Marketing/Business Plan Strategies during recessionary times

As the American economy again flirts with another recession, is it time for your business to examine marketing materials to uncover that marketing strategies and communications are outdated and ill-prepared for the return of a robust economic environment?

As technology advances each and every month and as people communicate in a myriad of different ways that differ from just 2 to 3 years ago, you must prepare your marketing and communications to have your business poised for growth as the economic recovery begins.

Here are some things that will be critical to have your business emerge in growth as the economy begins to grow:

Businesses need to take a very hard and objective look and determine the reasons for being in business. The Mission, Vision and Culture of the business must be communicated to internal staff and externally in the marketplace. You must grow into the Vision that gave original birth to the business.

It can’t be promoted just as external marketing communication. Your internal staff must buy in and agree to the Mission, Vision and Culture of your company. They need to carry out this information where it is visible to everyone. If something is happening differently internally, pretty soon that internal message will be reflected to the external world. Then your customers and prospects are confused as to who you are and what you stand for as a business. You do not want this to happen. Your brand and perception must be consistent.

Businesses need to promote their strengths. Now is not the time to conserve. You must take the lead in your industry and be bold with optimism. Your customers and future prospects want and need that confidence from you as an industry leader. Customers and prospects don’t want to hear that you merely survived. They want to know how you have evolved your business and improved the value that customers receive.

Take a very hard look at who funds your business…..your customers. Why are customers doing business with you? What do they like about your products/services? What do they dislike about your products/services? How do they want to be communicated with? It may be something completely different than what you think. You need to ask them questions and get information from them. This research data will be absolutely vital to how your communications should be structured and delivered.

Here’s another important item to consider as it relates to your customers. When is the last time you told your customers thank you for your business? Have you ever expressed this to a customer, “I really appreciate you supporting our business. Thank you so much”?

It is very hard to have an objective look and approach to your own business. It is also hard to see the forest through the trees. This may be an uncomfortable process for some businesses. You have been doing business for a certain way for so many years and you have gotten to the point in business where you currently stand in the marketplace. How do you prepare for growth from this point with market conditions as they currently exist?

I recommend that you contract with an outside marketing firm and with a business coach to take an objective look at your company. If you are willing to make an investment today in your business to get yourself ready for growth, it will return huge dividends in the coming years as you keep your business as an industry leader to constantly update your marketing and business communications.

There are many other marketing strategies that can be implemented and deployed and those marketing implementations should be specific to your business. Princeton Marketing is a full service, marketing communications firm and will consult with your business to help uncover marketing and communication needs to better prepare your business for economic growth.

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