3 Marketing Mistakes That Sink Business in a Recession by George Torok
A
recession does not mean the end of your business unless you navigate those rough
waters blindly. Here are three rocks that can sink your business ship unless you
avoid them while navigating the dangerous waters of a tough market. You might
get wet but no need to capsize fashion designer chenximei901.
Cut
expenses across the board
Cut marketing. Cut staff. Cut all expenditures!
This siren call is the most common and foolish mistake. It's common because it
is a knee jerk reaction that requires no thinking. It's foolish for the same
reasons. Making across the board cuts is a political response. It's not a smart
business strategy. If cutting across the board in tough times was smart then
raising all expenses in good times would also be smart.
Instead, review
all expenditures and categorize each line item into A, B and C categories in
terms of ROI. "A" items are those expenditures where you can measure a strong
return. Continue spending and maybe even increase these investments. "B" items
are those that you believe are good but you haven't yet developed an accurate
measurement. Continue these activities, improve the tactics and improve the
measurement. "C" items are losers. Stop these completely.
Cut your
prices
You will be asked to cut your price Louis Vuitton UK
. Don't act like that is a
surprise. And don't pretend that this is the first time. So prepare for an
onslaught of such requests. Prepare to deal with the price issue strategically
not as a prisoner. Don't cut price - without an equivalent exchange in value or
a reduction in your costs. For example you might allow a discount for early
payment or a larger order.
Another way to deal with price resistance is
to introduce a lower value product. At the same time introduce a higher value
product so the original product which is now in the middle looks more
attractive. This is a variation of the good-better-best positioning. If you
can't afford a Lexus you can always buy a Toyota.
Hide
Imagine how
it looks when you stop attending trade shows, discontinue your advertising,
shelve your newsletter, stop meeting with clients and avoid networking events.
Imagine what your clients will think, what your competitors can say and what
prospects might believe. None of it will be positive for you or your
business.
When times are bad, people need to hear from you more often.
Especially make a point of connecting with your best clients and advocates more
often. Make your connections more personable so they can feel your
confidence.
For the rest of your clients and contacts find efficient ways
to stay connected. Maybe it's a good time to launch your newsletter - or publish
it more often. Explore the tools on the Internet that allow you to stay in touch
with people easier and more cost effectively. It might be a good time to launch
your blog, build your FaceBook page or post videos on YouTube.
A
recession can be tough. No need to panic. It's time to think and act smart with
your marketing. Keep your business off the rocks while aiming for the deeper
waters beyond. Don't stop paddling until you are clear of the rocks.
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