How 2009 can be a record year

By T.D. Shasserre

So this is what a recession feels like? The economy is abysmal, people are getting laid off, foreclosures have hit record levels and the $700 billion bailout is now frozen in the vaults of those who got us into this situation. Now that we’ve identified the problems, we’re all looking for solutions.

A good friend of mine owns a restaurant. When I asked how he has handled a decrease in business, he mentioned that he cut the restaurant’s marketing budget. We see this same rationale for large corporations and family run businesses. When the going gets tough, the tough cut marketing budget.

There’s a disconnect between what makes sense on paper and what actually works. Sure business has slowed down and we’re all unsure of what might happen next. But there are smart ways to market your company to curb this economic downturn.

Today’s marketing tools are more accessible, quicker to offer a return on investment and less expensive to put into motion than ever before.

Here are six things to know about how you market your company right now:

1. Don’t give up - It is well documented that in times of economic downturn, some companies vastly increase market share. Their share increases because they continue to promote their company, albeit in different ways.
2. Spend smart - Shift your message to left expensive, shorter cycle approaches. Some of the most cost-effective ways to promote your business during economic downturns include e-newsletters, e-mail blasts, search engine marketing, intranets and loyalty rewards programs.
   • E-newsletters are inexpensive to create and implement – and they offer a quick, effective way to share compelling stories with past and potential clients.
   • E-mail blasts are customizable and can be personalized beyond the traditional “mail merge.” Tailor messages to address customer needs and concerns, hobbies, demographics and even buying cycles.
   • Search engine marketing can be geographically targeted and scaled for any budget. This is a rapid and successful way to increase brand awareness. More people are purchasing and researching online than ever before, regardless of the state of the economy.
   • An intranet may appear excessive, but it gives you real control over your business by automating or tracking processes normally done by hand over the course of a week within minutes instead. This reduces the need for additional employees and allows you to identify wasteful spending. Depending on the size of your organization, you could potentially save millions of dollars.
   • Loyalty rewards programs give you an opportunity to give back to your customers. People are always looking for a deal – now more than ever. During the Great Depression, companies which understood the struggles of the everyman won affection. When the economy turned around, people remained loyal. Be loyal to your customers and they will return the favor.
3. Set goals and put the tools in place to achieve them.
   Use business intelligence tools to track data and processes. Once you know how your business works, you can uncover ways to improve your workflow. Set up quantitative benchmarks to track your progress along the way. The whole process sounds a little complicated at first, but just imagine how much more time your employees would have to pay attention to production, sales and customer service if repetitive and mundane task were automated.
4. Tap into the fountain of youth.
   Maybe it’s time for your business to take the leap into the next generation. Today’s kids expect instant answers. They connect with each other on social networking sites. They read blogs and watch videos online. And a lot of adults aren’t too far behind. If you have children, ask them what would prompt them to be a part of your program, purchase your product, buy into your message or jump ship from a competitor to you. You might be pleasantly surprised to find out how easy and effective their high-tech ideas may be.
5. Understand that media coverage skews perception.
   Extended media coverage of terrorism, politics, climate change and other issues affect our perception of reality. Yes, people are losing their jobs and real estate prices have dramatically dropped. These are real problems. But the bigger problem is perception. Let your peers be the ones who fear.
   
6. Look at the situation realistically.
   You still have your business. The vast majority of people still have their jobs. All of our money has not disappeared into thin air. In order for things to get better, you need to act. You must continue to promote your business in order to stay in business.

The choices your organization makes in these next few months will determine whether it becomes a casualty or an inspiring story. The deciding factor comes down to a series of bold and intelligent choices.

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~ by colleenjaycox on December 23, 2008.