The Economy Stinks. Does Your Marketing Stink Too?

The national average cost for a gallon of gas is soon to hit 4 bucks. Unemployment is on the rise. Food costs are starting to skyrocket. Needless to say, nerves are a bit jagged in the marketplace these days. So what does a business do?

In a previous post, (Fight or Flight? March 18, 2008), I talked about how in the coming tight economic times there will be two types of business approaches. First, will be those who cut spending, hunker down, wait out the storm then emerge from their business storm shelter and regroup. While possibly weathering the storm this way they will have to play catch up when on the other side and may miss opportunities. The second group will make a strong assessment of current marketing programs that are underperforming (i.e. The Yellow Pages, newspaper etc.) cut out the deadwood and then find ways to market that has measurable bottom line impact (i.e. search marketing, niche ad networks etc.).

Well, we are a month later now. Where are you and your business? While fear is normal, especially around economic uncertainty, it is also manageable. It’s when it controls you and your decisions that trouble can start. If you keep your existing “this is what we have always done” marketing plan in place then you have no one to blame but yourself if you feel like you are throwing those valuable marketing dollars away with nothing to show for it. Now is the time to decide if something really works or if you are simply doing it to say you are doing something for marketing.

I truly believe that the smart money goes online in a strategic way. Search marketing is one area that is very attractive because of its accountability. You can tell very quickly if something is, or is not, working then you can adjust accordingly. While everyone else is in their bunker trying to ride out the storm you will be out there taking their customers who still need to do business. Better yet you are getting the new prospects with less competitive influence and thus building your brand and reputation. When the economy cycles back around (six months, a year…..whatever) you will be in the driver’s seat and your competition will have to take the scraps from your table. I suspect this is a better place to be but that’s just my opinion.

How do you get into this “new” marketplace? First, be brutally honest about your business. This is no time to let a sales guy try to pull the “relationship” card on you to make you do another bad deal and waste more of your money because of the amount of time you have worked “together”. Let’s be honest; there have been times when your business need has been set aside by that very sales person because something better was in the hopper. Make a business decision not an emotional decision.

Next, don’t be afraid of new tactics or techniques. At this point what do you have to lose? I would have to guess quite a lot. The marketplace is different. The world is different. The economy is different. Like the book says “What Got You Here Won’t Get You There”. Adapt or die. Take a chance. At least take a chance that has upside potential. By not changing or adapting to new market conditions you are really taking a chance and a poor one at that. If you’re not sure how the old ways actually benefit your operation you are stacking the deck against your success of even surviving this period. Give you and your business the best chance to come out of this stronger. Take a good chance.

As Norm from Cheers might ask, “Business is a dog eat dog world. Are you wearing Milk Bone underwear?” Get in or be prepared to be eaten up. It may be that simple.

SMB Takeaway: The economy is not getting better. This is no time to put your head in the sand or do as you always have done for success. This downturn will truly separate the winners from the losers. I suspect you want to be on the winning side so adapt to the new marketing economy now or let your competition roll you under the bus. It’s your call.

Thanks and have a great day!