Marketing in a Slow Economy

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In tough economic times, it is important to think beyond the current downturn and start thinking of creative ways to attract more attention to your company’s products or services. There seems to be a little less to go around these days as business owners carefully choose where they are spending. This can be an opportunity rather than a problem. Simply do what others won’t. When everyone else in your market is cutting back and expressing their grief over the economy and lagging sales, you should increase your advertising.

Unfortunately, for some business owners, cutting back on advertising dollars is the first knee-jerk reaction that is employed. In difficult economic times, getting your product or service in front of prospective customers becomes increasingly important, if not vital. 

Marketing

Here are just a few simple things that can have an impact:

Contact all your former customers – Make up any excuse to call them, but call them.  They may not need you now, but they may know someone who does. Ask for referrals.

Network – Take advantage of any opportunity to get in front of a group of people to talk about what you do best.  Give your business card to everyone you meet.

Offer specials or generous payment terms – There’s nothing like a discount or extended payment terms to entice customers.  But don’t worry, if you use Charter Capital’s FactorLine, offering generous terms (as long as 60 days) will have little effect on your business cash flow.

Re-valuate your current advertising strategy – Make sure you’re reaching your customer base, and don’t underestimate the power of the Internet.  Sometimes a shift from traditional advertising to online advertising can have a dramatic effect.

People have a lot of things on their minds these days and it’s possible that your product or service is not among their top concerns right now, whether it should be or not. You should recognize opportunities to place solutions in their paths that will capture their attention, impress them, and bring them to your door.

Marketing

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