How has the economy affected how you market?

[Danny Boy]

Hi All
I am involved in traditional business so I'm not sure if my question is appropriate. You may be mostly involved in an Internet business. I know its boring but I'm just wondering if you are finding business harder to get over the last few months? Is the economy affecting your lead generation? What do you think will happen? I'd appreciate any of your comments, Thanks
Dan

[kathiemt]

Originally Posted by dancav

Hi All
I am involved in traditional business so I'm not sure if my question is appropriate. You may be mostly involved in an Internet business. I know its boring but I'm just wondering if you are finding business harder to get over the last few months? Is the economy affecting your lead generation? What do you think will happen? I'd appreciate any of your comments, Thanks
Dan

I think it might depend on the industry you're in Dan. I'm a Virtual Assistant and am finding that more businesses are turning to VAs for admin support so they don't have to have employees. So for the VA industry, things are going well.

[@HeatherSmithAU]

I am finding that clients in certain industries are finding their cash flow is hurting.

I have clients who were overextended and have gone under because of it.

I am finding clients are taking longer to pay their bills.

[Burgo]

The carpet cleaning industry has had one of the best quarters for several years.

We did expect gloom and doom but it went the other way, even in retirement Ive been able to help others by directing work to them and although I had no intension of working more than i wanted i actually found myself working five day a week through November and December.

Many of the associations members say they are booked through January and into February after that who knows.

However when the going gets tough the tough get going.

We can also appreciate the value of networking within your industry.
Ten or less years ago carpet cleaners would not associate with other carpet cleaners never pass on work and never discuss ways to improve the way they did things. Today we see carpet cleaners passing on work to other carpet cleaners and discussing the latest detergents equipment and methods on a world wide basis. Through a Forum just like this.

[Ric Willmot]

I have just written an article for my blog about value -v- price which is quite apt to consider in the current economic climate.
Many won't want to agree with me, but we all make our choices.
Have a read and choose for yourself: Crazy Customers
Rgds,
Ric

[mike@engagemarketing]

My business targets small and medium sized business owners who have obviously felt the pinch of the worldwide economic situation.

I have found about a 50/50 split:

Many have families that rely on the financial success of the company and for that reason they are scared to spend money on marketing

The other 50% recognise that now is the perfect time to market yourself and stand out. With so many businesses being dormant while times are tough, the marketplace offers more exposure to those with the courage to improve their brand.

[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

[Burgo]

From the feedback Im getting from over 600 carpet cleaners, they havent changed the way they are currently operating.

In the recession we had to have I increased my advertising and virtually doubled my budget, however all I did was to make the advertisers rich and me poorer. I learnt the hard way.

What I would advise is not to increase advertising but on sell to you existing customers. Word of mouth is far the best form of advertising so what you need to do is to turn your existing customers in to cheerleaders, they tell everybody they meet just how fantastic you are.

That is what our members are currently doing.

[MissieK]

I've always had a minimal marketing budget, so nothing there has changed! lol

Melissa

[mike@engagemarketing]

Hi Melissa,
im new here and don't think i've spoken to you before. I had a look at both of the websites in your signature - looks like a great resource! How is the magazine going anyway? Do you hold back on the marketing budget because word of mouth does everything you need it to?

Michael