The world economy is in a mess. Everyone agrees on that. And, sadly, nobody sees great improvement in the coming year or two.
That means that business owners need new strategies...especially new marketing strategies...to deal with the current economic ills. If you do not have a relatively new and comprehensive marketing plan designed to take you through the current "bad times", you need to get started on one. The sooner the better.
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.
Some businesses actually benefit greatly from a weak economy. However, their marketing mix and marketing messages may require a change when times are tough.
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 end luxury items, your best course of action may be far different. You may want to concentrate on reaching a very targeted group of customers; people able to afford luxury items even in the most dire economic times. Or, you may want to focus on promoting your lower cost products. A CEO who may be unwilling to part with $300,000 for a new yacht may not be reluctant to spend $25,000 for a new mast or a new set of sails.
At times like these, it is always important to reconsider pricing. Will lowering your price increase your sales volume enough to provide adequate revenue to compensate for a lower per unit profit margin? Or, will it lower the perception of the value of your product? These are tough but important questions if there is lessened demand for your product or service.
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.
If you ask yourself the right questions and take the time you need to answer them fully, developing an adjusted marketing plan will notprove to be rocket science. And, if need be, get some expert advice from someone with successful experience in your industry.
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. - 15275
That means that business owners need new strategies...especially new marketing strategies...to deal with the current economic ills. If you do not have a relatively new and comprehensive marketing plan designed to take you through the current "bad times", you need to get started on one. The sooner the better.
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.
Some businesses actually benefit greatly from a weak economy. However, their marketing mix and marketing messages may require a change when times are tough.
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 end luxury items, your best course of action may be far different. You may want to concentrate on reaching a very targeted group of customers; people able to afford luxury items even in the most dire economic times. Or, you may want to focus on promoting your lower cost products. A CEO who may be unwilling to part with $300,000 for a new yacht may not be reluctant to spend $25,000 for a new mast or a new set of sails.
At times like these, it is always important to reconsider pricing. Will lowering your price increase your sales volume enough to provide adequate revenue to compensate for a lower per unit profit margin? Or, will it lower the perception of the value of your product? These are tough but important questions if there is lessened demand for your product or service.
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.
If you ask yourself the right questions and take the time you need to answer them fully, developing an adjusted marketing plan will notprove to be rocket science. And, if need be, get some expert advice from someone with successful experience in your industry.
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. - 15275
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.