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.
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.