Be the Bull.

Breaking a company’s recession with a strong marketing strategy

As the recession continues to loom like a dark cloud that continuously ruins your family vacations, what can you do to improve your business forecast? Most companies, like my former, decided to cut costs. Cutting costs unfortunately almost always means cutting people, and cutting very good people. While this solution may help a short term goal of reduced expenses (or to the terminated employee, their income/mortgage payments), in the long term this will only bury the organization under more work for a diminished workforce to handle. It is like quicksand, the harder you try to fight tough economic times, the farther you get pulled into them. In my mind, the best approach is to take action. Face the bull head on. Instead of cutting costs because of reduced business, go out there and find more business. The key to new business is marketing.

Ken Fisher, a Forbes columnist for over 25 years, is famously quoted saying, “It’s not the hot gadget that puts small companies over the top but hot marketing…if a troubled company is strong on marketing it is a good bet to solve its problems…So I like companies run by a top-notch marketing person or companies with one close to the boss’ elbow and ear.”
A creative and innovative marketing strategy can not only break your economic downtime, it can help you to leap ahead of your competitors. While the masses add lick their wounds and pull back, an aggressive marketing approach can actually lead to significant business growth. Stop reacting like the rest of your industry and start acting!
The benefits of this approach are numerous, but three truly stick out:
1)    Cost effective: Most basic marketing strategies cost less than the coffee you offer in your business’ break room each month. In fact, some marketing strategies (like Search Engine Optimization) can be purchased on a bounty system meaning you only pay if they hit agreed upon targets (a specific page rank on Google for example).
2)    Long Term Success: Winning new clients during a tough time puts your organization on a path towards long term success. Any customer you can win today, during the recession, can translate into a long term customer who will increase spend as the economy rebounds. With an established relationship during tough times, these customers will be more loyal and less likely to seek out your competitors.
3)    Morale: A strong marketing plan will boost morale around your office. It will present a united and public front from management that says “we are confident in the success of our business.” Employees will be motivated by this approach and work hard to be a part of it. Instead of layoff fears employees will be talking about the businesses next strategic initiative around the water-cooler.
Regardless of your businesses current financial state, a strong marketing plan is still a feasible strategy. If you are concerned, start small, but remember that this economy will eventually turn around. When that happens, you want to be the bull.