No BS Grassroots Marketing Inconvenient Truth 2 - Don't Promote Your Yellow P...
Running a Business in These Uncertain Times
1. Unless you are totally oblivious to the state of the
worldwide economy, you know that the purse-strings of
the average family have been pulled so taut that there is
little room for much more than the essentials. Small and
large businesses alike are feeling the effects of this
economic downturn. We have seen both smaller
companies and larger corporations close their doors, or
merge with another, as a solution to this ever-worsening
crisis.
2. So, where does that leave the small-business owner
whose budget already can't support its advertising and
inventory needs? What can you do to ensure your small
business doesn't fold? After more than thirty years in
business, I have experienced both good and bad times.
Through it all, I have come to realize that it takes a person
of stout character to weather the storm. Yes, a strong will
to survive is essential, but that alone oft-times, is not
enough.
3. There is a truth that I would like to share here that is
summed up in a trite saying, "It takes money to make
money." This is difficult to accept and act upon when
times are hard. However, or should I say, nevertheless, this
is the most important thing you can do to guarantee your
business' survival. Think of it from a different perspective.
While others are cutting back on their advertising budget,
that leaves those of us who continue to do so the only
ones marketing to our potential audiences. And, we all
know that if you don't stay active in their minds, you
won't reap the rewards in gained customers and sales.
4. This doesn't mean you have to spend a small fortune on
marketing, but it does mean you need to discover avenues
that you may not have previously considered. If you
haven't already, get involved in social media. As I have
stated before, keeping your name in the public ear is a
must-do in these economic times.
5. Another option is to tap into your local market. The
meetings and groups in your area are a viable entity that
should be explored. If you are not a joiner, or don't have
the budget for membership dues why not consider either
splitting the dues with another interested business owner
or offering to speak at one of their meetings?
6. I know of a group of business owners in my area who
joined together to enable them to join the local country
club. Where it would have cost each of them individually
thousands of dollars - it now only costs them 1/10 as
much. Therefore, that is affordable - and wise.
7. How can you employ this principle? Consider sharing a
booth at a fair or local event. Better yet, put together a
group of business owners and hold your own event. This
can be done locally for sure, but done online you will find
much less costly. Being a sponsor of an event gets you
more media than just participating alone. Again, think
about how you can form a joint venture with other
business owners to make it more affordable and hence
doable.
8. The other idea I would like to propose, at first, may not sit
well with you. Regardless, it also is worthy of mention.
Hire competent help. "What? Hire? Doesn't that mean I
won't save money by learning and doing it myself? I can't
afford to do that!" I hear these comments every time I
share this suggestion. Bear with me as I explain.
9. Let's say you need to sell twelve widgets a month to break
even. In order to do that you have to have a social
presence, build a website, speak to a group, and design a
new marketing piece. Since you, and only you, can do the
speaking engagement that is one thing that you can't have
someone assist in completing. However, even preparing
for your event leaves areas where hiring help should come
under consideration. Things like putting together your
slide presentation, or learning how to use the conference
room to its full potential can be done by a capable
assistant.
10. Realize that if you don't have the knowledge or talent to
complete a task, you will need to devote many hours more
to accomplish your goal - than it would have to hire a
competent professional to do for you in the beginning.
And, we all know time is money!
11. While you are slaving away trying to figure out how to use
a new program or to put together an attractive marketing
piece, your competition has been out there marketing.
This puts them miles ahead of you in the market place.
Furthermore, if you happen to come up with an end result
that doesn't attract your market, all that time and effort is
wasted. How much wiser it is to hire someone to do it
right in the beginning, and usually in less than half the
time it would have taken you. Besides, your time is better-
spent marketing, speaking, and networking.
12. Money is not made while learning, only while marketing.
This is not to say learning isn't important. We should all
strive to learn something new every day. Think of it more
in terms of potential income. Will what you learn help you
make a sale? If not, hire it out. Your time is much more
valuable!
13. On this journey to business success, we will continue to
experience booms as well as busts, times of plenty and
times of lean. However, if you are wise, you will ponder
the ideas I have shared and take action, as only action
creates income.
