How has the economy affected how you market?

[Danny Boy]

Hi Guys
Thanks for your comments about my economy post. Most comments seem to be saying that their business is generally doing OK [but no specifics]. This is contrary to what I am hearing in the media. Does anyone have a 6 or 7 step process [tips] that they use in their successful business that can be used to ensure any business can survive a slow down in the economy as well? Thanks
Dan

[Adam Randall]

Originally Posted by dancav

Does anyone have a 6 or 7 step process [tips] that they use in their successful business that can be used to ensure any business can survive a slow down in the economy as well? Thanks
Dan

My business has never been through a slow down in the economy. At the moment I feel like being on one of those rollercoasters going up one of the big hills and its going clink,clink,clink I dont know what is on the other side and because of that I have a lead feeling in the pit of my stomach.

There again, Im a born worrier.

[MPP]

Originally Posted by mike@engagemarketing

Hi all,

I'd like to know how the current economy has changed the way you market your company now, whether it be by reducing your marketing budget, changing where you spend or even a greater focus on calculating ROI.

I've seen posts on here about how its affecting customers buying habits and their decision making, but not yours as a small business owner.

Cheers,
Michael

Hi Michael,

Its definitely affected my business I've got a few good jobs on hold at the moment and the reason they have given me is the global economic "crisis"

Cheers,

Ben Browning
Mobile Promotional Products

[mike@engagemarketing]

Thank-you for all of your responses. The effects seem to have varied, with some members experiencing no problems and even maximising their available work-load, while other industries have been hit hard.

The one thing that I believe this thread shows is that many business owners are being smarter with their marketing, with less spent on out-dated print for example, and more time and effort spent on networking and more personal communication/emotional requests.

[linkartist]

I have to admit that the downturn has actually freaked me out enough to actually market!

I think like many people who started during the boom (I changed careers 4 years ago and sort of fumbled through from there), the work always found its way to me. I had a good solid list of clients who were "names", was producing good work, had excellent word of mouth... but ONLY word of mouth. In all honesty, I never really had to work hard for anyone's business, and it made me really complacent.

Now, since November, I have had to struggle in an oversaturated market (oversaturated in terms of numbers, those who provide quality work are still hard to find ) to get work. It has made me realise that all the "buzz" and peer respect in the world doesn't necessarily translate into sales. So I have had to get serious about the actual marketing, rather than just letting the work flow in.

It has meant that at least half of most days is spent marketing myself. My work is great, my service is great, but because I haven't done anything other than rely on networks... I have been left with a big hole in my marketing.

I have also learned that there are a lot of clients out there who still price-shop with websites. Even if the website won't have the greatest UI, or or be coded to standards, or SE Friendly... people just don't value these things, and thus will take the cheaper, low quality sites for the sake of cost-cutting. I think that that is one of the biggest issues my industry will face.

[Burgo]

In over fifty years of business experience behind me I've seen the recessions we have had in Australia.
I have
also read numerouse articles on how to recession proof your business.

Lets look at this from another angle. With 5% of the workforce unemployed there are still 95% of the workforce employed. If 10% of the workforce becomes unemployed there will still be 90% of the workforce employed.
So who are your customers surely they are in the 90% employed.

Solution provide a service / product that represents exceptional VALUE for your customers dollar and DO NOT reduce your price, infact increase them slightly.

You may end up with a smaller customer base initially then it will build, because your existing customers will tell others of your exceptional service.

Trust me it works.

[linkartist]

I think that that is an OK way to look at it if people who are employed are your target market... but I think if, like me, your target market is small business, I think that you can't afford to assume that its that easy?

The reality is that most businesses will cut back on their spending in other areas to try and save jobs. Which means that service-oriented businesses WILL need to work harder to keep their clients... and if this means more flexible payment, and doing more for the same money, or even reducing rates... will be more attractive.

I am not saying that this cutback is wise -- after all, you should actually invest MORE in marketing & web in downturns -- but convincing businesses of this is another matter entirely.

[Lucki]

Hi Patrick,

I think that's a really positive way of looking at the market and being positive is certainly the way to go rather than thinking your options are limited,

However, Tea makes a valid point in saying convincing businesses not to cut back is really the key.

Wherever, you look corporations are making huge cutbacks and very few are inclined to spend. Targeting your existing customers and giving them value for money has certainly got to be key. People are still spending so it's not all doom and gloom.

Lucki

[mike@engagemarketing]

Consumers are still looking for a product or service to believe in, the only thing that has changed is that they're not going to waste it. Its a good time to have customer loyalty!