Keeping your Business Strong in a Weak Economy

Today's companies face the challenge of marketing in an economic state of turbulence and uncertainty. The key to maintaining forward momentum in today's market is to resolve to be competitive and shift to an opportunistic mind-set. Rather than focusing on the turbulence, your company should leverage the dynamics of a down market and become an even stronger competitor. A weak economy can actually serve as an opportunity to evaluate your marketing and public relations initiatives so you can make them more effective and efficient.

In good times, it's easy to get into the proverbial marketing rut; some companies have been marketing themselves the same way for years, using the same old marketing plan year after year. But when you're forced to scrutinise every expenditure, suddenly a new zest for change can emerge.

Let this weak economy empower your company to find fresh, creative ways to remain visible, stand out as a distinctive brand and be the leader in your category -- even on a smaller marketing budget.

The key to competing strong in a weak economy is to remain visible and project an image of strength and stability. Customers have a heightened sensitivity to any sign of weakness, so resist the urge to dramatically reduce your marketing activities.

If your company is looking for ways to do more with less, taking the following 10 steps can help you compete strong:

1. Re-think your marketing strategy.

Rather than making random budget cuts to reduce your marketing costs, determine how much spending is feasible based on your current financial situation. Then create a new marketing strategy that optimises every dollar and integrates your activities to gain the highest return for every effort. This approach will ensure your forge a cohesive, strategic plan that will enable you to remain visible and strongly compete on a reduced budget.

2. Evaluate your brand.

Now is the time to carefully evaluate your brand, the market and your competitors. You need to get a 360-degree view of your current situation and how your existing marketing activities align with the current market conditions. Review your marketing assets (such as your company's brochures and website) to determine if they are relevant to today's customers. Also look closely at your competitors to determine if your company stands out.

3. Target your marketing efforts.

When marketing on a limited budget, laser-focused targeting of your ideal customers is vital. Invest your time in creating a targeted customer database to use for direct marketing. You may not be able to afford broad advertising efforts, but that's OK because direct marketing (snail mail and e-mail) allows you to directly reach your customers in a more efficient and cost-effective way.

4. Message strategically.

In a highly competitive market, you need to stand out with messages that are relevant to the times. Evaluate your messaging to ensure it connects with customers. Keep in mind that their wants, needs and interests may have shifted with economy.

5. Update your core marketing materials.

If your brochures, website and other materials are not relevant to today's customers, or if they blend in with those of competitors, make the investment to update your core materials. Many times, customers will visit your website or request information before calling your business. Be sure to make a good first impression to optimise every opportunity.

Resolve to become a fierce competitor to win more of the business that's out there. It is possible to leapfrog the larger competitors in your line of business -- not by spending more, but instead by shrewd opportunism. Take a look around -- if your competitors have a cut back on their marketing or gone dormant, you might have an unprecedented chance to overtake them. Make every marketing move strategic and calculated. Strong marketers will prevail.

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