When it comes to a weak economy we’re all
in this together. Yes, it’s true that some businesses manage to stay afloat
when times are tough but is that because they are selling something we can’t
live without or is it just good marketing? Evidence would suggest it is the latter.
The knee-jerk reaction for any small business in a tight economy is to cut
costs. However, you don’t have the luxury to sit on the sidelines - You should always
keep up your business presence through your marketing campaigns. Here’s why:
The
benefits add up
Your bookkeeping records don’t lie: You
know when you had a spike in business. Can you trace that uptick to a
particular event? If you sell umbrellas and a storm rages through the community
then you can thank Mother Nature. Most other upticks in business can be
attributed to some piece of effective
marketing you engaged in whether that was a coupon, a contest or even a
powerful tweet. Build on what worked in the past and embrace the idea that
those benefits can be achieved again.
Your competition isn’t stopping
As mentioned, we all share in the economic
burdens but that doesn’t mean you should surrender your business to the
competition. Do you think they are slowing down their marketing campaigns? Even
if they stop marketing, you could take advantage of the downturn to out-market
them. Beat their prices. Offer what they
can’t. That’s the way to stay
competitive.
Be
on the lookout for growth
The best case scenario for any business is
to corner-the-market. That means they’re the market leader in their industry.
Even the market leader can still experience stagnation if they don’t continue
to grow and innovate. Keeping up your marketing provides you with the
opportunity to expand
your customer base. That’s really the only way to climb out of the economic
doldrums.
Think about the long game
A successful marketing campaign isn’t just
about a quick infusion of cash. Although that’s going to help, you really want
to think about the long
game of your business success through aggressive marketing strategy. With
those campaigns you’ll be building up a strong brand identity and increasing
your customer base. Suppose you ran a contest and succeeded in signing up a thousand
entrants? That’s a thousand names you can send email coupons three months from
now. When the holidays roll around you’ll be able to send out another blast to
remind those folks of what you’re offering. Now you’ve got a consistent
business. That can only be achieved if you keep your marketing going.
