Business owners and entrepreneurs around the world are always looking for the next big thing, the big splash, pie-in-the-sky dreams becoming realities.
Though dreaming big is always important, in difficult economic times it is just as important to be realistic and sticking to the basics of what works. With a well diversified client portfolio, I am quite familiar with how various industries have been impacted by the housing slump, credit crisis and general economic malaise. As economists debate whether or not we are in a recession, business owners are looking for ways to continue to grow or at least maintain their market share.
For the last decade I have counseled clients on both online and offline marketing as well as general business strategies. Reviewing a client’s business plan and working as their partner is the first step in building a long-term, successful relationship. Over the last 5 years and especially over the last year, I have had to counsel many clients to take another look at their business plans and marketing goals in order to continue a pattern of growth in a tough economy.
Typically, I am advising clients to go back to the basics. Stick with what works and never cut their marketing and advertising budget. Though some have argued “but there are less clients to get” (an argument made by several of my real estate industry clients), it is quickly refuted by pointing out that the fact there are fewer potential clients is the exact reason they need to maintain or increase their marketing and advertising budgets - they must increase market share!
Marketing to your existing client base is an important and often overlooked approach. Focusing less on bells and whistles on your websites and more on its content, user-friendliness and marketing will bring you success. Clients or potential clients are more impressed with a well-written, easy to navigate site than they are with sites that are full of the latest and greatest bells and whistles that can sometimes distract from more than enhance the message of a website.
Continue to think big picture, but think about the big picture as a series of smaller pictures. Have you captured your local market? Is there more you can do locally? A well designed ad in a local newspaper, a well-crafted brochure, or the right local promotion could prove more cost-effective than larger scale initiatives.
A sound business plan is essential to weather the current economy and to even capitalize on it. While your competition may be going full-throttle on some impractical initiatives you can be focusing on firming up your base and increasing your market share.Â
Next week I will discuss how to look at your business from a client’s point of view in order to improve consumer confidence and loyalty.
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