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.
The best way to begin building a comprehensive marketing plan start is by asking and answering a few essential questions. What are your challenges? What are your opportunities? Who have been your best customers? Who are your best potential customers now and in the future? What do you have to do attract and retain customers in the current economic climate? Do you need to expand, contract, or adjust your product mix? The answers to these and related questions will point you in the right direction.
You may conclude that you can benefit from increasing your marketing efforts in a troubled economy. But, with that increased marketing, a change in your primary message may be necessary.
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.
It is axiomatic that the poorer the economy, the greater the importance of price. But, for lots of reasons, lowering prices may not be desirable or possible for you. You will need to ask yourself whether dropping your prices will devalue your product in the eyes of customers, what it will do for your volume, and whether you will be able to move your price back to current levels in the future without angering your customer base.
Monitor your competitors activities closely when times are difficult. A bit of competitive research will tell you what kinds of marketing mixes and messages are working well in your industry, and which are less successful. If competitive research is new to you, a simple internet search will show you how many low cost tools and programs are available to you. And, none require exceptional technical or analytical ability.
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.
Just remember one thing. If your product or service was viable a year ago, it probably still is. Therefore, reducing your marketing budget and/or your marketing efforts is almost never a good idea. The question is not should you market, it is how you should market. - 16035
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.
The best way to begin building a comprehensive marketing plan start is by asking and answering a few essential questions. What are your challenges? What are your opportunities? Who have been your best customers? Who are your best potential customers now and in the future? What do you have to do attract and retain customers in the current economic climate? Do you need to expand, contract, or adjust your product mix? The answers to these and related questions will point you in the right direction.
You may conclude that you can benefit from increasing your marketing efforts in a troubled economy. But, with that increased marketing, a change in your primary message may be necessary.
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.
It is axiomatic that the poorer the economy, the greater the importance of price. But, for lots of reasons, lowering prices may not be desirable or possible for you. You will need to ask yourself whether dropping your prices will devalue your product in the eyes of customers, what it will do for your volume, and whether you will be able to move your price back to current levels in the future without angering your customer base.
Monitor your competitors activities closely when times are difficult. A bit of competitive research will tell you what kinds of marketing mixes and messages are working well in your industry, and which are less successful. If competitive research is new to you, a simple internet search will show you how many low cost tools and programs are available to you. And, none require exceptional technical or analytical ability.
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.
Just remember one thing. If your product or service was viable a year ago, it probably still is. Therefore, reducing your marketing budget and/or your marketing efforts is almost never a good idea. The question is not should you market, it is how you should market. - 16035
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.
