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.
As with all marketing plans, begin with some basic questions. Who have been your customers? What do you need to do to keep their business? Who are your potential customers now? How can you reach and sell to them? Answer those straightforward questions and you are off and running.
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 a home-based business franchise, a struggling economy and the anxiety it produces may bring you more potential customers than you have in normal economic times. However, instead of emphasizing the possibility of people earning enough to support a luxurious lifestyle, as may be the norm in your messages during good times, messages about economic security might be far more powerful today and in the near future.
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.
At times like these, it is always important to reconsider pricing. Will lowering your price increase your sales volume enough to provide adequate revenue to compensate for a lower per unit profit margin? Or, will it lower the perception of the value of your product? These are tough but important questions if there is lessened demand for your product or service.
Of course, you have to consider what your competitors are doing. A little competitive research to find out where your competitors are putting their advertising dollars and what they are saying about their products can be very instructive, particular if you track them on an ongoing basis to see what they stick with. Remember, you can assume they only stick with promotional efforts that have proven to be successful. And, there are lots of good tools and programs that make competitive research easier than ever before.
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.
Just remember one thing. If your product or service was viable a year ago, it probably still is. Therefore, reducing your marketing budget and/or your marketing efforts is almost never a good idea. The question is not should you market, it is how you should market. - 15615
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.
As with all marketing plans, begin with some basic questions. Who have been your customers? What do you need to do to keep their business? Who are your potential customers now? How can you reach and sell to them? Answer those straightforward questions and you are off and running.
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 a home-based business franchise, a struggling economy and the anxiety it produces may bring you more potential customers than you have in normal economic times. However, instead of emphasizing the possibility of people earning enough to support a luxurious lifestyle, as may be the norm in your messages during good times, messages about economic security might be far more powerful today and in the near future.
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.
At times like these, it is always important to reconsider pricing. Will lowering your price increase your sales volume enough to provide adequate revenue to compensate for a lower per unit profit margin? Or, will it lower the perception of the value of your product? These are tough but important questions if there is lessened demand for your product or service.
Of course, you have to consider what your competitors are doing. A little competitive research to find out where your competitors are putting their advertising dollars and what they are saying about their products can be very instructive, particular if you track them on an ongoing basis to see what they stick with. Remember, you can assume they only stick with promotional efforts that have proven to be successful. And, there are lots of good tools and programs that make competitive research easier than ever before.
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.
Just remember one thing. If your product or service was viable a year ago, it probably still is. Therefore, reducing your marketing budget and/or your marketing efforts is almost never a good idea. The question is not should you market, it is how you should market. - 15615
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.
