Starbuck’s sales are soaring. The media is (finally) covering good new stories. Some say the recession is over, yet millions are still struggling in a sluggish, challenging economy. If you are still in the throws of what has been the worst downturn since the Great Depression, don’t despair. A shift is slowly starting signaling a crucial time, that period between recession and expansion. Take advantage of the change, as the economy begins its slow journey into the light. To do so you need to take stock of where you business currently is and plan where you want it to go. The following are five steps to review and to implement.
Most companies are still dealing with a sluggish, slow moving economy, but move now to fully take advantage of the shifting economy. To do so you need to take stock of where your business currently is and plan where you want it to go. The following are five steps to review and to implement.
1) Consider what marketing and business changes you can make. During the recession, the name of the game is cost cutting. Consumers are looking to save money any in every way they can. Companies focus on their less costly items. As the economy expands, can you begin to refocus your business to promote some of your pricier or more upscale services or products?
2) Make sure the various ways you’re presenting your company and your business are consistent with the target market that you’re targeting. During tough times, companies often tend to scale down their look and their promotional efforts.
3) Look at different ways you can reach out to consumers. Keep some of the traditional models in mind, but also keep in mind the various online marketing and promotional approaches available.
4) Don’t make a radical leap from a recession marketing approach to an expansion approach. Often companies find new markets and niches during economic tough times. Those target markets can still be of value. Position your company so that you can serve a larger consumer base.
5) Make smart, strategic marketing and promotional choices. Now is the time to up you marketing efforts, but to do so wisely. Melding a targeted traditional public relations campaign with a strategic social media campaign can be a strong approach. You get the validation and credibility of PR with the outreach and connection of social media and blogging.
For most, times are still tough, but as the shift in the economy starts, this is an opportune time to shift your PR and marketing and build your business; to take full advantage of this time take stock of where you and your business are, then move forward. Be smart, be wise, but also be bold.
Copyright © Anthony Mora 2010