The Problem Is The Solution | Capitalize On A Slow Economy PDF Print E-mail
Written by Norm Wright Jr   
Saturday, 11 October 2008 00:00
Everyday brings with it new challenges. The challenges we face today are economic among others. Many are fearful of what the future brings while others are hopeful. I am of the latter.
 
Change brings with it opportunity and the economic change we face today is no different. For smart innovative marketers, "the problem becomes the solution". Sure, the economy is unstable right now, however, any smart marketer knows that this is the prime time to capture market share and grow your business. Don't let the opportunity slip by... turn this problem in to the solution. This is the time to shine, be innovative, embrace the market and position your company for the up-swing.
An important thing to remember in times like this is buying and selling doesn't stop... it just slows down. Ironically enough, most marketers (your competitors) are told to put a freeze on marketing spending. History shows that when this happens, the companies that step up their efforts end up increasing market share and when the economic tides turn, they are much better positioned and stronger.

A good way to be innovative in times like this is to re-evaluate your marketing strategy. Reallocate your budget to take advantage of New Media to establish strong relationships with your prospects and customers. The use of the "New Media" tactics are a lot less expensive and are more intimate. This will enable you to build credibility in ways you never could before and with prospects you never even knew about. Engage customers at a different level... build relationships.

Strategies are meant to be flexible and in times like these you don't want to stop marketing but changes your tactics to get the greater long-term benefits of the situation at hand. Cooler heads always prevail and the ones that are smart are the ones that are patient and see the bigger picture... they will build their strategies to win while the winning is good.

Go after uncontested market places, re-evaluate your product or service offerings and see if you can develop an innovative approach to provide new value that will benefit the market.

Here are 3 strategic steps that you can take to help capitalize on this slow economic times;

  1. Evaluate your media spending and decide if you can reallocate your budget to use Social Media tactics to engage with the market.
  2. Narrow your focus. Go after the low hanging fruit that will both benefit your company in your short & long-term growth. Be very precise in who you are targeting and put all of your efforts in cultivating those relationships.
  3. Be very specific and consistent with your messaging. Position yourself as an expert, provide innovative value and make sure to get a greater understanding of their wants, needs and desires.
Remember, it is up to you to turn this economic problem in to a solution.

Get Bold - Be Innovative - Think Big!

 
Last Updated on Wednesday, 04 February 2009 15:30