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.