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.
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.
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.
If you are selling high priced products, you will have a separate set of questions and concerns than do those of us with more mundane products and services. Your market may become even smaller and more targeted than ever as you seek to reach the shrinking number of the economically privileged; people who can afford luxuries even in difficult times. And, as your market shrinks, your frequency of contact may have to be greater, as might the average purchase size. Or, because very few people are entirely immune to anxiety about our current economic crisis, you might want to highlight your $100 bottles of wine, as opposed to your $300 choices.
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.
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.
Ask yourself the right questions, get the help or do the research necessary to get answers in which you have confidence, and your marketing plan will almost build itself.
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. - 16738
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.
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.
If you are selling high priced products, you will have a separate set of questions and concerns than do those of us with more mundane products and services. Your market may become even smaller and more targeted than ever as you seek to reach the shrinking number of the economically privileged; people who can afford luxuries even in difficult times. And, as your market shrinks, your frequency of contact may have to be greater, as might the average purchase size. Or, because very few people are entirely immune to anxiety about our current economic crisis, you might want to highlight your $100 bottles of wine, as opposed to your $300 choices.
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.
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.
Ask yourself the right questions, get the help or do the research necessary to get answers in which you have confidence, and your marketing plan will almost build itself.
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. - 16738
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.
