Being in marketing, I’m in the privileged position to see & hear what is happening in companies of various sizes all over the world. Since the big stock market crash, I’ve heard a lot of people blaming the economy for their demise, or hardships – as have you. Most of us know that this is falling victim to media hype, “friends” that tell you this is the case (who should not be your friends btw), political leaders, etc.
BUT…there are companies who are doing better than ever right now. And their competitors are dying. What does this mean when the market picks back up? They will be in clover, with hardly any competition. While this sounds possibly too optimistic in the seriousness of the business economy of today, it’s true.
Here is what admitting the economy has done you in means: I give up. I’m throwing in the towel. I can’t do anything about it. You’ve put the final nail in the coffin of your business or financial life. It’s pretty bleak.
You know what one of the 1st moves I see businesses make that are declining or slowing down? They cut their marketing and advertising programs & budgets and trim their sales and marketing staff. This seals your fate. If you thought things were bad before, just wait.
Here is what I do:
- Market at least 4-5 times more than I did before. If me or my staff are not sweating from spreading the good word, it is not good enough. You want to go home tired.
- Deliver an excellent service or product. A majority of the businesses that I see falling victim to the bad economy kind of had it coming. They did not take care of their client, they took in $ and did not do a good job even though they were paid for it, they thought that you could actually build a huge company by being lazy. All of this is not true. If you look at the companies that are weathering this economy just fine, or better yet, expanding like clockwork – they deserved it. Look for yourself.
- Get smarter. Stop shotgunning and doing last resort freak out moves. Look, think about it for a second before you blow the last of your marketing budget. Why do your stable customers use you? Has the marketing message you need to put out to your public changed? Have the ways in which your public communicate with you changed? Do you need to move onto another specialty? You have to look at these types of things. The answers to those questions guide you into areas that you can do something about.
So unless you’ve bought one of these really awesome KISS coffins, let’s not die just yet.
This makes cremation look so lame…