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.
So, the question of the day is, do you have a marketing strategy ready to get you through the tough times? If not, you need to develop one quickly or prepare to suffer the consequences.
The best way to begin building a comprehensive marketing plan start is by asking and answering a few essential questions. What are your challenges? What are your opportunities? Who have been your best customers? Who are your best potential customers now and in the future? What do you have to do attract and retain customers in the current economic climate? Do you need to expand, contract, or adjust your product mix? The answers to these and related questions will point you in the right direction.
You may conclude that you can benefit from increasing your marketing efforts in a troubled economy. But, with that increased marketing, a change in your primary message may be necessary.
If you are selling a home-based business franchise, a struggling economy and the anxiety it produces may bring you more potential customers than you have in normal economic times. However, instead of emphasizing the possibility of people earning enough to support a luxurious lifestyle, as may be the norm in your messages during good times, messages about economic security might be far more powerful today and in the near future.
Business people selling big ticket items will need to consider a far different set of issues and strategies. Are their customers so wealthy that nothing will really change for them? Or, might they want to promote lower ticket options? People used to trading in and buying new $70,000 cars every year may not be willing to consider doing so now, but perhaps they can be steered into buying $55,000 cars.
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.
If you do not know who your most successful competitors are, find out immediately. Discover what they are doing to market themselves and see if similar media, messages, and activities make sense for you. Take advantage of the fact that competitive research is easier now than it has ever been. Far easier, in fact, because there are an amazing number of tools that can help you determine exactly how and where your competitors are spending their marketing dollars. What works for them, perhaps with some adjustments, should work for you.
All you have to do to develop good, strategic marketing strategies and integrate them in a well coordinated plan, is to ask yourself good questions and do whatever it takes to get well-conceived answers. You need not be a NASA employee, I promise. But, you must think analytically or get help from an experienced marketer.
Just remember one thing. If your product or service was viable a year ago, it probably still is. Therefore, reducing your marketing budget and/or your marketing efforts is almost never a good idea. The question is not should you market, it is how you should market. - 16003
So, the question of the day is, do you have a marketing strategy ready to get you through the tough times? If not, you need to develop one quickly or prepare to suffer the consequences.
The best way to begin building a comprehensive marketing plan start is by asking and answering a few essential questions. What are your challenges? What are your opportunities? Who have been your best customers? Who are your best potential customers now and in the future? What do you have to do attract and retain customers in the current economic climate? Do you need to expand, contract, or adjust your product mix? The answers to these and related questions will point you in the right direction.
You may conclude that you can benefit from increasing your marketing efforts in a troubled economy. But, with that increased marketing, a change in your primary message may be necessary.
If you are selling a home-based business franchise, a struggling economy and the anxiety it produces may bring you more potential customers than you have in normal economic times. However, instead of emphasizing the possibility of people earning enough to support a luxurious lifestyle, as may be the norm in your messages during good times, messages about economic security might be far more powerful today and in the near future.
Business people selling big ticket items will need to consider a far different set of issues and strategies. Are their customers so wealthy that nothing will really change for them? Or, might they want to promote lower ticket options? People used to trading in and buying new $70,000 cars every year may not be willing to consider doing so now, but perhaps they can be steered into buying $55,000 cars.
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.
If you do not know who your most successful competitors are, find out immediately. Discover what they are doing to market themselves and see if similar media, messages, and activities make sense for you. Take advantage of the fact that competitive research is easier now than it has ever been. Far easier, in fact, because there are an amazing number of tools that can help you determine exactly how and where your competitors are spending their marketing dollars. What works for them, perhaps with some adjustments, should work for you.
All you have to do to develop good, strategic marketing strategies and integrate them in a well coordinated plan, is to ask yourself good questions and do whatever it takes to get well-conceived answers. You need not be a NASA employee, I promise. But, you must think analytically or get help from an experienced marketer.
Just remember one thing. If your product or service was viable a year ago, it probably still is. Therefore, reducing your marketing budget and/or your marketing efforts is almost never a good idea. The question is not should you market, it is how you should market. - 16003
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.
