What Makes A Bad Economy A Great Opportunity

When I talk to people about "now" being a perfect time to make a Huge impact on their businesses success and ultimately their bottom line profits, they look at me like I’m some sort of alien. However, I am being completely serious when I say a failing economy is the perfect time to grow your business. Why you may ask? Its’ simple, when times are good people tend to be complacent about what they are doing to improve their business, however, reality slaps them in the face in a bad economy. This is when you start to see the "crème" rise to the top and the rest fall behind or go out of business. There are some key marketing techniques that can be used that will help accelerate your business in a bad economy but at the same time keep your conservative budget in tact! I would like to share some of these simple but effective techniques.

Throughout my 15+ years experience representing, managing and marketing a plethora of different sizes and types of businesses, I have come to find there are some very similar and basic marketing techniques that will help grow any business in any economy. My experience and successful results have been proven by my hands on experience and proof that what you learn in a book is not always what works best, it’s the stuff you learn by "doing" that actually shows you what truly works in the "real" world.

Here is a simple list of the basic details that you must first establish to ensure you grow and accelerate during even tough economic times.
1. Know what your product/services actual use is. Think of both the practical and creative uses that your customer or potential customer could think of using it for.
2. Identify what sets you apart from your competition.
3. Know why you are priced where you are in the marketplace. It doesn’t matter if your price is higher, just be sure that you can justify why it is.
4. Know what you can add to your products/services to increase their value to the customer. These are called "value added" products or services.
5. Know who you are targeting. This is often where most companies fail with their advertising. Most attempt to be something to everyone – the broad stroke approach. This is a HUGE mistake that you need to avoid making. Be sure you target your message and your brand to the audience who is truly going to purchase your product. Don’t be a dreamer… Stay realistic!

Now that you have some basics about your product or service, you are ready to start the marketing process. You need to identify what is going to work best for your product or service, but let me share with you what has always been pretty "universal" in promoting a product/service with great and uniform success.
1. Get onto the Internet. If you simply have a website that is acting like a brochure of your products, then you need to rethink your strategy. The #1 growing advertising opportunity is the internet. If your website is not FINDING new customers, meaning ones you have not directly solicited or ones that have found you because of a print ad, billboard, sign etc, then you are missing out on 87% of the customers who could be buying from you. Your website needs to SELL not just look pretty. Pretty has never sold anything on its own (unless you are in a very old and illegal profession – I’m sure you know what I am referring to).
2. What is your target audience reading? Don’t waste money on local newspapers and rags just because they are either cheap, affordable or just because it’s what you know. You need to stop wasting money with advertising that is not focused on the person you want to sell to.
3. Billboards – I’m not a fan, unless of course you have some great money to waste to simply make people aware that your brand exists. However, an exception in my mind would be for marketing and promoting a special event.
4. Email Marketing: If you not doing it now, then you need to start ASAP. Email is obviously closely connected to the growth of the internet revolution, so if you are not capitalizing on this strategy you need to start right away. The simple cost versus the reach is TREMENDOUS. However, realize that there are specific techniques of sending emails that actually get viewed, words that need to be avoided during the process, and delivering information or messages that are actually useful. Do not waste people’s time telling them glorious stuff about you or your product. Deliver the Most Important information, the ultimate and irresistible offer, and be sure to provide them with an opportunity to take immediate action. So many people forget that part, but really that’s the part that generates money!
5. The final item: Get your customers selling your products/services for you. If you have customers it is reasonable to assume that most of them, if not all of them, are happy with your product or service. So, why not ask them to provide you with testimonials, referrals or if you need to provide them with an incentive to refer you. Customers are willing and want an opportunity to connect people to other great people or products, so don’t be shy in asking them to do so. What greater pleasure will you have when your customers begin building your client base for you? In my experience I have landed some of my best customers from referrals that I received from other customers. Never underestimate the power that even the smallest customer can have. Remember, you do not know who they know, and that could be your greatest asset.