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Focus on Marketing Basics
Business Success in a Tumultuous World
By Karen Simmons
News of a potential recession, an
election year, and war in Iraq along with the every day strain of
being a solopreneur or small business owner may leave you feeling a
little breathless on some mornings. At least I occasionally feel
that way and from what I hear I’m not alone. So, I’ve been reviewing
my current activities and planning for the future. I remember one of
my mentors telling me once that when times are uncertain or when we
face unexpected market conditions, we should focus on the basics,
the tried and true strategies and processes that have produced
successful results in the past.
The Basics
For many businesses, the first part of the budget that is cut when
times are uncertain is the marketing budget. If this is necessary,
make sure your cuts are justified. Many times they are not. An
uncertain market is the precise time to pump up your marketing.
History has shown that companies that resist marketing cuts are the
first to emerge when the economy improves. Using your marketing
resources wisely at this time will provide you even more opportunity
to grow your business significantly when economic tides turn toward
the positive. Let’s quickly review the basics.
Network! Don’t just attend meetings, but get to know someone
new at every event. Participate, volunteer to serve on committees,
and set a goal to get to know as many members as possible. This is a
cost-effective way of developing quality business relationships and
gaining new leads and referrals.
Promote! Look to new territory. When everyone else starts
cutting back on advertising you might find the media offering more
incentives, special pricing, better long-term rates or deeper
discounts for last minute ad placements, however, you’ll need to
research and ask.
Contact! How long has it been since you’ve contacted existing
or previous customers? Use print or digital media to reinforce
exposure of your existing and new business products or capabilities.
This is a great time to update your database, or create one. Don’t
be afraid to ask for referrals. Also, ask for feedback that will
help you serve existing customers better, and just as importantly,
thank them for their business.
Partner! Look for opportunities to create partnerships with
businesses offering complimentary products or services. Offer to
share the advertising or promotional costs.
Resource! If you are a small business with even a limited
staff, you might be surprised at the ideas some of them may come up
with to promote your business. Also, consider assigning each
employee a networking or research task suited to their personality
and skills.
Educate! One technique I rely on most is not complicated and
anyone can replicate it. As a solopreneur, I have other consultants
I work with, but there is no regular staff to take the burden of
regular business activities – in other words my time is very
limited. On review I realized that every time I’ve made a
significant step forward in my business, it’s because of this
technique. It’s simple – I follow in the footsteps of successful
marketers and entrepreneurs.
This may sound too simple, but what I do day-to-day in my business
is nothing new. Yes, each of us has our own special interests and
talents and we combine our resources in unique ways, but unless you
are revolutionizing a new industry or inventing a new product the
basics of your business will work pretty much like everyone else’s.
This is especially true for the use of technology.
What I’m saying is that education and repeating the strategies and
processes that others have had success with is the key to
maintaining and growing a business in an uncertain economy. You may
find ways to improve or enhance on what has come before, but there
is no reason for you to reinvent the wheel when there are
established and effective models to follow. So, when you evaluate
your strengths and weaknesses, which I hope you do at least every
year, look to the experts, scan forums, search Google, research
published authors, and enroll in programs and seminars such as those
offered at The Edge Connection (I’m not paid to say this, by the
way). Most importantly, the key is putting into action what you’ve
learned. Remember, no one can do it for you.
Relying on the basics and holding steady in your marketing efforts
will help you to maintain your market presence during slow business
periods and will get you out front quicker when everyone who made
cutbacks is trying pick up the pieces.
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Karen Simmons is the owner of
Info2000 Information
Services Inc. and provides marketing consulting services,
market and competitive intelligence, and small business website
design.
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