We are facing economic challenges the likes of which many of us have not experienced before.
News stories bounce from bad to worse to hope to despair, leaving rare moments of optimism and much uncertainty.
The primary result of that combined gloom-and-doom assault has rendered many businesses paralyzed from a sense of fear about the present and the future. Such paralysis has slowed the progress of even the most (formerly) dynamic of companies to a crawl.
Economists are left scratching their heads, and many marketing departments seem more preoccupied with preserving jobs than with re-establishing momentum.
As professionals, how do we break away from this stagnation and take advantage of opportunities to grow our business?
1. Understand the terrain
Wikipedia defines trench warfare as "a form of warfare where both combatants have fortified positions and fighting lines are static." The key word is "static."
By recognizing and accepting that businesses have hunkered down and that the static lines in our economy are likely to remain for the foreseeable future, you can begin to develop a path that will enable your business to move forward.
2. Recognize that early progress could be agonizingly slow
In a robust economy, success can't happen fast enough. In World War I, forward tactical advancement was measured in feet or sometimes in inches—as it is in today's economic "trenches."
Given the current economic climate, it may seem that everything is happening in slow motion. Your business plan must take into consideration a reduced pace of progress. Sustainable success can best be achieved through a series of small victories.
3. Lose the fear!
A good insurance salesperson knows that fear is a strong motivator. Fear is also an emotion that needs to be brought under control or it will lead to distress and anxiety.
That does not mean that apprehension should be abandoned, but it does mean that your success will be determined not only by how you deal with your fears but also by how you deal with the fears of your customers, clients, and competitors.
The sense of fear will begin to move from the forefront as you focus on your immediate plan of action.
4. Be different
There is a common adage that goes something like this: Performing the same action repeatedly with the expectation of a different outcome is a definitions of insanity.
What may have worked for us last year, last week, or even yesterday may not work in today's economic climate.
Take deliberate steps to differentiate your approach. Breaking from the routine will cause you to look at your business with a fresher perspective.
5. Be a puzzle solver
Sudoku and crossword puzzles can be stimulating ways to pass time. Treating your business as a puzzle to be solved can add a new dimension to your efforts. Writing down specific problems to be solved, then writing down possible solutions, can often lead to unexpected and creative results.
6. Every business has a story to tell
Whether it is your business or your customer's, there is a story that needs to be told. One of the best ways to get that story out is through the creative use of public relations (PR).
PR does not have to be an expensive proposition. PR companies are feeling the slowdown like everyone else and are looking for new clients like never before.
Using their professional services on a per-event basis could give your business greater exposure with minimal expense. Also, remember that a well-crafted and timed press release can reward you with large dividends.
7. Make technology work for you
Nearly every business has a database of email addresses. They may consist of customers, clients, friends, or others whom you connect with on a regular basis.
Email marketing is a proven, cost-effective way to get your business message in front of your database. There are many ways to take advantage of email marketing, including new forms such as emailable video (video brochures).
To reach a larger audience, many companies offer opt-in email lists that can be quite specific for a given type of business or customer. Avoid bulk email lists, which are often associated with spam (very different from opt-in prequalified lists).
The creative use of email could become the most cost-effective method for you to promote your business.
8. Direct mail still works
Even with rising postal costs, direct mail can be a very effective way to get your message out to a broad area. Several companies offer quality mailing lists with relatively low cost.
Keep in mind that when you decide to do a bulk mail, the response will nearly always be a very small percentage of the number of pieces that you mail out. Sometimes the response can be a fraction of a percent, but that is often enough to justify the expense.
9. Know your competitors better than they know you
Staying on top of your competition is more important than ever. Rest assured that your competitors are experiencing the same anxiety about the economy as you are, and they may be dealing with it in ways that you should be aware of.
You can learn much by observing how your competitors are changing their approach to how they do business.
10. There is no substitute for homework!
The Internet is the greatest research tool ever developed.
Devote part of every business day to online research. By using the Internet's resources continually, you will stay informed of the many subtleties pertaining to your business. You will learn about new products, technology, and other pertinent information that can help give you a competitive edge.
The Internet can also provide a wealth of historical information regarding all aspects of your business (and that of your competitors).
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Clearly, there is no magic trick that will alter the current economic climate. One thing is certain: Doing nothing will produce nothing, and doing little will produce little!
But just as a magician diligently practices the complexities of a new card trick until it's perfected, the result of your working intelligently and paying attention to the little victories can bring a gasp from your "audience" and the resulting question: "How did you do that?"
Looking for new ways to improve your marketing strategy and boost revenue? Get inspired by case studies, which are a great way to see how other companies handle the same challenges you face. For example, our case study collection, Twitter Success Stories, shows you how 11 companies are achieving their marketing objectives via Twitter campaigns.
