“Profit in business comes from repeat customers,
customers that boast about your project or
service, and that bring friends with them.”
W. Edwards Deming
Promoting Your Business in Tough Economic Times
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Don’t stop thinking about tomorrow. One of the tenets of good business practices is that companies should not stop marketing during a recession or economic downturn, says Wes Ball, president of Lititz, Pennsylvania-based strategic growth consulting firm, The Ball Group, and author of The Alpha Factor. This is exactly the time a company should crank up the marketing volume. Most competitors are pulling back in fear, which leaves the road open to whoever wants to accelerate, he says.
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This is the time you need marketing the most. It reassures your customers that you are still there to serve them, and it can help you reach new markets to sustain your business.
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Continue advertising and marketing programs to maintain your position now and increase market share in the future. When the economy turns around – as we all know it will eventually – the companies whose names are on the tip of the tongue will be the first ones to regain business.
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It’s important to differentiate your company to your target market. Your customers want to work with people who have the ability to help them in the way they want to be helped.
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Continue to build tangible solid relationships with existing customers. You do that through campaigns you put together to tell people that you appreciate their business. Now more than ever people need to be recognized, they need to know that their business is important.
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Promotional products are uniquely suited to transmit your message. You can imprint a message, logo, positioning statement or call-to-action on something useful – a promotional product. In an era of forced economic frugality, the more useful the item, the better the longevity and the longer that sales message or campaign stays out there.
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Stay positive. Don’t buy into what you hear. There are all kinds of circumstances that we can’t control, but we can control our attitudes. Don’t give up. Keep working. Know your value (and the value your company provides) and articulate it. Believe in what you’re doing. When you get down to it, sales is about attitude. There will always be challenges, but for the positive businessperson there will always be opportunities.
(Paraphrased excerpts from “Take Advantage of the Downturn”, Promotional Consultant, December 2008/Expo 2009)