The world economy...not just the United States economy...is in horrible shape. That is not exactly breaking news. And, the economic problems we are now experiencing are not, according to economists, leaving us anytime soon.
That means that you almost certainly need an adjusted, or maybe even an entirely new, marketing plan. If you do not have one in place very soon, you will be leaving money on the table. Perhaps a lot of money.
The best way to begin building a comprehensive marketing plan start is by asking and answering a few essential questions. What are your challenges? What are your opportunities? Who have been your best customers? Who are your best potential customers now and in the future? What do you have to do attract and retain customers in the current economic climate? Do you need to expand, contract, or adjust your product mix? The answers to these and related questions will point you in the right direction.
You may find that you can benefit from increasing your marketing efforts, even while others scramble to reduce their marketing expenditures. But, whether you expand or reign in your advertising and marketing, a change in your primary message(s) may be a good idea.
If you are selling a home-based business franchise, a struggling economy and the anxiety it produces may bring you more potential customers than you have in normal economic times. However, instead of emphasizing the possibility of people earning enough to support a luxurious lifestyle, as may be the norm in your messages during good times, messages about economic security might be far more powerful today and in the near future.
If you are selling high end luxury items, your best course of action may be far different. You may want to concentrate on reaching a very targeted group of customers; people able to afford luxury items even in the most dire economic times. Or, you may want to focus on promoting your lower cost products. A CEO who may be unwilling to part with $300,000 for a new yacht may not be reluctant to spend $25,000 for a new mast or a new set of sails.
At times like these, it is always important to reconsider pricing. Will lowering your price increase your sales volume enough to provide adequate revenue to compensate for a lower per unit profit margin? Or, will it lower the perception of the value of your product? These are tough but important questions if there is lessened demand for your product or service.
Monitor your competitors activities closely when times are difficult. A bit of competitive research will tell you what kinds of marketing mixes and messages are working well in your industry, and which are less successful. If competitive research is new to you, a simple internet search will show you how many low cost tools and programs are available to you. And, none require exceptional technical or analytical ability.
Ask yourself the right questions, get the help or do the research necessary to get answers in which you have confidence, and your marketing plan will almost build itself.
Remember that a bad economy does not turn a good product or service into a bad one. If you provide something people needed or wanted last year, it is almost certain that they still need or want it. All you have to do is find the best way, under current economic conditions, to market it. Discover that, and your business can only be stronger, both now and in better economic times. - 15634
That means that you almost certainly need an adjusted, or maybe even an entirely new, marketing plan. If you do not have one in place very soon, you will be leaving money on the table. Perhaps a lot of money.
The best way to begin building a comprehensive marketing plan start is by asking and answering a few essential questions. What are your challenges? What are your opportunities? Who have been your best customers? Who are your best potential customers now and in the future? What do you have to do attract and retain customers in the current economic climate? Do you need to expand, contract, or adjust your product mix? The answers to these and related questions will point you in the right direction.
You may find that you can benefit from increasing your marketing efforts, even while others scramble to reduce their marketing expenditures. But, whether you expand or reign in your advertising and marketing, a change in your primary message(s) may be a good idea.
If you are selling a home-based business franchise, a struggling economy and the anxiety it produces may bring you more potential customers than you have in normal economic times. However, instead of emphasizing the possibility of people earning enough to support a luxurious lifestyle, as may be the norm in your messages during good times, messages about economic security might be far more powerful today and in the near future.
If you are selling high end luxury items, your best course of action may be far different. You may want to concentrate on reaching a very targeted group of customers; people able to afford luxury items even in the most dire economic times. Or, you may want to focus on promoting your lower cost products. A CEO who may be unwilling to part with $300,000 for a new yacht may not be reluctant to spend $25,000 for a new mast or a new set of sails.
At times like these, it is always important to reconsider pricing. Will lowering your price increase your sales volume enough to provide adequate revenue to compensate for a lower per unit profit margin? Or, will it lower the perception of the value of your product? These are tough but important questions if there is lessened demand for your product or service.
Monitor your competitors activities closely when times are difficult. A bit of competitive research will tell you what kinds of marketing mixes and messages are working well in your industry, and which are less successful. If competitive research is new to you, a simple internet search will show you how many low cost tools and programs are available to you. And, none require exceptional technical or analytical ability.
Ask yourself the right questions, get the help or do the research necessary to get answers in which you have confidence, and your marketing plan will almost build itself.
Remember that a bad economy does not turn a good product or service into a bad one. If you provide something people needed or wanted last year, it is almost certain that they still need or want it. All you have to do is find the best way, under current economic conditions, to market it. Discover that, and your business can only be stronger, both now and in better economic times. - 15634
About the Author:
Daniel Z. Kane is a college administrator who has published dozens of brief articles on marketing, online business, online college degree programs, online education for working adults, and related subjects.
