The world economy...not just the United States economy...is in horrible shape. That is not exactly breaking news. And, the economic problems we are now experiencing are not, according to economists, leaving us anytime soon.
That means that you almost certainly need an adjusted, or maybe even an entirely new, marketing plan. If you do not have one in place very soon, you will be leaving money on the table. Perhaps a lot of money.
The best way to start is by asking and answering a few basis questions. The first is, who are your customers? The second is, how are they likely to be impacted by the economic downturn? The third is, how will that impact their need or desire for your product or service? From there, you can find a clear path forward.
You may find that you can benefit from increasing your marketing efforts, even while others scramble to reduce their marketing expenditures. But, whether you expand or reign in your advertising and marketing, a change in your primary message(s) may be a good idea.
If you sell ebooks on home-based business, for example, a weak economy may provide increased opportunities for you. But, first you have to figure out how to reach and respond to people who want to supplement their incomes in tough times, and/or people concerned about layoffs. Instead of the tried and true messages about six-figure annual income and spending more time with the family, messages about being immune from layoffs and controlling one's own destiny may be far more compelling, and should probably be at least part of the mix.
If you are selling high priced products, you will have a separate set of questions and concerns than do those of us with more mundane products and services. Your market may become even smaller and more targeted than ever as you seek to reach the shrinking number of the economically privileged; people who can afford luxuries even in difficult times. And, as your market shrinks, your frequency of contact may have to be greater, as might the average purchase size. Or, because very few people are entirely immune to anxiety about our current economic crisis, you might want to highlight your $100 bottles of wine, as opposed to your $300 choices.
It is axiomatic that the poorer the economy, the greater the importance of price. But, for lots of reasons, lowering prices may not be desirable or possible for you. You will need to ask yourself whether dropping your prices will devalue your product in the eyes of customers, what it will do for your volume, and whether you will be able to move your price back to current levels in the future without angering your customer base.
Monitor your competitors activities closely when times are difficult. A bit of competitive research will tell you what kinds of marketing mixes and messages are working well in your industry, and which are less successful. If competitive research is new to you, a simple internet search will show you how many low cost tools and programs are available to you. And, none require exceptional technical or analytical ability.
Ask yourself the right questions, get the help or do the research necessary to get answers in which you have confidence, and your marketing plan will almost build itself.
Remember that a bad economy does not turn a good product or service into a bad one. If you provide something people needed or wanted last year, it is almost certain that they still need or want it. All you have to do is find the best way, under current economic conditions, to market it. Discover that, and your business can only be stronger, both now and in better economic times. - 15359
That means that you almost certainly need an adjusted, or maybe even an entirely new, marketing plan. If you do not have one in place very soon, you will be leaving money on the table. Perhaps a lot of money.
The best way to start is by asking and answering a few basis questions. The first is, who are your customers? The second is, how are they likely to be impacted by the economic downturn? The third is, how will that impact their need or desire for your product or service? From there, you can find a clear path forward.
You may find that you can benefit from increasing your marketing efforts, even while others scramble to reduce their marketing expenditures. But, whether you expand or reign in your advertising and marketing, a change in your primary message(s) may be a good idea.
If you sell ebooks on home-based business, for example, a weak economy may provide increased opportunities for you. But, first you have to figure out how to reach and respond to people who want to supplement their incomes in tough times, and/or people concerned about layoffs. Instead of the tried and true messages about six-figure annual income and spending more time with the family, messages about being immune from layoffs and controlling one's own destiny may be far more compelling, and should probably be at least part of the mix.
If you are selling high priced products, you will have a separate set of questions and concerns than do those of us with more mundane products and services. Your market may become even smaller and more targeted than ever as you seek to reach the shrinking number of the economically privileged; people who can afford luxuries even in difficult times. And, as your market shrinks, your frequency of contact may have to be greater, as might the average purchase size. Or, because very few people are entirely immune to anxiety about our current economic crisis, you might want to highlight your $100 bottles of wine, as opposed to your $300 choices.
It is axiomatic that the poorer the economy, the greater the importance of price. But, for lots of reasons, lowering prices may not be desirable or possible for you. You will need to ask yourself whether dropping your prices will devalue your product in the eyes of customers, what it will do for your volume, and whether you will be able to move your price back to current levels in the future without angering your customer base.
Monitor your competitors activities closely when times are difficult. A bit of competitive research will tell you what kinds of marketing mixes and messages are working well in your industry, and which are less successful. If competitive research is new to you, a simple internet search will show you how many low cost tools and programs are available to you. And, none require exceptional technical or analytical ability.
Ask yourself the right questions, get the help or do the research necessary to get answers in which you have confidence, and your marketing plan will almost build itself.
Remember that a bad economy does not turn a good product or service into a bad one. If you provide something people needed or wanted last year, it is almost certain that they still need or want it. All you have to do is find the best way, under current economic conditions, to market it. Discover that, and your business can only be stronger, both now and in better economic times. - 15359
About the Author:
Daniel Z. Kane is a college administrator who has published dozens of brief articles on marketing, online business, online college degree programs, online education for working adults, and related subjects.
