Have you noticed that things are getting quieter in your business?  If so, you’re not the only one.  After the recent extended period of economic buoyancy some businesses are starting to feel the pinch.  But how do you ride through the storm without jeapordising future growth?

 

There are two key things you can do for your business.

 

 

Let’s look at the first point.  Most businesses forget to plan for hard times, so often when facing financial uncertainty the first budgets to be slashed are for advertising and marketing.  However, this is the time to possibly increase funding to take advantage of ‘distressed’ advertising – basically advertising space that isn’t being used or has been abandoned by another party at the eleventh hour.  You will often be able to pick up heavily discounted ad space in various vehicles appropriate for your business, and the door is open for negotiation.  Christine Tutone, CEO for ‘Ad it Last’ – a business based on finding and selling distressed advertising to small and medium businesses in Australia and the US – says distressed ads sell for approximately 40% off the normal rates.

 

Keeping your brand name visible in the market during these times may give you that extra edge over your competition. It may enable you to achieve that 2% growth to bring your business just ahead of other businesses in your industry.  By advertising your brand/product you provide the perception to the marketplace that your business is still strong despite the market downturn.  Potential clients will remember your name if there is no one else promoting themselves during this time.

 

Which brings me to the second point – clients!  As much as gaining new clients is extremely important to your business (and to reassure yourselves your business is growing), there is a lot to be said for treasuring your existing clients.  You need to make your existing clients feel extra special and reinforce their value to your business – perhaps providing them with some kind of reward if they refer a friend to your business.  This is an effective low-cost marketing strategy.  You can draw greater value from your existing clients by providing incentives for repeat business - after all, I think we would all agree that a high percentage of our business earnings come from repeat business.  You could set up a loyalty program, or offer a quicker turnaround for jobs completed during quieter times of business. You can also reinforce the quality of your service or product and distinguish your business from your competitors via direct mail or email campaign.

 

Adopting these low-cost ideas will assist your business to weather the economic storm, and hopefully provide an edge over your competitors.

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