Australian Business Coaching Club Newsletter - Marketing in a Recession

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Marketing in a Recession

With all the doom and gloom at the moment, everyone is looking at tightening their belts. There is nothing wrong with that, as during the good times, we can all get a little bit too fat and happy. So is marketing a place where you should start the cutting?

It depends.

If your marketing is working, it will be generating 10 or 20 times its cost in bringing in new business and getting repeat customers. So the first thing to look at is whether it is working. If it is not, of course you should stop it, even if there was no recession.

If it is working, should you just keep it going? It depends.

A downturn may mean that your target market is buying less, or even buying differently. Does this create opportunities for you? By monitoring your marketing results and talking to your customers, you can identify these opportunities.

A looming recession is a good opportunity to do the housecleaning in your business that you have been putting off because you have been too busy. It is also a good time to work ON your business, to not only bulletproof it against harder times, but also because it is something you should be doing ALL the time.

If all around you are slashing and burning, measured pruning, and focused marketing will allow you to continue to grow by taking your competitorís share in a weakening market without following them downmarket with discounting.

Donít follow lemmings. If you want different results to those of your competitors, you must do different things, and be different. Do a stocktake on your business today, and plan for where you want to be in the future.

If you are unsure how to do this, please use this complimentary Mission Statement Tool.

All you need to do now is to Empower yourself and take action ...

Have a great month.

Dr Greg Chapman - The Business Brain Surgeon
The Australian Business Coaching Club