advice Jim. Everyone has the same opportunity to grow their business in this economy. It’s just that some people don’t move along with the trend that is happening right now and hope for this to stop as it will probably never stop.
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