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 sell ebooks on home-based business, for example, a weak economy may provide increased opportunities for you. But, first you have to figure out how to reach and respond to people who want to supplement their incomes in tough times, and/or people concerned about layoffs. Instead of the tried and true messages about six-figure annual income and spending more time with the family, messages about being immune from layoffs and controlling one's own destiny may be far more compelling, and should probably be at least part of the mix.
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.
All you have to do to develop good, strategic marketing strategies and integrate them in a well coordinated plan, is to ask yourself good questions and do whatever it takes to get well-conceived answers. You need not be a NASA employee, I promise. But, you must think analytically or get help from an experienced marketer.
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. - 15432
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 sell ebooks on home-based business, for example, a weak economy may provide increased opportunities for you. But, first you have to figure out how to reach and respond to people who want to supplement their incomes in tough times, and/or people concerned about layoffs. Instead of the tried and true messages about six-figure annual income and spending more time with the family, messages about being immune from layoffs and controlling one's own destiny may be far more compelling, and should probably be at least part of the mix.
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.
All you have to do to develop good, strategic marketing strategies and integrate them in a well coordinated plan, is to ask yourself good questions and do whatever it takes to get well-conceived answers. You need not be a NASA employee, I promise. But, you must think analytically or get help from an experienced marketer.
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. - 15432
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.
