Recession Marketing Tips: How Your Mindset Creates Success, Even in a Down Economy
Have you watched the news lately? Listened to the radio? Opened a newspaper?
If so, then you’ve been inundated by doom and gloom everywhere you turn.
Or maybe you’ve noticed your store is a little emptier…your inbox a little less crammed…your phone a little quieter.
You hear about businesses, households, and individuals failing all around you, and you wonder:
Am I Next?
Well, the answer to that question, my friend, is ENTIRELY up to you.
Here are 4 powerful ways to shift your thinking so you can find success NO MATTER WHAT the economy is doing.
1)–Be an Opportunity Seeker
When things get tough, opportunities open up all around you. That’s because the strain on the economy creates fall-out; and fall-out creates possibility.
What do I mean by that? I’m talking about picking up abandoned market share.
As your competitors go out of business, their customers flood the market, unserved. If you’re alert, you can snatch up their abandoned customers by marketing to them. Better yet, see if you can set up a strategic relationship with a failing enterprise.
For example, I have a client in the healthcare industry. When his friend (and competitor) closed down his clinic, my client asked the competitor to send a letter to his list recommending my client’s services. The letter got a tremendous response, and my client picked up several new patients as a result.
You can do something similar in our industry.
2)–Act; Don’t Be Acted Upon
So what if the economy is in the tank? So what if demand for your product or services is dropping? So what if your industry is falling apart around you?
So what?
You’re still in business, right? So you’ve still got to go out and GET the business!
One of the most common (and most damaging things business owners do when confronted with an economic challenge is to bury their heads in the sand and pretend it doesn’t exist. Well it DOES exist. And so you must resolve to face it head-on, with the same grit and determination that inspired you to go into business in the first place.
3)–Focus on Your Most Valuable Assets
…And 99% of the time, your most valuable asset is going to be your existing customer list!
Instead of high cost, low return traditional media, move toward direct mail, email, upselling, and telemarketing to your existing clientele. Ask them to come back and do business with you. Make it easy for them with compelling offers.
The relationship you have with your customers is more important than anything else.
4)–Work Smarter, Not Harder
When it comes to marketing, working smarter, not harder usually comes down to one thing:
TESTING AND TRACKING
Make a commitment NOW to hold every last marketing dime accountable to the bottom line. Test marketing messages and scripts. Track the results. Go with what works and toss what doesn’t. You will be AMAZED at how quickly you eliminate marketing waste–AND grow your business–using this fundamental principle.
Want step-by-step instructions to install a comprehensive recession marketing strategy in just 90 days? Get our 90-Day Recession Survival Blueprint! Starting tomorrow, we’ll be testing a new, higher price point for at least a month, so check out all the details about it here!
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Comments
I absolutely agree Katie. We control what we will do today. And correct actions produce results, when applied consistently.
Direct Response Marketing is the only want to go for the entrepreneur… I agree. I define the difference as “Teaching Frogs How To Drink Beer” vs “Get Them Off The Raft” marketing… institutional vs direct response.
Charlie Seymour Jr
http://twitter.com/UltimateWAHDads
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