Your Business Can Take Off in an Economic Slowdown

Are you concerned about the current economic climate? If you own or are starting a business then of course you are, and so are your potential customers. That’s why it’s so critical to optimize your marketing dollars right now so you are prepared to weather the storm throughout 2009 and maybe even 2010 if necessary. Directing your marketing spending in the right places can not only save your business during an “economic slowdown,” but allow it to take-off.

VENDOUR RESEARCH WHEN ECONOMIC TIMES ARE GOOD

Vendour research is simply the process of ensuring that the right products and services are being purchased; they are being purchased at a competitive price (maybe even the lowest price); and are delivered by the best people (experienced, competent, experts) based on the needs of that particular shopper or business.

When economic times are good, the quality, consistency, and thoroughness of vendour research will often soften or fall down the priority list. Impulse buying is at an all-time high even for high-end products, and if a given vendour meets the most basic consumer requirements then often that’s enough to incent buying.

In other words, a given business or individual will spend money on the products and services they need without much consideration to ensuring they’re spending their hard earned money on the right combination of products and services, pricing, and people.

As a result, the marketing strategies of the vendours they buy from may not have been given the attention they probably deserved. After all, people and businesses are spending almost carefree; times are good, why bother.

What happens when economic times are tough though, as is the current case in North America, and indeed globally?

VENDOUR RESEARCH WHEN ECONOMIC TIMES ARE TOUGH

When times are tough, every business, large or small, and every individual shopper, puts top priority on vendour research.

When times are tough, it is absolutely critical that your products and services, indeed your business, is presented with professionalism if you hope to survive. This means demonstrated experience and expertise, accurate information about your products and services, an attractive, professional website and sales material, and of course, it wouldn’t hurt to have competitive pricing.

When times are good, an unattractive website or print material, a difficult to navigate website, or a website or print material with out-of-date information, may actually be overlooked by consumers. When times are tough though, this raises a red flag of incompetence to potential consumers, after all, if you can’t get your website right, how can you possibly get your product or service right?

BE SURE YOUR PRODUCTS AND SERVICES CAN BE FOUND

One last point which often goes overlooked, but is arguably the most important point when it comes to marketing strategies. When times are tough, customers, be they individuals or businesses, need to be able to find your products and services through your website because simply put, that’s how they conduct their vendour research.

Having a professional website, one that looks great, navigates well, contains up-to-date information, etc., will be money poorly spent if it cannot be found by your target customer.

SO THE KEY QUESTION BECOMES, CAN YOUR WEBSITE BE FOUND?

The answer is actually quite simple: if you’re not spending money on online marketing then the answer is an unequivocal “no,” and therefore you are not competing for business.

TIP: Typing your website URL into Google and having your website show in the results does not mean your website can be found. This only means your website can be found if you know your URL. Your potential customers do not.

YOUR BUSINESS CAN TAKE-OFF IN AN ECONOMIC SLOWDOWN, HERE'S HOW

If you don’t come across as professional, and if potential customers can’t find you, then you will be hit the hardest during an economic slowdown.

Customers will look elsewhere for visually appealing websites and sales material, accurate information, and of course, competitive pricing. And if you can’t even be found, well, you’re not even in the game.

You can not only soften the financial blow that comes with an economic slowdown but you can actually see sales take-off like never before.

Individual shoppers and businesses still buy during tough economic times, after all, they have to in order to keep their own business or personal life running.

If you direct your marketing dollars to the right places, spend those dollars on the right marketing strategies, then your sales can take-off because you will be found, you will come across as the best option for consumers, and you will prove to be the most professional among your competitors as they conduct thorough, consistent, vendour research.

Focus your marketing budget on the following areas:

- designing a professional logo;
- designing a professional business card;
- designing and building a professional website;
- designing and writing professional sales material, and of course;
- devoting marketing dollars to online marketing efforts such as search engine marketing and email marketing (these two strategies alone are the most economic and effective means of promoting your products and services available today);

Avoid spending marketing dollars on the following, broad stroke areas (assuming you must be selective):

- radio
- television
- yellow pages
- billboards
- print magazines
- print newspapers

Follow our advice and your business will be one of the ones that not only survives the current economic trouble, but will flourish.