Jeff Lind

Marketing during a recession

Recently a group of small business owners were interviewed, who not only survived the last recession but actually grew their businesses; while those around them saw their businesses fall or go broke.

It became apparent very quickly that there was a single, common thread shared by each of the successful businesspeople from the last recession.

Here’s what they said:

Successful businesspeople continued to invest in the key areas of their business, while their competitors stopped investing in those same, key areas!

Marketing lessons from past recessions

During the last recession, many of the businesses that went backwards or under decided to invest as little as possible in anything.  They chose to hunker-down and wait for the recession to finish. As a result, they cut back on things like service contracts for their cars, office equipment etc.  They also stopped most or all of their marketing.

Even in a good economy, a business with sound infrastructure and no marketing is really going to struggle. In a recession, that approach is going to make it almost impossible to survive!

Recession marketing

During the recession, your prospective customers are looking for the best value for money possible.  This requires super-effective marketing, as you will need YOUR message to stand out and then convince people, more powerfully than your competitors, that YOURS is the best value for their money!

Your existing customers will be hurting financially too.  They will be looking for better deals and for ways to reduce their outgoings.  You need to make sure they don’t go to a competitor or simply drop your service, thinking it will save them money.

This is clearly not the time to forget about your marketing.

Marketing opportunities

I believe 2012 will present some amazing opportunities.  The months ahead will be a time of great change and those with the vision and courage to adapt to these changes will get the rewards.

Use the challenges of the year ahead to position yourself in your marketplace as a provider of answers. During times of flux, people want answers and we are attracted to those who we believe have the answers we need.

Listen to what your marketplace is saying to you.  Keep in regular dialogue with your customers and also your prospective customers.

Find ways to match the benefits of your products or services to their changing needs and ensure that you and your business are an essential resource for them!

Jeff Lind can be reached at 544-9220 or jeff@slaslo.com