In the fall of 2008, many business owners, large and small, experienced a shift in their business. That shift was a decline in revenues.
For micro-business and small-business owners, there have been pros and cons since this roller coaster of economic change ebbed and flowed over the past four years. When a business is small, it can make dramatic changes and adapt to what is happening in the marketplace more quickly than their larger competitors.
The first reaction of many businesses during the economic downturn was to cut back on their marketing budget. It is understandable that if you are a business owner struggling to cover your monthly expenses that you need to make changes to the bottom line. However, even if your sales have dropped dramatically, it makes sense to be discriminating in the marketing activities you choose to sustain.
Grassroots Marketing Strategies: Your business may be required to shift to more grassroots marketing strategies, such as cross-promoting and aligning your business with other businesses that have a similar customer base. Marketing is not about how much you spend to get exposure, rather, it’s about how you retain your existing fans and gain awareness with suitable prospects.
Proactive Marketing: Take advantage of the fact that many small business and franchise owners – in other words, your competition – take a reactive approach to marketing rather than a proactive approach. Be proactive during great times and ramp it up slightly when the market starts to slump.
Remember, it is better to begin with a few small marketing initiatives and have them up and running successfully, rather than to get bogged down with a long list of great ideas that don’t completely get off the ground.
From this day forward, what is the first marketing initiative you are going to make a priority?
To help businesses survive economic instability, the B.C. government is offering a program to help micro-business owners get training in various areas including marketing and sales. Jen DeTracey’s Virtual Marketing Program is one of the programs they have approved. Email Jen at email@example.com to find out more.