Is there a bright side to this economy when it comes to growing a small business? Many would say there really isn't any good that can be found in these tough economic times. And while it is certainly difficult to see the bright side admist a recession, there are some really good lessons every small business and entrepreneur should be learning when it comes to marketing.
We're putting this under the My Perfect Economy series called:
"Tough Economics - Back to Basics with a Twist." All great entrepreneurs understand that solid principles and fundamentals are the secret to success in any business conditions. Here are three lessons that we should be learning that should be seen as the bright side of tough times.
Lesson 1: It's Proven that Marketing Does Not Have to Cost Millions (or any money at all really)
It was only a few short months back that the media and marketing industries were questioning the usefulness of Twitter. It was also a few short years back that the same critics had similar questions of social networking sites like Facebook. And it just so happens that today, Twitter and Facebook are revolutionizing the world of marketing. And what may seem crazier than everything is that using both Twitter and Facebook are absolutely free. It just does not make sense anymore for example to spend thousands on creating an online TV station on the company website when a free upload to YouTube taps into millions of users and traffic. When combined with traditional print and media, which now can also be bought at massive bargains, these free tools create a healthy digital footprint and competitive edge.
If your company has not yet integrated free online tools like social networking, classifieds or blogs, then you have answered the question why many companies are shutting down their marketing programs when they don't have to.
Lesson 2: Marketing & Advertising is No Longer Just Another Expense
It is now time for financially responsible spending and commitment to ROI on every marketing and advertising dollar. Can anybody afford to see marketing and advertising as just another expense anymore? There is now more scrutiny than ever on the effectiveness of media and marketing vehicles. And this is a good thing because it now creates an accountability structure for all involved parties. Advertising media outlets are working harder now to provide more value and keep clients loyal. You as the small business entrepreneur get the benefit because when the big corporations slash their advertising budgets completely, your phone should start ringing with some very motivated reps on the other end.
This is also the time for innovation to explode. New forms of media and marketing that are accessible even for the smallest budgets are appearing every month. Start exploring. And trust us when we say that everything is negotiable.
Lesson 3: Change or Die - No More Middle Ground in Service or Integrity
When times are good people or companies don't have to change. So they can fall into bad habits at the expense of the consumer or client. Companies could put out false claims and provide terrible service and not feel a dent if they lost some business. No more! It's a buyer's market now and the consumers are making the rules. That's right, the little guys are winning!
If in this market you haven't really taken a good hard look at your customer service or how the market perceives the integrity of your company, than start now. It still may be outside of your budget to spend on marketing to attract new clients, but it takes a fraction of that to retain your current ones. People today are looking for solid companies that actually deliver a positive experience and great value despite our collective economic woes.
Look for more installments of our "Tough Economics - Back to Basics with a Twist" series for small business and entrepreneurs.
Indefinite Exposure Opportunity for Your Business: Does your company's products or services relate to this article or any other content on My Perfect Economy? Become a sponsor and not only take advantage of an integrated online campaign, but change the world at the same time through our Creative Capital and Social Enterprise marketing program. Learn more about advertising with us here>
We're putting this under the My Perfect Economy series called:
"Tough Economics - Back to Basics with a Twist." All great entrepreneurs understand that solid principles and fundamentals are the secret to success in any business conditions. Here are three lessons that we should be learning that should be seen as the bright side of tough times.
Lesson 1: It's Proven that Marketing Does Not Have to Cost Millions (or any money at all really)
It was only a few short months back that the media and marketing industries were questioning the usefulness of Twitter. It was also a few short years back that the same critics had similar questions of social networking sites like Facebook. And it just so happens that today, Twitter and Facebook are revolutionizing the world of marketing. And what may seem crazier than everything is that using both Twitter and Facebook are absolutely free. It just does not make sense anymore for example to spend thousands on creating an online TV station on the company website when a free upload to YouTube taps into millions of users and traffic. When combined with traditional print and media, which now can also be bought at massive bargains, these free tools create a healthy digital footprint and competitive edge.
If your company has not yet integrated free online tools like social networking, classifieds or blogs, then you have answered the question why many companies are shutting down their marketing programs when they don't have to.
Lesson 2: Marketing & Advertising is No Longer Just Another Expense
It is now time for financially responsible spending and commitment to ROI on every marketing and advertising dollar. Can anybody afford to see marketing and advertising as just another expense anymore? There is now more scrutiny than ever on the effectiveness of media and marketing vehicles. And this is a good thing because it now creates an accountability structure for all involved parties. Advertising media outlets are working harder now to provide more value and keep clients loyal. You as the small business entrepreneur get the benefit because when the big corporations slash their advertising budgets completely, your phone should start ringing with some very motivated reps on the other end.
This is also the time for innovation to explode. New forms of media and marketing that are accessible even for the smallest budgets are appearing every month. Start exploring. And trust us when we say that everything is negotiable.
Lesson 3: Change or Die - No More Middle Ground in Service or Integrity
When times are good people or companies don't have to change. So they can fall into bad habits at the expense of the consumer or client. Companies could put out false claims and provide terrible service and not feel a dent if they lost some business. No more! It's a buyer's market now and the consumers are making the rules. That's right, the little guys are winning!
If in this market you haven't really taken a good hard look at your customer service or how the market perceives the integrity of your company, than start now. It still may be outside of your budget to spend on marketing to attract new clients, but it takes a fraction of that to retain your current ones. People today are looking for solid companies that actually deliver a positive experience and great value despite our collective economic woes.
Look for more installments of our "Tough Economics - Back to Basics with a Twist" series for small business and entrepreneurs.
Indefinite Exposure Opportunity for Your Business: Does your company's products or services relate to this article or any other content on My Perfect Economy? Become a sponsor and not only take advantage of an integrated online campaign, but change the world at the same time through our Creative Capital and Social Enterprise marketing program. Learn more about advertising with us here>
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