How to Grow Your Business in Tough Economic Times

- November 17, 2008

It’s a fact that we are dealing with tough economic conditions which are showing little sign of short term improvement. We are all negatively affected in certain ways, and if you watch the news on a regular basis you may be even more skeptical.

As marketers, we need to be creative and continue to find ways to provide the positive results our clients are expecting. The initial reaction we have in tough economic times is to reduce or eliminate marketing budget, but drastic changes may not be the right decision in many cases. In fact, companies that continue to maintain an adequate marketing presence during tough economic times stand to benefit in a number of ways.

-Less competition: many companies will lower or eliminate budgets during tough economic cycles, which allows your marketing message to stand out better. Less competitors means more exposure to prospects/clients, and your branding impact should improve.

-Pricing: This is simple “supply & demand” — less buyers typically means more favorable pricing from vendors for ad space.

-Market Share: since your competition level is lower, you have a better chance of growing your market share — in most industries/verticals consumers are still consuming, and the customers you acquire now may stay with you for the long term.

A couple more important points:

Be creative with your marketing approach and focus on your current customers — offer a rewards program, discounts/special offers, and distribute a newsletter. Be sure not to ignore your base, especially in these tough times.

A strong value proposition is also vital to maintaining your customers during tough times, since we are all looking at ways to “tighten our belts”. If your product or service delivers great value, consumers will likely find a way to afford it.

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