Post Recession Small Business Marketing and Survival
Times are tough. However, we are certainly seeing a bit of light at the end of the proverbial tunnel. Those of you who have made it through the worst of it, congratulations, you’re a survivor! But now what—is there room to grow your small business or are consumers too wary of another disaster?
Probably a little of both. Small business owners are more directly tied to end consumers and the general economy than anyone else, which means that the slightest shifts in economic trends can have a marked effect on a small business’ success or failure.
Retailers have enjoyed a traditional holiday spike in spending, but for the most part, no one is lighting the world on fire. Service businesses who provide services that we simply cannot live without like heating and A/C contractors (especially now) have realized steady, traditional sales volumes. But for those service businesses or retailers which provide a product or service that depends on disposable dollars, the term peaks and valleys has been an understatement.
If you truly want to grow your business in this economy, then this is no time to scale back on your marketing. For those with the wherewithal to commit to a solid plan and actually start to expand their marketing campaigns, then the overall market for their respective business is theirs for the taking.
There’s an old saying in business with several variations: If you see your competitor drowning, do you offer him a helping hand or shove a garden hose down his throat?
The point being is that for those who want to dominate their industry, the time is now to begin a full scale attack through the marketing of your small business. Marketing should always be viewed as an investment—an investment which will provide a return. Not an expense.
An increase in marketing does not necessarily mean a doubling or tripling in spend. Consider entering social media marketing or email marketing into the fold. Both mediums are fairly low cost and when executed correctly can have a huge impact on your brand’s reach and ability to stay top of mind with your past and potential customers.
If you’re a retailer that depends on localized traffic, then perhaps a geo-targeted pay per click campaign with a controlled daily budget would suit your needs—nothing like placing your company in front of potential customer at the exact moment they are looking for your product!
Traditional forms of advertising like print, radio and television certainly have their place, but remember—many times this is a branding effort and most small businesses just don’t have the kind of budget for branding-only campaigns. Don’t get caught up in the sex appeal and ego infusion of seeing your pretty face in a magazine or on a commercial–now is the time to be extremely targeted and smart with your marketing dollars which will help you not only survive, but dominate your competition.
Jason, With what seems to be a very possible “Double Recession” settling into place now, how would you recommend service companies proceed? Would this differ from what Retail would do? Would this also differ from what Distribution would do as well? Thanks for the great insight so far, your words have been very valuable to our organization!
Even with the possibility of a “double recession” retailers, service businesses and distribution companies can’t hold back–specifically in your line of distribution, the time is ripe to go after fledgling distribution companies who are barely hanging on and take over their routes through value added services.–thanks for reading
Jason,
Really enjoyed your article. Even though we do feel as though we have survived the worst, the uncertainty can be a little disconcerting. It’s a natural inclination to “pull back,” so thanks for the encouraging words.
Thank you for your comment. You’re right, it’s tough to fight that natural inclination–consider looking at your overall marketing strategy and try to define which medium is really pulling it’s weight and providing the return you want. Those that are not, replace with targeted initiatives which provide quantifiable results–good luck, and stop by anytime!