It is no secret that the economy is in bad shape. Not just in the United States, but throughout most of the world. And, to make things worse, experts are in agreement that there is no relief in sight.
So, the question of the day is, do you have a marketing strategy ready to get you through the tough times? If not, you need to develop one quickly or prepare to suffer the consequences.
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.
Some businesses actually benefit greatly from a weak economy. However, their marketing mix and marketing messages may require a change when times are tough.
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.
If you do not know who your most successful competitors are, find out immediately. Discover what they are doing to market themselves and see if similar media, messages, and activities make sense for you. Take advantage of the fact that competitive research is easier now than it has ever been. Far easier, in fact, because there are an amazing number of tools that can help you determine exactly how and where your competitors are spending their marketing dollars. What works for them, perhaps with some adjustments, should work for you.
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.
Remember that a bad economy does not turn a good product or service into a bad one. If you provide something people needed or wanted last year, it is almost certain that they still need or want it. All you have to do is find the best way, under current economic conditions, to market it. Discover that, and your business can only be stronger, both now and in better economic times.
Related posts:
- UAW Will Keep Your Business & MLM Successful in Slow Economy
The economy worldwide has been slowing at a scary pace in recent months. Concerned business owners, whether online or off,... - Bad Economy? Not for those of us that Make our Money Online!
Everywhere you turn - newspapers, television, the Internet or . . . your neighbor over the fence - the talk... - In a global economy the import-export business is the way to go
A really interesting career field, which many people don't talk about, is that of the import-exporter. If you are wondering... - How To Keep Your Job And Get a Great Raise In A Down Economy
In the current economic climate it is more important than ever to make sure your skills, habits and attitudes are... - Internet Marketing; The Wave Of The Future!
The World Wide Web has brought endless possibilities to the world of business, making it easier than ever before to...
Tags: Advertising, business, business advice, marketing, public relations, Sales
